Added to YB: 2026-05-25
Pitch date: 2026-05-21
3661.T [bullish]
m-up holdings, Inc.
Author Info
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Company Info
m-up holdings, Inc. engages in the development and distribution of mobile and PC content, and e-commerce businesses in Japan.
Market Cap
JPY 47.3B
Pitch Price
N/A
Price Target
N/A
Dividend
N/A
EV/EBITDA
6.25
P/E
16.14
EV/Sales
1.02
Sector
Software
Category
growth
F(u)natism
3661.T: Dominant Japanese fan club operator (70% market share, 800+ clubs, 4.4M paying members) w/ integrated e-commerce (75% EBIT margin) & ticketing. 10x sales growth 8yrs, 25% CAGR. Trades 16x P/E vs 20%+ EBIT growth target. FY26 beat: ¥31.7B rev, ¥5B EBIT. Raised dividend payout 30%→40-50%, largest buyback ever (2%). Risks: AI enabling in-house ops by labels, fandom platform migration. Catalysts: membership fee hikes, JV w/ SM Entertainment (Bubble for Japan), global expansion, Red Velvet onboarding. Asset-light, negative WC, <1% churn. Mispriced on SaaS fear despite tangible moat in artist relationships & unique Japanese fanaticism.
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