Canon

"Around this time, another company I invested in was Sho-ei. Originally a raw silk manufacturer, with the decline of the market, they had repurposed their factory sites into shopping centers, effectively becoming a real estate company. The market capitalization was around five billion yen, but it was a debt-free company with assets worth about five hundred billion yen. Out of the assets, just the Canon shares they held were worth about two hundred billion yen in market value. Additionally, they owned numerous publicly traded stocks and real estates. It was a small company with about forty employees, with former managing directors and executive officers of Fuji Bank becoming presidents. In M&A Consulting, analyzing listed companies with various metrics, Sho-ei always appeared consistently within the top five as an undervalued company."