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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": "The chart uses a shaded area between two lines to visualize the 'value gap'.",
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      "text": "Value hidden from equity market",
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      "text": "Keisei Market Cap vs. Keisei's Intrinsic Value",
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      "text": "$4.5bn",
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      "text": "Keisei's Value Gap has expanded significantly over recent years.",
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      "text": "Source: Company disclosures, Bloomberg. Note: For illustrative purposes. Intrinsic value is calculated by excluding the current recorded book value of the OLC Stake from Keisei's book value and applying peer multiple on the residual Keisei book value, and adding mark-to-market value of the OLC Stake net of CGT to Keisei's book value. Peers: Keio, Odakyu, Tokyu, Tobu, Keikyu and Seibu.",
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      "text": "Persistent and Growing Value Gap, Creating an Attractive Entry Point",
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