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Added to YB: 2025-03-07

Pitch date: 2025-03-04

5253.T [bullish]

COVER Corporation

+4.29%

current return

Author Info

Nocturnal Research is a generalist on the buyside that mainly covers global internet companies. Sign up for the newsletter.

Company Info

COVER Corporation engages in the virtual platform, VTuber production, and media mix businesses. The company provides VTuber Production, an agency that produces VTubers; Media Mix offers intellectual property for VTubers through planning and development of merchandise, licenses/tie-ins, comics, animation, and other activities; and Metaverse develops Holoearth, focusing on sandbox games that allow users to act freely in a virtual space.

Market Cap

JPY 174.8B

Pitch Price

JPY 2.7K

Price Target

5.0K (+90%)

Dividend

N/A

Sector

Entertainment

Category

growth

Show full summary:
Japan's Next Great Entertainment Company - COVER Corporation

5253.T: VTuber leader w/ 41% market share. 30% rev CAGR thru FY28, 720bps EBIT margin expansion FY26-28. ¥4,950 PT (Mar '27), 95% upside. Risks: FY26 EBIT guide, talent exits, fan spend, branch closures. Upside: new branches, games, HOLOSTARS growth. 43% EPS CAGR. 24% EBIT margin FY28.

Read full article (12 min)