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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 pie chart to visualize the capital allocation imbalance.",
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      "kind": "callout",
      "text": "Capital locked in the OLC Stake should be used to improve and grow Keisei’s railway and other operating businesses and/or be returned to shareholders in a value accretive manner.",
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      "text": "Keisei's Intrinsic Value: Core Businesses 20%, OLC Stake 80%",
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      "kind": "list",
      "text": "$8.3bn of OLC Stake: Minimal trading / business relationship; Lack of synergies or other benefits to Keisei.",
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      "kind": "list",
      "text": "$2.1bn of Core Businesses: Transportation business including railway, bus and taxi; Real estate business in population-increasing neighbourhoods.",
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      "text": "intrinsic value composition: 80%",
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      "text": "Following constructive discussions with management and through our extensive research, we conclude that the root cause of Keisei’s Value Gap is its disproportionate stake in OLC worth over $8bn, accounting for 80% of Keisei’s intrinsic value despite Keisei having profit-generating core operating businesses.",
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      "text": "Disproportionate Investment in OLC – The Root Cause of Keisei’s Value Gap",
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