tzuw · study #3 · 4676
Fuji Media Holdings — a broadcaster stapled to a Tokyo landlord, priced at the stamp of ¥3,996.
Two companies, one ticker
A ¥25bn real-estate earner carrying a ¥31bn-losing broadcaster.
The defining event
A broadcaster with operating losses levered its asset-rich balance sheet to return capital under activist pressure.
The earnings mirage
The positive bottom line is an asset sale, not operations.
The whole debate
Adjusted NAV ≈ ¥4,160/share vs the ¥3,996 price — but a certified broadcasting holding company can't liquidate the loss-making broadcaster sitting on the Odaiba land.
The verdicts
Two pass, two watch, one too-hard — and, for once, not one lens would name a buy price.
The lesson
Read the full five-lens reasoning at tzuw.com/studies/4676.
← → arrows · click · swipe