1798 Moriya
- Sep 27, 2025
- 1 min read
A mid-sized construction company based in Nagano. Also operating in the Tokyo and Chubu regions. Focusing on renewable energy projects such as geothermal energy utilization.
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"TBV Ratio = 0.74
EV/5Y FCF Ratio = 2.2
The business has been FCF positive in 4 of the last 5 years, and I estimate around 73% upside to fair value.
What it is: Japanese regional general contractor (building & civil), cash-rich and receivables-heavy; inventory light.
Why it’s on sale: small-cap contractor (boring), project cyclicality, margin lumpiness, and fear around receivables/recognition.
Why it’s interesting: strong net cash (EV far below MC), priced cheap to assets and cash generation, and a gently rising capital-return mix.
If order flow/margins hold and working capital normalizes, you’ve got asset backing now with free optionality from governance/buyback cadence."
https://x.com/mr_deepvalue/status/1971621287241175119