| Valuation method | Value, ¥ | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 1140.90 | -46 |
| Intrinsic value (DCF) | 4935.47 | 134 |
| Graham-Dodd Method | 690.32 | -67 |
| Graham Formula | 1820.80 | -14 |
Livero Inc. (9245.T) is a Tokyo-based cloud platform provider specializing in simplifying the rental and living arrangement process in Japan. Founded in 2009, Livero offers an integrated solution that helps users find rental properties, manage moving logistics, set up utilities, and handle rental contracts digitally. Operating in the Internet Content & Information industry under the Communication Services sector, Livero leverages technology to streamline traditionally cumbersome real estate processes. With a market capitalization of approximately ¥8.9 billion, the company has established itself as a niche player in Japan's proptech space. Livero's platform addresses pain points in Japan's rental market, where high tenant turnover and complex paperwork create demand for digital solutions. The company's asset-light business model and focus on recurring revenue from platform services position it well in Japan's growing proptech market, which is increasingly embracing digital transformation in real estate transactions.
Livero presents an interesting growth opportunity in Japan's digital real estate services market, with positive net income (¥338.9 million) and strong operating cash flow (¥828.5 million) in its latest fiscal year. The company's debt-free balance sheet and ¥1.9 billion cash position provide financial flexibility. However, investors should consider the company's relatively small scale (¥3.6 billion revenue) and high beta (1.06), indicating above-market volatility. The dividend yield (based on ¥30 per share) may appeal to income investors, but growth prospects depend on Livero's ability to expand its user base and fend off competition from larger tech players entering the proptech space. The stock could suit investors seeking exposure to Japan's digital transformation of real estate services, though market concentration risk in Japan and limited international diversification are notable considerations.
Livero occupies a specialized niche in Japan's proptech market, differentiating itself through its comprehensive platform that covers the entire rental lifecycle from property search to contract management. The company's competitive advantage stems from its first-mover position in rental-focused digital services and deep understanding of Japan's unique rental market dynamics, which include complex paperwork and cultural preferences for frequent moves. Livero's asset-light model allows for scalability without the capital intensity of traditional real estate businesses. However, the company faces increasing competition from both specialized proptech startups and generalist tech platforms expanding into real estate services. Livero's relatively small scale (¥3.6 billion revenue) limits its bargaining power with property owners compared to larger competitors. The company's Japan-only focus provides localized expertise but also creates geographic concentration risk. Livero's technology platform and user experience are key differentiators, though maintaining this edge requires ongoing R&D investment (evidenced by ¥21 million in capital expenditures). The lack of debt provides financial flexibility but may also indicate conservative growth strategies compared to venture-backed competitors. Livero's challenge is to scale its user base while maintaining service quality and expanding its ecosystem of property partners in Japan's fragmented rental market.