Communications
Normalisation on steroids - this M/Cap $400m e-ticketing and artist fanclub merchandising company is benefitting from the return of live events in Japan and as the No.1 e-ticket resale company is benefitting from 1) the structural shift from paper-based to digital tickets and 2) a 2019 law banning trade in paper tickets and thus take-off of the high margin e-ticket resale business. Asymmetric Advisors thinks earnings can comfortably overshoot its FY3/23 company forecast of operating profit +31% Y/Y and see further strong growth into FY3/24 which more than justifies the PER at mid-20s next FY.
Edition: 150
- 09 December, 2022