Announcement • Mar 12
BPEA EQT Mid-Market Growth Partnership, Scsp managed by EQT AB (publ) (OM:EQT) completed the acquisition of 34.06% stake in Mamezo Co., Ltd. (TSE:202A). BPEA EQT Mid-Market Growth Partnership, Scsp managed by EQT AB (publ) (OM:EQT) proposed to acquire 34.06% stake in Mamezo Co., Ltd. (TSE:202A) for ¥19.4 billion on January 23, 2026. A cash consideration valued at ¥3551 per share will be paid by BPEA EQT Mid-Market Growth Partnership, Scsp and EQT AB (publ).
The consummation of the acquisition is subject to customary conditions.
Mori Hamada & Matsumoto LPC acted as the legal advisor along with Goldman Sachs Japan Co., Ltd. acting as the financial advisor to EQT AB. Deloitte Tohmatsu Financial Advisory LLC acted as the financial advisor to Mamezo Co., Ltd. Mizuho Securities Co., Ltd. acted as the financial advisor to M&I Co., Ltd. TMI Associates acted as the legal advisor to Mamezo Co., Ltd.
BPEA EQT Mid-Market Growth Partnership, Scsp managed by EQT AB (publ) (OM:EQT) completed the acquisition of 34.06% stake in Mamezo Co., Ltd. (TSE:202A) on March 10, 2026. Announcement • Jan 24
BPEA EQT Mid-Market Growth Partnership, Scsp managed by EQT AB (publ) (OM:EQT) proposed to acquire Mamezo Co., Ltd. (TSE:202A) for ¥57.0 billion. BPEA EQT Mid-Market Growth Partnership, Scsp managed by EQT AB (publ) (OM:EQT) proposed to acquire Mamezo Co., Ltd. (TSE:202A) for ¥57.0 billion on January 23, 2026. A cash consideration valued at ¥3551 per share will be paid by BPEA EQT Mid-Market Growth Partnership, Scsp and EQT AB (publ).
The consummation of the acquisition is subject to customary conditions. Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to JP¥4,095, the stock trades at a forward P/E ratio of 39x. Average forward P/E is 19x in the IT industry in Japan. Total returns to shareholders of 237% over the past year. Valuation Update With 7 Day Price Move • Dec 15
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to JP¥3,280, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 19x in the IT industry in Japan. Total returns to shareholders of 172% over the past year. Declared Dividend • Dec 13
First half dividend of JP¥31.00 announced Shareholders will receive a dividend of JP¥31.00. Ex-date: 30th March 2026 Payment date: 26th June 2026 Dividend yield will be 1.8%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by both earnings (60% earnings payout ratio) and cash flows (77% cash payout ratio). The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. EPS is expected to grow by 39% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Nov 27
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to JP¥3,405, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 19x in the IT industry in Japan. Total returns to shareholders of 192% over the past year. New Risk • Nov 17
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.3% average weekly change). High level of non-cash earnings (21% accrual ratio). Minor Risk Dividend is not well covered by earnings (90% payout ratio). Reported Earnings • Nov 15
Second quarter 2026 earnings released: EPS: JP¥26.27 (vs JP¥20.36 in 2Q 2025) Second quarter 2026 results: EPS: JP¥26.27 (up from JP¥20.36 in 2Q 2025). Revenue: JP¥2.92b (up 14% from 2Q 2025). Net income: JP¥421.7m (up 29% from 2Q 2025). Profit margin: 14% (up from 13% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the IT industry in Japan. New Risk • Nov 13
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Japanese stocks, typically moving 8.2% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Nov 05
Investor sentiment improves as stock rises 30% After last week's 30% share price gain to JP¥2,824, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 19x in the IT industry in Japan. Total returns to shareholders of 136% over the past year. Buy Or Sell Opportunity • Nov 04
Now 31% overvalued after recent price rise Over the last 90 days, the stock has risen 33% to JP¥2,620. The fair value is estimated to be JP¥2,002, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.6% over the last year. Earnings per share has grown by 25%. Revenue is forecast to grow by 26% in 2 years. Earnings are forecast to grow by 25% in the next 2 years. Valuation Update With 7 Day Price Move • Oct 22
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥2,133, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 19x in the IT industry in Japan. Total returns to shareholders of 85% over the past year. Board Change • Aug 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Outside Independent Director Munehiro Nomura was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 15
First quarter 2026 earnings released: EPS: JP¥22.68 (vs JP¥15.19 in 1Q 2025) First quarter 2026 results: EPS: JP¥22.68 (up from JP¥15.19 in 1Q 2025). Revenue: JP¥2.89b (up 24% from 1Q 2025). Net income: JP¥364.0m (up 50% from 1Q 2025). Profit margin: 13% (up from 10% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the IT industry in Japan. New Risk • Jul 17
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 0% Dividend yield: 3.4% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risk Dividend is not well covered by cash flows (0% cash payout ratio). Reported Earnings • Jun 30
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥89.35 (up from JP¥72.44 in FY 2024). Revenue: JP¥10.6b (up 10% from FY 2024). Net income: JP¥1.43b (up 24% from FY 2024). Profit margin: 14% (up from 12% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 12%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the IT industry in Japan. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥1,878, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 19x in the IT industry in Japan. New Risk • Jun 21
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 7.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • May 28
Now 21% undervalued Over the last 90 days, the stock has risen 1.4% to JP¥1,472. The fair value is estimated to be JP¥1,865, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.1% over the last 3 years. Earnings per share has grown by 6.1%. Revenue is forecast to grow by 19% in 2 years. Earnings are forecast to grow by 24% in the next 2 years. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to JP¥1,095, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 17x in the IT industry in Japan. Announcement • Mar 01
Mamezo Digital Holdings Co., Ltd. to Report Fiscal Year 2025 Results on May 12, 2025 Mamezo Digital Holdings Co., Ltd. announced that they will report fiscal year 2025 results on May 12, 2025 New Risk • Dec 09
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended March 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. This is currently the only risk that has been identified for the company. Announcement • Dec 06
Mamezo Digital Holdings Co., Ltd. to Report Q3, 2025 Results on Feb 12, 2025 Mamezo Digital Holdings Co., Ltd. announced that they will report Q3, 2025 results on Feb 12, 2025 Buy Or Sell Opportunity • Oct 28
Now 27% overvalued Over the last 90 days, the stock has fallen 7.6% to JP¥1,273. The fair value is estimated to be JP¥1,004, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.2% over the last year. Earnings per share has grown by 5.1%. Announcement • Aug 31
Mamezo Digital Holdings Co., Ltd. to Report Q2, 2025 Results on Nov 12, 2024 Mamezo Digital Holdings Co., Ltd. announced that they will report Q2, 2025 results on Nov 12, 2024 Buy Or Sell Opportunity • Aug 14
Now 22% overvalued The stock has been flat over the last 90 days, currently trading at JP¥1,230. The fair value is estimated to be JP¥1,012, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.2% over the last year. Earnings per share has grown by 5.1%. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to JP¥1,007, the stock trades at a trailing P/E ratio of 13.9x. Average trailing P/E is 17x in the IT industry in Japan. Announcement • Jul 18
Mamezo Digital Holdings Co., Ltd. to Report Q1, 2025 Results on Aug 09, 2024 Mamezo Digital Holdings Co., Ltd. announced that they will report Q1, 2025 results on Aug 09, 2024 Announcement • Jun 28
Mamezo Digital Holdings Co., Ltd. has completed an IPO in the amount of ¥6.0249 billion. Mamezo Digital Holdings Co., Ltd. has completed an IPO in the amount of ¥6.0249 billion.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 4,480,000
Price\Range: ¥1330
Discount Per Security: ¥101.43
Security Name: Shares
Security Type: Common Stock
Securities Offered: 50,000
Price\Range: ¥1330
Discount Per Security: ¥101.43 Board Change • Jun 27
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 4 experienced directors. No highly experienced directors. Director Kenji Miyata is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors.