9 Comments
Mar 6, 2023Liked by Otto Oehring

The Price of Steel is rising because of demand. Maybe Yodogawa can benefit from it...

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Jan 26, 2023Liked by Otto Oehring

Thank you for the write up. Rare to see one of these consistently buying back shares.

Any idea why that paused in 2022? The inventory build?

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Patience is definitely easier with companies like Yodogawa which at least pay a decent dividend.

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author

Agree.

Still too little in terms of adjusted earnings though!

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Sep 29, 2022Liked by Otto Oehring

I really like what you are writing about the company. But a realisation of it‘s valuation potential would need a more progressive management‘s approach regarding capital allocation. Do you see some triggers causing that? Otherwise undervaluation could go on for a very long time.

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author

No not seeing that at the moment.

And yes. Undervaluation could go on for long time. Patience is paramount when it comes to deep value investing.

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Sep 27, 2022Liked by Otto Oehring

Great post ! It’s incredible how cheap japanese companies can be !

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author

Thanks.

Yes, annoyingly cheap for a long time,

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author

Welcome!

Unfortunately true. I don't know why they stopped buybacks.

Build-up can be explained with significant sales increase ==> need for WC

It reversed in H12023 though!

https://www.yodoko.co.jp/english/ir/result/pdf/2023/2q_a.pdf

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