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  "documentTitle": "Keisei Electric Railway (9009 JT)",
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  "authorName": "Palliser Capital",
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  "presentationDate": "2023-10-17 00:00:00",
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  "notes": "Uses a waterfall-style bridge to illustrate the gap between market cap and intrinsic value.",
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      "text": "Keisei operates 152 km of railway serving over 200 million passengers annually. It also holds an unutilized 22% stake in OLC worth over $8bn.",
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      "text": "Valuation bridge showing Core Businesses ($2.1bn) + OLC Stake ($8.3bn) = Intrinsic Value ($10.4bn) vs Market Value ($5.9bn)",
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      "text": "Calculated on mark-to-market basis; OLC trades at premium; 22% stake worth $8.3bn.",
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      "text": "Calculated based on peer multiple; Unique network; Growth potential; Community-oriented.",
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      "text": "Intrinsic Value: 76%",
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      "text": "Keisei operates 152 km of railway serving over 200 million passengers annually. It also holds an unutilized 22% stake in OLC worth over $8bn.",
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      "kind": "source-note",
      "text": "Source: Company disclosures, Bloomberg. Note: (1) Core business value is calculated based on estimated book value excluding OLC stake multiplied by peer PBR. Peers: Keio, Odakyu, Tokyu, Tobu, Keikyu and Seibu. (2) By number of visitors.",
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      "kind": "title",
      "text": "Keisei Railway – A Superior Company Valued at an Inferior Price",
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