| Valuation method | Value, ¥ | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 1101.51 | 7 |
| Intrinsic value (DCF) | 667.56 | -35 |
| Graham-Dodd Method | 730.88 | -29 |
| Graham Formula | 293.87 | -71 |
Fujisan Magazine Service Co., Ltd. (3138.T) is a leading Japanese online bookstore specializing in magazines, offering over 10,000 print and 2,500 digital magazines. Headquartered in Tokyo, the company serves a niche market in the Specialty Retail sector under the broader Consumer Cyclical industry. Fujisan Magazine Service provides multi-platform accessibility, ensuring compatibility with paper, PCs, tablets, and smartphones, catering to diverse reader preferences. Founded in 2002, the company has established itself as a key player in Japan's digital magazine distribution space. With a market capitalization of approximately ¥3.05 billion, Fujisan Magazine Service continues to leverage Japan's strong magazine culture while adapting to digital transformation trends. The company's focus on digital expansion and broad magazine selection positions it well in a competitive retail landscape.
Fujisan Magazine Service presents a niche investment opportunity in Japan's digital and print magazine retail sector. The company's stable revenue (¥5.62 billion) and net income (¥171 million) reflect its established market position. However, its low beta (0.079) suggests minimal correlation with broader market movements, which may appeal to conservative investors. The company maintains a strong cash position (¥3.2 billion) with moderate debt (¥550 million), supporting financial stability. A dividend yield of approximately 1.7% (¥16 per share) adds income appeal. Risks include reliance on Japan's declining print magazine market and competition from global digital content platforms. Investors should weigh Fujisan's niche dominance against long-term industry headwinds.
Fujisan Magazine Service holds a unique position as Japan's specialized online magazine retailer, differentiating itself through an extensive catalog (10,000+ magazines) and multi-platform accessibility. Its competitive advantage lies in deep relationships with Japanese publishers and a localized user experience tailored to domestic readers. However, the company faces pressure from broader e-commerce platforms like Amazon Japan and Rakuten, which offer magazine subscriptions alongside other products. Fujisan's focus solely on magazines limits diversification but enhances specialization. The shift to digital (2,500+ digital magazines) helps future-proof the business, though it competes with global digital newsstands like Apple's App Store and Google Play. Fujisan's smaller scale compared to international players restricts its bargaining power with publishers but allows agility in catering to niche magazine segments. The company's main challenge is sustaining growth as Japan's print magazine market contracts, requiring further digital adoption and potential expansion into adjacent content verticals.