7464 Saftec
- Jun 29, 2025
- 1 min read
One of the top three in construction safety equipment, including signs and signboards. Strengthening rental sales. Also strong in system equipment development.
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"Share price under pressure for five years despite resilient revenues and net profits. Trades under 0.4x book and just over 2x FCF. Has 40% of market cap in net cash, pays 5.3% dividend and has bought back 11% of its shares since 2016"
"This is not a great business, to be clear. Margins are low and have been under pressure. But the company has generated positive FCF every year since 2012. Lots of upside to book value should they adopt more aggressive shareholder return policies to raise ROE. Hikari Tsushin owns"
https://x.com/RocksOver/status/1935472718516007132
at share price of 1610, 3.2 bil yen in mkt cap vs the same amount of net cash
11.2x per / 0.4x pbr / 3.73% dividend