| Valuation method | Value, ¥ | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 2648.06 | -18 |
| Intrinsic value (DCF) | 1821.00 | -44 |
| Graham-Dodd Method | n/a | |
| Graham Formula | 644.89 | -80 |
With us Corporation (9696.T) is a leading education service provider in Japan, specializing in comprehensive academic support for students and professionals. Founded in 1976 and headquartered in Osaka, the company operates cram schools for high school students, offering subject learning, entrance exam guidance, and ability development through its proprietary Plus Cycle Learning Method. Beyond traditional tutoring, With us Corporation provides high school/career support, Japanese language education, e-learning services for corporations, and specialized courses for working adults, including qualification and language training. The company also delivers ICT solutions, educational content production, and healthcare-related services, positioning itself as a diversified player in Japan's education sector. With a market capitalization of approximately ¥23.5 billion, With us Corporation serves a broad demographic, from elementary students to corporate clients, leveraging both offline and digital platforms to enhance learning outcomes in Japan's competitive education market.
With us Corporation presents a mixed investment profile. On the positive side, the company operates in Japan's stable education sector, which benefits from consistent demand for exam preparation and lifelong learning services. Its diversified offerings, including corporate e-learning and language services, provide revenue streams beyond traditional cram schools. Financially, the company maintains a solid cash position (¥8.1 billion) with modest debt (¥1.02 billion), and it pays a dividend (¥60 per share). However, challenges include a low beta (-0.094), suggesting limited correlation with market movements, and relatively thin net margins (4.4% on ¥20.7 billion revenue). The capital-intensive nature of education services is reflected in significant capex (-¥363 million). Investors should weigh Japan's demographic headwinds (declining student populations) against the company's expansion into corporate training and digital education solutions.
With us Corporation competes in Japan's fragmented education services market by combining traditional cram school operations with modern digital learning solutions. Its competitive advantage stems from: 1) Vertical integration, offering services from elementary tutoring to corporate training; 2) Proprietary Plus Cycle Learning Method, which differentiates its pedagogy; and 3) Hybrid delivery (physical schools + online platforms). However, it faces intense competition from larger players like Benesse and Recruit Holdings, which have greater scale in corporate training, and from agile online-first competitors. The company's niche in regional markets (Osaka headquarters) provides local brand strength but may limit national reach compared to Tokyo-centric rivals. Its foray into ICT solutions and healthcare education shows diversification efforts, though these segments remain small. Financial metrics suggest moderate efficiency (4.4% net margin), with room to improve scalability in digital offerings. The competitive landscape requires continued investment in technology to match larger rivals' R&D budgets while maintaining the personalized service of its cram schools.