4680 Round One
- May 19, 2025
- 1 min read
Round One operates multi-purpose entertainment facilities including bowling, karaoke, arcade games, and time-charge sports. The company also has locations in the U.S.
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at share price of 1487, 429 bil yen in mkt cap vs 75 bil yen of net debt
21.1x per / 5.4x pbr / 1.21% dividend
"At Round One, U.S. stores accounted for 37% of total sales in the fiscal year ending March 2024, up from 16% five years ago. U.S. stores are significantly more profitable than those in Japan, primarily due to their ability to attract larger crowds.
The company plans to open about 10 stores annually, aiming to reach nearly 200 stores—double the number planned in 2017.
While Round One’s most enthusiastic customers are likely gamers, crane games generate the highest margin for the company.
The success of Round One’s U.S. operations hinges on delighting gamers and “weeaboos” - a slang term for Westerners obsessed with Japanese anime and video games. This success heavily relies on Americans’ growing affinity for Japanese culture exports, which…
"Round One's intrinsic value is ¥3,405, roughly three times its current stock price.
Despite the rise of online shopping negatively impacting traditional malls, we are optimistic about Round One’s plans to bring Japanese culture and Michelin-grade restaurants to the U.S."
ーOasis Management, Sohn Hong Kong Investment Leaders Conference, May 30, 2025