| Valuation method | Value, ¥ | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 377.77 | -6 |
| Intrinsic value (DCF) | 272.99 | -32 |
| Graham-Dodd Method | 187.75 | -53 |
| Graham Formula | 42.80 | -89 |
Enigmo Inc. (3665.T) is a Tokyo-based internet business company specializing in e-commerce and digital platforms. Founded in 2004, Enigmo operates BUYMA, a leading marketplace for fashion items sourced from personal shoppers, catering to global consumers. Additionally, the company runs BUYMA TRAVEL, offering private local tours for Japanese travelers abroad, and STYLE HAUS, a content-driven platform for fashion, lifestyle, and cosmetics recommendations. Operating in Japan's competitive e-commerce and software infrastructure sector, Enigmo leverages its niche market positioning to connect buyers with unique, curated products and experiences. With a market cap of approximately ¥11.6 billion, the company focuses on digital innovation and user engagement, capitalizing on Japan's strong e-commerce growth and global fashion demand. Enigmo's diversified platform strategy positions it as a key player in Japan's evolving digital marketplace landscape.
Enigmo Inc. presents a niche investment opportunity in Japan's e-commerce and digital services sector. With a market cap of ¥11.6 billion and a beta of 0.799, the company exhibits lower volatility compared to broader markets. Revenue of ¥5.93 billion and net income of ¥433 million in FY 2025 reflect steady profitability, supported by a strong cash position (¥9.29 billion) and manageable debt (¥209.7 million). The company's dividend yield, though modest (¥10 per share), adds appeal for income-focused investors. However, risks include intense competition in Japan's e-commerce space and reliance on discretionary consumer spending. Enigmo's growth hinges on expanding its BUYMA and STYLE HAUS platforms internationally, but execution risks and currency fluctuations could impact performance. Investors should weigh its niche positioning against scalability challenges.
Enigmo Inc. competes in Japan's crowded e-commerce and digital services market, differentiating itself through specialized platforms like BUYMA (fashion resale) and BUYMA TRAVEL (niche travel experiences). Its competitive advantage lies in curated, high-touch services that larger players like Rakuten or Mercari do not focus on. However, its smaller scale limits bargaining power with suppliers and advertisers compared to giants like Zozo (3092.T). STYLE HAUS competes with content-driven platforms such as @cosme but lacks the same brand recognition. Enigmo's asset-light model allows agility, but dependence on third-party sellers (BUYMA) introduces quality control risks. The company's ¥9.3 billion cash reserve provides a buffer but may not suffice for aggressive expansion against deep-pocketed rivals. Its main growth avenue is internationalizing BUYMA, though this faces challenges from global players like Vestiaire Collective. In summary, Enigmo's niche focus is both its strength and limitation—it avoids direct clashes with mega-platforms but struggles to achieve similar economies of scale.