bullish

Pasona Group

Pasona: The Wrong Price

1.8k Views16 Nov 2023 13:25
Pasona is cheap. It will sell Benefit One shares and get more or less cash and be left with more or less of a residual. It will still be cheap with a 71yr old CEO thinking about succession.
Boomeranged on Thu, 30 Nov 2023 09:56
Pasona is now trading ~65% of post-tender net after-tax cash+securities. Maybe cheaper. Pasona ex-Benefit One/ex-Bewith is guided to lose money again this year (operationally) despite JPY 330bn in revenues. An MBO to "restructure" is an obvious potential outcome (lots of cash, no earnings). I have added a grid of de-consolidation in the Discussion Points below. I'd still be long here.
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