Japanese Retail Undervalued over 20% based on DCF

Mercari

Market Cap: JP¥386.7b

Plans, develops, and operates Mercari marketplace applications in Japan and the United States.

Nojima

Market Cap: JP¥343.3b

Operates digital home electronics retail stores in Japan and internationally.

Bic Camera

Market Cap: JP¥274.2b

Engages in the manufacture and sale of audiovisual products in Japan.

Paltac

Market Cap: JP¥271.6b

Engages in the wholesale of cosmetics, daily necessities, and over-the-counter drugs in Japan.

Izumi

Market Cap: JP¥231.4b

Operates general merchandise stores in Japan.

DCM Holdings

Market Cap: JP¥195.9b

Engages in the home improvement and e-commerce businesses in Japan.

AOKI Holdings

Market Cap: JP¥146.8b

Engages in the fashion, anniversary and bridal, entertainment, and real estate rental businesses in Japan.

Adastria

Market Cap: JP¥140.4b

Plans, produces, and retails clothes and sundry goods in Japan.

Arclands

Market Cap: JP¥110.8b

Engages in the retail business in Japan.

Central Automotive Products

Market Cap: JP¥107.5b

Engages in the development, import and export, and sale of automotive parts and related services.

BuySell TechnologiesLtd

Market Cap: JP¥85.5b

Engages in the kimono/branded goods reuse business in Japan.

Intermestic

Market Cap: JP¥63.0b

Sells eyeglasses and sunglasses through stores and online in Japan.

Japan Eyewear Holdings

Market Cap: JP¥51.1b

Through its subsidiaries, engages in the planning, designing, manufacturing, wholesaling, and retailing of eyewear products in Japan.

Ku HoldingsLtd

Market Cap: JP¥39.0b

Engages in the import and sale of new and used cars in Japan.

Alleanza Holdings

Market Cap: JP¥32.0b

Engages in the home improvement business, pet store business, and related businesses.

Mr Max Holdings

Market Cap: JP¥30.3b

Operates discount stores in Japan.

Sac's Bar Holdings

Market Cap: JP¥23.8b

Engages in the retail sale of bags, fashion goods, and related accessories in Japan.

Hamee

Market Cap: JP¥21.0b

Engages in the e-commerce and platform businesses in Japan, rest of Asia, North America, and internationally.

RACCOON HOLDINGS

Market Cap: JP¥13.9b

RACCOON HOLDINGS, Inc. creates and provides infrastructure BtoB transactions in Japan.

Valuence Holdings

Market Cap: JP¥11.2b

Engages in the purchase, auction, and sale of reused goods in Japan and internationally.

Tabio

Market Cap: JP¥8.1b

Plans, manufactures, wholesales, and retails socks.

MOONBATLtd

Market Cap: JP¥6.5b

Moonbat Co.,Ltd. plans manufactures, imports, purchases, and sells umbrellas, clothing, fur, leather, jewelry, and hats in Japan.

Uniform Next

Market Cap: JP¥6.3b

Engages in the sale of uniforms to companies, stores, and individuals in Japan.

Izutsuya

Market Cap: JP¥4.8b

Operates department stores in Japan.

Tea Life

Market Cap: JP¥4.8b

Engages in the Internet and catalog sale of health tea, health foods, cosmetics, medicines, etc.

BuffaloLtd

Market Cap: JP¥3.3b

Operates as a franchisee of AUTOBACS stores in Japan.

Palemo HoldingsLtd

Market Cap: JP¥1.8b

Owns and operates a chain of specialty stores for women's apparel in Japan.