PSA Internet / eCommerce: Mercari (4385 JT) Update
In this report, analyst Thao Nguyen compares Mercari with Rakuten and Z Holdings – all of which are in the process of building their own economic zones surrounding e-commerce and e-finance. However, there is a substantial gap in their market caps, with Mercari being a much younger company at a relatively early stage in establishing its ecosystem but offering significant growth potential. Moreover, with 47% of its market cap in cash, the stock having slumped 64% YTD and attractive valuations (FY24 EV/Sales 1.3x; EV/OP 20x), we anticipate a recovery in Mercari’s share price going forward.
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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