4819 Digital Garage
- Jan 25
- 1 min read
DG diversifies into internet business related areas such as payment, advertising, and venture investment. Equity method affiliate of Resona Holdings
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"Digital Garage (4819.T) is one of those Japan “stub” trades that everyone has known about, and in the past had attracted Oasis to be a huge shareholder. On most simple SOTP math, you can conservatively mark the Kakaku. com stake + cash/investments + implied value for the payments/platform business and it starts to look like a negative-EV situation. DG trades around 7x P/CF (4–5x EV/FCF) which is a large discount to Asia and global fintech infrastructure co's.
...I keep coming back to the “Resona put.” A major Japan bank now owns over 30% and just recently paid a huge premium to last price for it. They are building distribution + product around DG cashless payments. If the stock keeps trading…