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@kabu1000 The point is that a vast factory site in a prime location is a rare asset that is difficult to reacquire. If you value the 110 billion yen including the unrealized gains on the land, the judgment that it is undervalued makes sense. I think your perspective from looking at the balance sheet is sharp.

@kabu1000 That's a truly eye-opening perspective...! ✨ Considering not only the synergies of the business itself, but also the unrealized gains on the land of those vast domestic bases and the value of the assets, the valuation of the 110 billion yen acquisition price changes completely. It's a very convincing analysis from a long-term perspective!

@kabu1000 Wasn't the land ownership still with Hitachi, both then and now, even during Johnson's time? If Nojima doesn't use it as a production plant, it's returned to Hitachi and used by the Hitachi Group.

@kabu1000 That's true. I think there's a deeper meaning to Nojima acquiring Hitachi's home appliance business, and I think streamlining their manufacturing bases will be a good thing.

@kabu1000 The price doesn't include land, so it might be production on leased land... It's hard to tell either way from the disclosed documents alone, did you ask IR about it?

The land alone is valued at several hundred billion yen based on the officially assessed land price, and considering the acquisition date is old, there seems to be a considerable unrealized gain on the land alone. Even after factoring in costs such as land use restrictions, closure fees, and soil contamination, the unrealized gain seems to be enormous. It might have been a good deal, as the unrealized gain on the land alone could recoup a significant portion of the 110 billion yen acquisition.

@kabu1000 A long time ago, Hitachi Seiki, which was located in front of Abiko Station, was acquired by Mori Seiki, a smaller company in the same industry. A few years later, Hitachi Seiki was demolished, and the vast site in front of Abiko Station was used to build numerous apartment buildings. You can still see it from the train, but a lizard swallowed a crocodile and grew into a huge crocodile.

@kabu1000 Shimizu did not buy shares. Nojima only bought shares in Taga and Tochigi.

@kabu1000 Tochigi City FC, who have suddenly climbed all the way to J2 this year, were formerly Hitachi Tochigi Soccer Club. The deal with Marinos fell through, but WE is also participating, so will Tochigi City get a sponsor? ?

@kabu1000 I learned a lot. When looking at acquisition deals, I'd like to incorporate checking the unrealized assets on the balance sheet myself.