Ann: Kobe Auction Result and March Quarter Sales Update, page-33

Just a simple DCF... based on really approx. numbers.
If they earn next year based on last auction result and last quarter...
and they grow at 4% for 10 years (very conservative)... pearl industry expected to grow 13% CAGR.
and based on TBV of 12c... which is about 4c cash... and which would be higher now having retrained significant stock from the last auction...

Pearls seem to be a pretty closed industry...
I've seen some footage of the auctions, and they're much smaller than i expected.
I'm guessing revenue will be very lumpy unless they can improve sales channels etc.
I guess auction results will really be determined by who actually shows up and what mood they're in....
maybe having a war breakout, and market crash the week of the auction tempered the mood of the buyers??

its a hard one...
but i see 25c as a reasonable FV...
and currently trading at a discount to TBV... worth a shot.

If anyone has some sources of information... like industry blogs or something that are active... let us know.