Japan Specialist

Mark Chadwick

Over 20 years experience in equities and asset management in Asia and Japan. Qualified CFA with experience analyzing companies as a buy-side analyst. In-depth knowledge of company fundamental analysis, corporate governance and valuations.

Recruit (6098 JP) Buyback - It's Big But Not THAT Big; Value Act Effect Vs Corp Selldown Vs Multiple

Recruit (6098 JP) - BIG Headline Buyback But Disappointing if That Is Best Use Of Cash

Equity Bottom-Up

<ul>
<li>We are bullish on Recruit at the current share price and believe that the stock has around 40% upside potential to our fair value estimate of Y7,700.</li>
<li>We believe that investors have been overly concerned with the cyclical slowdown in the job market as it normalizes from the post-Covid recovery</li>
<li>Indeed.com remains a disruptor in the HR recruiting market and the potential monetization of this asset is significantly under-appreciated by the market.</li>
</ul>


We are bullish on Recruit at the current share price and believe that the stock has around 40% upside potential to our fair value estimate of Y7,700.
We believe that investors have been overly concerned with the cyclical slowdown in the job market as it normalizes from the post-Covid recovery
Indeed.com remains a disruptor in the HR recruiting market and the potential monetization of this asset is significantly under-appreciated by the market.


Recruit Holdings (6098) | 2024 High Conviction