MITANI CORPORATION8066

Results over the years

From the five-year summary in the latest annual report (consolidated where available). Operating profit is shown only for the two years the report tags.

Why the market may be pricing it low

• Company itself admits net cash exceeds its enterprise value, signaling capital is not being put to work.

  実質現預金は、1,317億円（現預金1,408億円－借入金91億円）となり、現在のＥＶ781億円を上回っており課題ですManagement policy

• A conglomerate of 150 subsidiaries spanning IT, construction materials, cable TV, nursing care and car dealerships, making the whole hard to value as one business.

  当社及び子会社150社、関連会社16社で構成されており…情報システム関連事業、企業サプライ関連事業、生活・地域サービス関連事業の３つのセグメントBusiness

• Core products like ready-mix concrete, cement and petroleum face structurally shrinking demand from population decline and decarbonization.

  主力商品である生コンクリート・セメントや石油製品は、需要の減少が続いており今後想定以上のスピードで需要が落ち込んだ場合にはRisk factors

What could close the gap

• Management explicitly plans to raise the share of overseas investment to deploy excess cash, which could shift sentiment if executed.

  今後も外貨を獲得できる海外の比率を高めてゆきますManagement policy

• Management discloses a high 30% ROIC alongside explicit capital-efficiency problems, making pressure for improvement visible.

  純利益234億円の利回り（ROIC）は、今期は30％程度（234億円÷781億円）でありましたManagement policy

• Year-end dividend was raised, bringing annual dividend to 97 yen, showing expanding shareholder returns.

  １株当たり53円00銭とし、年間配当金は中間配当金44円00銭と合わせて97円00銭としておりますDividend policy

How a buyer could still lose (value trap)

• Growth strategy relies on M&A, but the company itself flags risk of impairment losses if acquired businesses underperform, which could erode accumulated profits.

  想定外の要因により買収先の業績や財政状態が急激に悪化したり…固定資産やのれんの減損損失など当社グループの業績に影響を及ぼす可能性がありますRisk factors

Financial quality (Piotroski F-score)

• ✓Profitable (ROA > 0)
• ✓Positive operating cash flow
• ✓ROA up on last year
• ✓Cash flow exceeds net profit
• ✓Leverage down on last year
• ✓Current ratio up on last year
• ✓No new shares issued
• ✓Gross margin up on last year
• ✓Asset turnover up on last year

Scored out of the checks with data, scaled to 9. Compares the latest year with the year before.

Figures

Sales

¥339.0bn

Operating profit

¥32.4bn

Net profit

¥23.5bn

Operating cash flow

¥27.9bn

Cash

¥140.9bn

Debt

¥9.1bn

Equity

¥209.9bn

Minority interests (added to EV)

¥22.7bn

Annual report for the year to 2026-03-31