TV TOKYO Holdings Corporation9413

Why the market may be pricing it low

• With Nikkei holding 33.1% and the firm bound by broadcast-holding-company regulation, the market views it as unlikely to pursue bold independent shareholder-return moves.

  ㈱日本経済新聞社 33.1%Shareholders

What could close the gap

• The company has newly committed to an 8% ROE target and a 40% total payout ratio by the late 2020s; concrete execution of larger buybacks or dividends could shift perception.

  2020年代後半にＲＯＥ（自己資本利益率）８％の達成を目指すとともに…総還元性向については40％程度を目指すManagement policy

• The company has made becoming a "global IP media" business built on anime its core long-term strategy; visible growth in overseas sales share could prompt re-rating.

  グローバルＩＰメディア「テレ東」として第４の創業を果たすManagement policy

• The anime segment's overseas licensing and merchandising just posted record profit; continued growth here could change perceptions of over-reliance on broadcasting.

  アニメ部門全体の収入は17.8％増の27,219百万円と過去最高額となりましたMD&A

How a buyer could still lose (value trap)

• Cash of about ¥49bn versus only ¥5.6bn of debt and an ROE of 7.4%, still below the 8% target, suggest the cash pile could simply sit idle rather than be deployed productively.

  Based on the figures below

• Part of this year's revenue and profit growth was driven by one-off boosts like the Olympics rebound and the World Table Tennis championship, which could reverse next year.

  スポット収入は、上期は前年のオリンピックの反動増や市場環境の変化に伴う需要増を戦略的に取り込みMD&A

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

¥164.9bn

Operating profit

¥11.4bn

Net profit

¥7.7bn

Operating cash flow

¥16.1bn

Cash

¥49.2bn

Debt

¥5.6bn

Equity

¥107.6bn

Annual report for the year to 2026-03-31