Arai Yu Shirakawa Holdings' senior senior manager, in terms of rank, is second only to Shirakawa Kaede, the president.

His role at Shirakawa Holdings was to handle the day-to-day affairs of all subsidiaries of the group.

In terms of job title and job content, it is a bit similar to a professional manager in the West.

At the same time, he is also the director of Kitato Bank, a subsidiary of Shirakawa Holdings.

This can be regarded as returning to his old business, and he is the only one here who can rest assured that the bank will be completely entrusted to him.

At this time, Shirakawa Kaede announced the start of the meeting, and Yu Arai immediately got up.

"Ladies and gentlemen, this is a detailed explanation of Shirakawa Electric's operation last year, as well as the current layout and development of all the industries of the club."

An assistant stepped forward to distribute the materials that had been prepared to every guest in the conference room.

Now that the decision is going to go public, of course, these basic information must be prepared.

And the financial details of Shirakawa Electric, which had never been disclosed to the public before, were clearly placed in front of everyone at this moment.

Walkmans, handhelds, headphones, including antique vinyl record players, shipments, sales, operating costs, and operating profits are all clearly listed.

Even the patent fees brought by the patents of headphones and walkmans are listed in detail.

This is the details of Shirakawa Electric's management, as well as information on fixed assets and real estate.

Details of Kawasaki's land, Shibuya's headquarters building under construction, and the Akita factory and overseas factories are all explained.

Of course, there are assets, and there are debts owed to banks.

The bulk of the money was the loan for the construction of the Shirakawa Building, where the lender sits.

As for the company's size, employees, technology and other soft power assets, not to mention, the first page is.

It can be said that at this moment, Shirakawa Kaede completely showed Shirakawa Electric in front of everyone.

Why? It's going to be valued, and of course it's going to take out all the treasures at the bottom of the box.

The more good things, the greater the potential, and the higher the valuation, the more money you will share.

This is not the time to hide clumsy, and even those who don't have to blow it out, desperately raising the value of their club.

Otherwise, how to take out the money from the pockets of the two big households that are not bad for money, the First Persuasion Bank and Nomura Securities.

When the representatives of the First Persuasion Bank and Nomura Securities checked the information of Shirakawa Electric, the more they looked at it, the more frightened they became, and at the same time they couldn't help but be overjoyed.

Quality Assets! Definitely a quality asset! It's a quality asset with a bright future!

Not to mention all kinds of real estate such as factories and land, last year's profit alone was as high as more than 85 billion yuan, 340 million US dollars!

This is net profit after tax, but it is not an imaginary figure like turnover.

To be honest, they expected that Shirakawa Electric's profits would not be low, and it was expected to be about $200 million internally.

But 340 million is more than half of their estimates, which is a different volume entirely.

What does it mean that a three-year-old club has an annual profit of more than $300 million?

This means that this profit will grow rapidly next year.

A club that has just been established for 3 years is too young, and according to the normal law, the growth period of a new club can be at least 5~10 times.

In such a long period of time, its revenue has continued to grow.

In other words, according to this trend, Shirakawa Electric's profits will continue to grow for at least 5 years.

So the $340 million profit is really just the beginning.

Don't look at Namco, because it developed a "Pac-Man", it made a profit of more than $200 million in the first year.

But will there be so many more in the second year? Will there be a hit like "Pac-Man" in the second year?

Game manufacturers are also content publishers after all, and whether they can make a profit depends very much on whether the club can have a popular product that year.

But Shirakawa Electric is different, this is a stable and sustainable profit, and it will not plummet or skyrocket.

But in the case of a profit of $340 million, highlighting the word "stable" means something completely different.

This can also be seen from the great potential of Shirakawa Electric, which is also the reason why Daiichi Quanyin and Nomura Securities are overjoyed.

Picking up a treasure, definitely picking up a treasure.

But although everyone is happy in their hearts, they are silent on their faces.

"Ahem~ So does Shirakawa-san have a plan for the overall valuation of Shirakawa Electric?" Ichiro Watanabe, who was the first to persuade silver, was the first to speak.

Although they are acquaintances of each other, even he and Hiroshi Arai are old colleagues.

But when it comes time to spend real money, he will not be polite, the bargaining dragon slaying knife has already been prepared.

This time, it was still Hiroshi Arai who spoke on behalf of Shirakawa Electric, "I think you must have a general understanding of the situation of Shirakawa Electric.

Not to mention various assets and technologies, the net profit alone was 85 billion yen last year.

The price-earnings ratio is used as the valuation entity to calculate the inherent assets of the company.

We believe that Shirakawa's valuation of 8 times net profit and 680 billion yen is reasonable. ”

"It's too high~"

As soon as Arai Yu's words fell, Ichiro Watanabe shook his head.

This valuation exceeded the expectations of the First Persuasion Bank by too much, and Takashi Yanagiya, the representative of Nomura Securities who did not speak on the side, shook his head.

"Arai-san, whether it's based on the price-to-win ratio or the price-to-book ratio.

However, for the traditional manufacturing industry, its valuation is generally about 5 times the net profit.

Therefore, Nomura believes that Shirakawa's valuation should fluctuate around 425 billion yen. ”

Takashi Yanagitani is the head of the Financial Investment Department at Nomura Securities and one of the graduates of Meiji Business School.

For this negotiation, Nomura specially asked him to come out.

It is to let Bai Chuanfeng look at the sake of the brothers in the same school, take harmony as the precious, and all business is negotiable.

And now Shirakawa Kaede's senior is not soft at all when it comes to cutting prices, and the valuation has shrunk by nearly 40% with one knife.

Here, Yanagitani Takashi had just finished quoting the price, and Ichiro Watanabe, who was the first to persuade the silver, also immediately nodded in approval.

Obviously, just now, the two have reached an agreement in private.

Faced with their offer, Shirakawa Kaede knocked on the table and attracted everyone's attention.

"Yanagitan-san also said just now that this is the market value of the traditional manufacturing industry.

However, please understand that Shirakawa Electric is not a traditional manufacturing industry, and Shirakawa Electric is an emerging electronic product manufacturer.

The two major engines of the neon economy, the automobile industry and the electronics industry, Shirakawa Electric belongs to the latter.

How can such a club that contributes to the neon economy be classified as a traditional manufacturing industry? ”

Saying that electronics manufacturers are traditional manufacturing industries may not be wrong with this sentence in future generations, and there are not too many people who refute it.

After all, the Internet economy has attracted too many eyeballs, and various new technological concepts have emerged one after another.

In comparison, the electronics industry, which has been developing for several years, does look a little "outdated".

But now it's only the 80s, and the electronics industry is a proper high-tech industry.

It is not the same as the authentic traditional manufacturing industries such as steel, garment manufacturing, and food processing, which is the consensus of every neon ordinary person.

How can the valuation of Shirakawa Electric be used as a reference?

Therefore, it is 5 times higher than the traditional industry, and the valuation at 8 times the net profit is completely reasonable in Shirakawa Kaede's view.

"Shirakawa-san, if Sony is valued like this, then there is no problem at all, but Shirakawa Electric can't."

Ichiro Watanabe spread out the information in his hand and pointed to the product catalog above.

"Shirakawa Electric's product range is not rich enough, and more than 90% of the profit depends on the Walkman and handheld business.

This highly concentrated operating profit also carries a high level of risk.

Once these two businesses encounter setbacks, then Shirakawa Electric's profits will plummet.

Moreover, these two products do not have the characteristics of high threshold and high technical difficulty, and are highly substitutable, so the valuation of 680 billion yen is too high. ”

Facing Watanabe's rebuttal, Shirakawa Kaede smiled.

Watanabe-san changed his perspective, doesn't this also show that Shirakawa Electric has infinite potential?

Relying only on two products, Shirakawa Electric can have such a profit.

First, it shows that Shirakawa Electric has achieved the ultimate in products.

Even if the threshold is not high, it always occupies the mainstream of the market, which is the embodiment of our product strength.

Second, this year we also have CD players and audio products launched.

In the future, there will be significant initiatives to develop storage equipment and participate in the development of standards, which will create countless profits for Shirakawa Electric. ”

"But that's the future, and no one knows if these products will be popular." Takashi Yanagitani is-for-tat.

"Isn't the most important part of investing in the future begin?"

Bai Chuanfeng turned his head and looked at this senior brother with a smile, and the other party was speechless.

"If there are ready-made interests in front of you, is it still called investment? No, that's called making money.

Besides, Sony is working on new equipment such as CD players, so can't it explain its market value? ”

Since you are optimistic about Sony, then I will compare it with Sony.

Look, what they're working on, we have too, and it's not slower than theirs.

After a burst of verbal bickering, Ichiro Watanabe and Takashi Yanagitani both fell into a brief silence.

This Shirakawa-san (this junior brother), it's really condescending not to be an investor.

The two of the first persuasion silver and Nomura Securities muttered in their hearts in unison.

After thinking about it for a few seconds, Watanabe Ichiro turned his head and quietly communicated with Yanagitani Takashi for a few more words, and then turned his head to look at Shirakawa Kaede.

"Well, let's take a step back. How is it valued at 6 times net profit? ”

"7.5 times" Kaede Shirakawa immediately quoted another price.

"6.5 times" Ichiro Watanabe immediately followed up.

"7.3 times"

"Shirakawa-san" Ichiro Watanabe interrupted the boring offer game, "6.9 times, that's the bottom line."

You and I both know that Shirakawa Electric is still young. Compared with the old Sony, the background is still much worse.

Not to mention the type of product, just the technical patent is too bad. ”

Sony's current market value is only less than 2 trillion, and Shirakawa's valuation of more than 580 billion yen is already a lot.

What's more, Sony has been in business for more than 30 years to get to today's scale, and Shirakawa Electric has only been established for a few years.

This is already Ichiro Watanabe's last heart, and any more will need to be reauthorized by the headquarters of the First Persuasion Bank.

And Shirakawa Feng thought about it for two seconds and was not ambiguous, and immediately clapped his hand and said, "Deal!" ”

In this way, in the final financing before the listing, Shirakawa Electric was valued at 586.5 billion yen!

Now that the valuation has been set, let's talk about money later.

(End of chapter)