En-Japan (4849 JP)

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En-Japan (4849 JP) is a Japanese online recruitment company.

It owns a large and growing platform for job advertisements, with a user-generated company review system Laser-focused on long-term user satisfaction.

The take-rate for Japanese recruitment companies tends to be high (up to 1/3 of a yearly salary). On the other hand, the average Japanese switches jobs only 1/10 as often as the average American. User base is young and their salaries are rising.

New Engage platform is a stroke of genius. Engage enables En-Japan to “sit on the client” and dominate the market in an era of distributed job boards.

The Japanese job market was hurt by COVID-19 but has now started to recover. Japan’s ongoing vaccination program will accelerate this process. Job markets in the US and Australia now actually have more overall job postings than before the pandemic.

Underlying growth in the domestic job board segment, recovery from COVID-19 and monetisation of the Engage platform is likely to bring operating profit close to JPY 20 billion by FY2025, implying an upside of +68% against assumed EV/EBIT of 12x.

Link to the full write-up with a PDF here

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