9632 Subaru Kogyo
- Jul 19, 2025
- 1 min read
Main business is road maintenance, and the company is highly dependent on public works. It also operates restaurants, a marina, and real estate rentals. Subsidiary of 9602 Toho
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"$250m Mkt Cap, $150m EV
Road construct/maintenance at 20% EBIT mgn!
Maintenance is annual contracts
Labour/RMs important
Rental ppty at 7% cap = 11bn/$80m
Also restaurants & marinas
FCF a bit pants
$9602 owns 51%
2.5x EBIT ex-real estate"
https://x.com/Billypasdemates/status/1945447504549458029