Added to YB: 2026-03-13
Pitch date: 2026-03-11
5038.T [neutral]
eWeLL Co.,Ltd.
-3.6%
current return
Author Info
Gustav is Swedish global deep value investor. Building a portfolio of the best nano- to smallcaps I can find. Sign up for the newsletter.
Company Info
eWeLL Co.,Ltd. develops business support cloud services for visiting nursing stations in Japan. It provides iBow, a cloud-based electronic medical record system for visiting nursing stations covering all operational tasks; iBow KINTAI, an attendance management system for home nursing; iBow Administrative Management Services; iBow Receipt, a receipt system for insurance claims in nursing homes; iBow Nursing Care Claim Transmission Service; and iBow-Campus Visiting Nursing Legal Training Edition, an e-learning service.
Market Cap
JPY 36.5B
Pitch Price
JPY 2.4K
Price Target
N/A
Dividend
0.88%
EV/EBITDA
20.49
P/E
33.64
EV/Sales
9.93
Sector
Health Care Technology
Category
growth
eWell - Japanese SaaS (from the watchlist)
5038.T (watchlist): Japanese SaaS for home-visit nursing, market leader w/ 18% share. iBow electronic records system, low churn, consistent non-cyclical growth. Trades ~27x P/E 2026e (lower cash-adjusted). Founded 2012, net cash position. Grandeur Peak/Wasatch own it. Author likes uniqueness but hesitant to pay >20-25x P/E. Risks: deceleration, Japan-only, competition from SMS/M3/others, context uncertainty, 'too hard pile' candidate.
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