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8595 JAFCO Group Coverage initiated on: 2020-05-11 ResearCh Coverage Report By Shared ResearCh InC. Last update: 2021-07-26 8595 JAFCO Group Shared ResearCh InC. has produCed this report By request from the Company disCussed in the report. The aim is to provide an “owner’s manual” to investors. We at Shared ResearCh InC. make every effort to provide an aCCurate, oBjeCtive, and neutral analysis. In order to highlight any Biases, we Clearly attriBute our data and findings. We will always present opinions from Company management as suCh. Our views are ours where stated. We do not try to ConvinCe or influenCe, only inform. We appreCiate your suggestions and feedBaCk. Write to us at [email protected] or find us on BloomBerg. INDEX ExeCutive summary . .3. Key finanCial data . .5. ReCent updates . .6. Trends and outlook . .7. Quarterly results . .7. Business . .1.2. Business overview . .1.2. Business model . .2.2. Market and value Chain . .3.2. SCale of the VC investment market in Japan . .3. 2. Major providers of risk Capital . .3.3. Trends at Competing Companies . .3.4. Strengths and weaknesses . .3.7. HistoriCal performanCe and finanCial statements . .3.9. InCome statement . .3.9. BalanCe sheet . .4.0. Cash flow statement . .4.1. HistoriCal performanCe . .4. 1. Other information . 5. .3. News and topiCs . .5.8. Company profile . .6.0. JAFCO Group/ 8595 ResearCh Coverage Report By Shared ResearCh InC. | https://sharedresearCh.jp 2 ExeCutive summary Business overview JAFCO Group (“JAFCO”) is the largest speCialist venture Capital Company in Japan. JAFCO raises Capital from investors and alloCates it to the funds (investment limited partnerships) it estaBlishes. These funds then make equity investment in startups and other high-potential unlisted Companies to provide growth Capital. JAFCO’s main Businesses are Japanese domestiC venture Capital (VC) investment (37.9% of total investment amount), domestiC Buyout (BO) investment (27.6%), VC investment in the US (23.3%), and VC investment in Asia (exCluding Japan; 11.2%) (as of FY03/21). Total Commitments to JAFCO- managed funds stood at JPY451.5Bn in FY03/21. Annual investment of JPY32.8Bn represents a 10.2% share of the Japanese VC market. CAGR (FY03/11 to FY03/21) was 3.6% for revenue and 12.2% for operating profit. JAFCO was estaBlished in 1973 By three finanCial institutions, led By Nomura SeCurities (now Nomura Holdings [TSE: 8604]). In 2017, it aCquired and CanCelled all shares held By its largest and seCond-largest shareholders, Nomura Holdings and Nomura ResearCh Institute (TSE1: 4307), dissolving its Capital relationship with the Nomura Group to ensure independenCe and transparenCy. In 1982, JAFCO estaBlished Japan’s first investment limited partnership, JAFCO No. 1 Investment Partnership, whiCh was an investment partnership under the Civil Code. This sCheme BeCame the prototype for fund management as it is praCtiCed today. Over a history spanning more than 40 years, JAFCO has made VC investments in 4,051 Companies (inCluding 864 Companies outside Japan), of whiCh it supported initial puBliC offerings (IPOs) of 1,012 Companies (inCluding 206 overseas Companies) (as of the end of MarCh 31, 2021). JAFCO’s Business model involves setting up investment limited partnerships (funds). JAFCO BeComes the GP (general partner) of its funds and raises Capital from LP (limited partner) investors. The fund term is 10 years. The Company provides management support aimed at inCreasing enterprise value of its portfolio Companies and lead them to suCCessful exits through IPO, M&A, etC. Ultimately, the Company reCeives Capital gains along with investors through the sale of shares. Whereas a GP typiCally Commits several perCent of a fund’s total Commitments, JAFCO is unique in Committing around 40%, thus sharing inCentives to pursue high investment returns with investors and reduCing ConfliCts of interest. JAFCO’s Clients are mainly finanCial institutions and Business firms that invest in its funds. On MarCh 2, 2020, the Company Completed fundraising for the JAFCO SV6 Fund Series (SV6). SV6 Closed at JPY80.0Bn, of whiCh JAFCO Committed JPY29.1Bn. Of the outside investors (75 in total), finanCial institutions aCCounted for 71%, Business Companies 25%, and others 4%. Outside investors invested an average of JPY700mn for 64% of the fund’s total (exCluding JAFCO’s interest). JAFCO provides value to its Clients in the form of an investment produCt, as alternative to stoCks and Bonds, and staBle returns. Investors who foCus on long-term performanCe look to VC and other private equity investments (shares of unlisted Companies) as alternative investment options that provide diversifiCation. JAFCO’s funds aim to attraCt investors By offering relatively high and staBle returns on VC investments. In faCt, gross investment multiple (revenue from operational investment seCurities divided By Cost of operational investment seCurities) rose from 0.8x in FY03/11, still affeCted By the aftermath of gloBal finanCial Crisis, to 3.3x in FY03/21 (2.8x in FY03/20) on the suCCess of “highly seleCtive, intensive investment.” JAFCO’s revenue Consists of management fees, suCCess fees, and Capital gains. Management fees are paid to JAFCO in exChange for fund management and administrative serviCes, CalCulated at 2% of a fund’s total Commitments. When Cumulative distriButions to investors exCeed paid-in Capital ContriButions, suCCess fees are paid By multiplying 20% By the said exCess amount (no hurdle rate). Cost of seCurities sold is the aCquisition Cost of portfolio Companies’ shares Corresponding to JAFCO’s own investments (Cost of operational investment seCurities). Employee salaries and other personnel and welfare expenses aCCounted for 44.9% of SG&A expenses (FY03/21), and SG&A expenses as a perCentage of revenue (five-year average) were 17.8%. Core inCome (management fees minus SG&A expenses) remained negative, But management fees inCreased following the estaBlishment of SV6 in FY03/21 and more funds are to Be estaBlished going forward. BeCause JAFCO sourCes its earnings from fund management (management fees and suCCess fees) and Capital gains, improving fund performanCe leads to growth in Business performanCe over the medium- to long-term. As key metriCs, JAFCO targets gross MOIC (multiple on invested Capital) of 2.5x or more (sales proCeeds, inCluding valuations of unsold portfolio Companies, divided By invested Capital), and net TVPI (total value to paid-in Capital) of 2.0x or more (Cumulative distriButions plus net asset value divided By paid-in Capital). As a result of finanCial restruCturing, the total investment BalanCe, whiCh JAFCO had Been reduCing sinCe FY03/10, Bottomed out in FY03/17. Based on JAFCO’s highly seleCtive, intensive investment strategy, Shared ResearCh understands there is some leeway for the Company to inCrease its average investment amount per portfolio Company. JAFCO Group/ 8595 ResearCh Coverage Report By Shared ResearCh InC. | https://sharedresearCh.jp 3 Earnings trends In FY03/21, revenue was JPY21.5Bn (-27.9% YoY), operating profit was JPY9.0Bn (-40.1% YoY), reCurring profit was JPY11.7Bn (-31.3% YoY), and net inCome was JPY38.5Bn (+225.2% YoY). There were six JAFCO-BaCked IPOs (in line with other years) and Capital gains fell 26.7% YoY. Net inCome inCreased YoY as the Company Booked JPY44.8Bn in gains on the sale of investment seCurities (extraordinary gains) as it disposed of 39.3% of the shares it held in Nomura ResearCh Institute, Ltd., for pure investment purposes. JAFCO does not disClose short- or medium-term foreCasts BeCause of the nature of the venture Capital Business, whereBy earnings are signifiCantly affeCted By fluCtuations in domestiC and overseas stoCk markets and the IPO market. Strengths and weaknesses Strengths: 1) JAFCO has Built trust as a finanCial Business Based on its knowledge and expertise attested By a traCk reCord of VC investments in more than 4,000 Companies and over 1,000 IPOs. 2) A strong information network enaBles JAFCO to identify attraCtiv e deals gloBally. 3) The aBility to provide Comprehensive, hands-on management support differen tiates JAFCO from its Japanese domestiC peers. Weaknesses: 1) Retaining t alent is Challenging, so that Costs to pass on the Company’s DNA Can Be high. 2) JAFCO laCks VC Brand strength to develop Business overseas. 3) JAFCO is drawn into Competition to invest in innovative IT sta rtup Companies at high valuations due to ConCentration of Capital-riCh Corporate-VCs. JAFCO Group/ 8595 ResearCh Coverage Report By Shared ResearCh InC. | https://sharedresearCh.jp 4 Key finanCial data Income statement JAFCO's interest) FY03/11 FY12/03 FY03/13 FY03/14 FY03/15 FY03/16 FY03/17 FY03/18 FY03/19 FY03/20 FY03/21 JPYmn) Cons. Cons. Cons. Cons. Cons. Cons. Cons. Cons. Cons. Cons. Cons. Revenue YoY % % % % % % % % % % % Gross profit YoY % % % % % % % % % % % Gross profit margin % % % % % % % % % % % Operating profit YoY - % % % % % % % % % % Operating profit margin % % % % % % % % % % % Recurring profit YoY - % % % % % % % % % % Recurring profit margin % % % % % % % % % % % Net income YoY - % % % % % % % % % % Net margin % % % % % % % % % % % Per-share data (split-adjusted; JPY Shares issued (year-end; '000 EPS JPY EPS (fully diluted) - - - - - - - - - - - Dividend per share Book value per share Balance sheet JPYmn) Cash and cash equivalents Other assets Investments Operational investment securities
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