PSA Internet: CyberAgent (4751 JP) – Growth, and Quality, at a Reasonable Price
We have been positive about CyberAgent (CA)’s earnings prospects since the company announced its venture into the video streaming industry and launched AbemaTV. Having met with IR, we confirm that we are confident about maintaining a favourable stance towards the company. In our view, every core segment should be able to outgrow the industry, enabling company revenues to expand at double-digit rates over the FY18~FY20 period. OP growth should spring back to life from FY19 as contributions from AbemaTV move from negative to useful. Valuations are undemanding: forward EV/OP on our FY20 OP estimate is 10x.CyberAgent is an information technology company. Media segment is engaged in the operation of internet TV station "AbemaTV," free live streaming programs without subscription "FRESH!," blog service "Ameba," matching services "Tapple" and music streaming service "AWA." Game segment offers a variety of games for smartphones such as "GRANBLUE FANTASY." Internet Advertisement segment is engaged in the provision of internet advertising agency services. Investment Development is engaged in the corporate venture capital business, as well as the establishment and operation of investment fund. Others segment is engaged in the operation of smartphone media.
Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods.
PSA produces both company and sector reports. The focus of PSA’s research is to identify winners and losers as new technologies impact the top and bottom lines of corporations. Critical to our research is the clear explanation of how these new technologies work and how they impact companies and industries.
The founding partners have worked closely together for twenty years and the team has more than doubled in size since 2012.
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