| Valuation method | Value, ¥ | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 4655.59 | 71 |
| Intrinsic value (DCF) | 2666.93 | -2 |
| Graham-Dodd Method | 2095.06 | -23 |
| Graham Formula | 3356.22 | 24 |
mixi, Inc. is a leading Japanese entertainment and lifestyle company specializing in digital gaming, social networking, and online betting services. Headquartered in Tokyo, mixi operates a diverse portfolio of popular mobile games like Monster Strike and Kotodaman, alongside lifestyle platforms such as FamilyAlbum for photo sharing and netkeiba.com for horse racing enthusiasts. The company also ventures into sports management, event organization, and merchandise sales through its XFLAG stores. With roots dating back to 1999, mixi has evolved from a social networking service into a multifaceted digital entertainment powerhouse, leveraging Japan's thriving gaming and mobile app markets. Its diversified revenue streams—spanning freemium gaming, betting platforms, and subscription-based services—position it uniquely in Japan's competitive technology and multimedia sector. mixi's strong cash reserves and low debt underscore its financial stability, while its innovative approach to digital engagement continues to drive user growth and monetization.
mixi presents a mixed investment profile. On the positive side, the company boasts a robust cash position (¥105.91 billion) and minimal debt (¥7.43 billion), providing financial flexibility. Its flagship game Monster Strike remains a revenue driver, and diversification into betting (TIPSTAR) and lifestyle apps mitigates reliance on any single product. However, net income (¥7.08 billion) appears modest relative to revenue (¥146.87 billion), suggesting margin pressures. The low beta (0.188) indicates lower volatility but may reflect slower growth expectations. The ¥110/share dividend offers a yield, but investors should weigh this against the company's need to reinvest in game development to compete in Japan's saturated mobile gaming market. Regulatory risks in online betting and competition from global gaming giants are key concerns.
mixi's competitive advantage lies in its deep understanding of the Japanese digital entertainment market and its vertically integrated ecosystem. Monster Strike's longevity (launched in 2013) demonstrates rare staying power in mobile gaming, supported by mixi's live ops expertise and merchandising (XFLAG stores). The company's niche platforms like netkeiba.com and Weekly Baseball Online benefit from first-mover advantage in Japan-specific verticals. However, mixi faces intense competition in gaming from global players with superior R&D budgets and in social networking from dominant platforms like LINE (owned by LY Corporation). Its betting and sports ventures compete with traditional players like Japan Racing Association. While mixi's localization and cultural resonance are strengths, its limited global footprint (vs. rivals like GungHo or Nexon) caps growth potential. The company's ability to monetize non-gaming assets (e.g., FamilyAlbum's 10M+ downloads) remains underdeveloped compared to ad-driven social apps.