ValueAct Capital Activist Presentation Deck
Step 2. Complete the Sale of Sogo & Seibu
the possible
Sogo & Seibu has property value estimated by a leading advisory firm at 480-550b yen, indicating upside
¥200b sale price reported in the press. However, the most important priority is completing a 100% sale as soon as possible,
with due consideration for affected stakeholders, to allow management to focus on 7-Eleven due to the competitive urgency.
Sogo & Seibu Valuation Under Two Strategic Alternatives
49 billion yen
Value to Seven & i Holdings
(Status Quo Business Value)
> 200 billion yen
Value to Third Party Buyer
(Unlocking Property Value)
Sources: Public company documents, VAC analysis
Memo: Business value estimated as 5x FY Feb 2020 EBITDA, sale price based on media reports, real estate appraisal value based on leading global advisory firm analysis
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