
Tsukuruba Inc. (2978.T)
ValueMarkers Composite Index
97% below intrinsic value ($80)
Tsukuruba Inc. (2978.T) — VMCI valuation read
Tsukuruba Inc. sits at VMCI 49/100, with the Real Estate sector median at 50. That 1-point spread is the first thing to note on 2978.T: it tells the reader the composite is unfavorable before any single ratio is examined, and the mid-cap tier sets the comparison set.
Form 4 disclosures on 2978.T are blank for the trailing 30 days. With the insider channel offline, the EV/EBITDA delta, free-cash-flow trajectory, and the next earnings print do the talking.
**Investor frame.** The Value read on 2978.T: 2978.T trades at 14.0x earnings, 22% below the Real Estate median of 18.0x, with EV/EBITDA at 13.0x against 12.0x. The Quality read: ROIC of 8.0% trails the Real Estate median (10.0%) by 2.0pp. The Risk read: net debt to EBITDA of -1.4x leaves covenant headroom, anchoring the bear scenario on a measurable balance-sheet metric.
2978.T rose 2.7% over the trailing 7 days, with a -17.0% read on a 30-day basis.
tsukuruba inc. provides technology-powered property-related services. The company plans and develops cowcamo, a real estate brokerage platform for used and renovated properties. It also offers property planning and design services. The company was incorporated in 2011 and is headquartered in Tokyo, Japan.
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