Our latest dialogue with Tosho | 蝶理の株主価値向上に向けて
What we hope Chori to increase the shareholders' value as a shareholder are
1.Drastic increase in dividend / share buyback to prevent further lowering of ROE
2.Dissolution of cross-shareholdings
3.Transform to a board led by independent outside directors

Our latest dialogue with Tosho

As a response to Tosho’s release on 5th November 2018, we have discussed with Tosho regarding the latest acquisition of CTS (communication Training Support). We are apprehensive that such an acquisition destroys the value of Tosho. Followings are parts of our presentation materials in the dialogue.

We have analyzed Tosho’s acquisition as followings. The point is that an acquisition of a company with low capital efficiency may increase acquirer’s profit but low capital efficiency leads to low ROIC and decrease of acquirer’s enterprise value.

  • 株式会社ストラテジックキャピタル