| Valuation method | Value, ¥ | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 1152.25 | 114 |
| Intrinsic value (DCF) | 528.56 | -2 |
| Graham-Dodd Method | n/a | |
| Graham Formula | 155.09 | -71 |
UNITED, Inc. (2497.T) is a Tokyo-based technology company specializing in ad-tech, digital content, and venture capital investments. Operating primarily in Japan, the company offers a diverse portfolio including Bypass (an ad distribution platform for advertisers), adstir (an ad management platform for publishers), and popular digital content like Crash Fever (a role-playing game) and CocoPPa Play (a dress-up avatar service). Additionally, UNITED, Inc. runs sports-related websites, digital media platforms, and TechAcademy, Japan's leading online programming school. The company also provides consulting services for digital transformation and operates CHEERZ, a platform supporting artists. With a strong foothold in Japan's digital economy, UNITED, Inc. combines ad-tech innovation with content creation and strategic investments, positioning itself as a versatile player in the technology sector. Founded in 1998, the company continues to expand its influence in digital advertising, gaming, and education.
UNITED, Inc. presents a mixed investment case with strengths in diversified digital services and a strong cash position (JPY 12.99 billion). The company's ad-tech and gaming segments show resilience, supported by recurring revenue streams. However, its heavy reliance on the Japanese market and modest revenue growth (JPY 12.57 billion in FY 2024) may limit upside potential. The low beta (0.299) suggests lower volatility compared to the broader market, appealing to conservative investors. A dividend yield of ~1.5% (JPY 25 per share) adds income appeal, but investors should monitor competition in Japan's crowded ad-tech and gaming sectors. The company's venture capital arm could unlock value but also introduces additional risk.
UNITED, Inc. operates in highly competitive segments—ad-tech, gaming, and digital education—where it competes with both specialized firms and conglomerates. Its primary competitive advantage lies in its integrated ecosystem, combining ad platforms (Bypass, adstir) with owned content (Crash Fever, CocoPPa Play), creating cross-promotional opportunities. The company's deep understanding of the Japanese digital market allows for localized ad solutions and content, differentiating it from global players. However, its ad-tech business faces pressure from larger platforms like CyberAgent's Ameba, while its gaming division competes with giants like GungHo Online. UNITED's TechAcademy holds a first-mover advantage in Japan's online programming education but competes with international platforms like Udemy. The company's venture investments provide exposure to innovation but lack the scale of dedicated VC firms. Its cash-rich balance sheet (JPY 12.99 billion) offers flexibility for acquisitions or R&D, but execution risk remains a concern given the fragmented nature of its business lines.