2208 Bourbon
- Aug 23, 2025
- 1 min read
A major biscuits & snack company based in Niigata. Biscuits account for about 60% of the total. Rice crackers and chocolate are also strong. Also sells in China.
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"Bourbon (TYO 2208) makes delicious chocolate covered biscuits that are pretty ubiquitous in Japan. Big net cash position.
Mcap: $420m
NCAV Adjusted Mcap: $330m
P/E: 12.2
P/B: 1
Flat Revenues but ~10% net income CAGR 10 years.
No buybacks though like 2201. Low dividend though.
If we adjust mcap for their securities/investments too, our adjusted market cap gets down to $283m usd.
I got a small position here only because I think a name like this could just do an MBO and go private. Entire top 10 shareholder register is family members + 1 bank."
https://x.com/AltayCapital/status/1956128785645887698