Uncertainty Regarding Future Value and Realizable Value in the Valuation of Unlisted Shares
First written in FY2023-Q3. 4 of 11 entries say "Worsened", first in FY2024. Latest entry: 2026-08-12.
Integral Group moved to the "Worse" side of this theme in 2025.
The whole theme swung hardest in 2025: 3 of 9 companies on the "Worse" side.
2 other companies' latest entry also says "Materialised".
- 2026-08-12MaterialisedEarnings
「Although the financial condition of unlisted portfolio companies generally improved, aggregate fair value declined because of higher interest rates used in fair-value measurement and deterioration in various metrics for comparable listed companies, reducing total investment income.」
The downward impact of higher interest rates and weaker comparable-company metrics on the fair value of unlisted portfolio companies was confirmed as a result for the interim period. - FY2026-H1MaterialisedAnnual report
「However, the fair value calculated using this method may be affected by changes in uncertain future economic conditions. If actual cash flows or discount rates differ from estimates, the actual proceeds realized from selling the investment portfolio may differ materially, which could materially affect the Group's results and net assets.」
Fair values of unlisted portfolio companies declined because of higher interest rates and deterioration in metrics for comparable listed companies, showing that changes in valuation assumptions affected actual values and results. The fair value of Level 3 financial instruments fell from ¥53,191 million to ¥51,480 million. - FY2025WorsenedAnnual report
「The amount, valuation methods and related sensitivity analysis for the fair value of financial instruments classified as Level 3, including unlisted securities, are described in Note 24, Financial Instruments, (4) Market Risk Management and (5) Fair Value of Financial Instruments. The fair values at the end of the prior and current consolidated fiscal years were ¥41,622 million and ¥53,191 million, respectively.」
The fair value of Level 3 financial instruments increased from ¥41,622 million to ¥53,191 million, further expanding the monetary exposure associated with unlisted valuations. Inputs included EV/EBITDA multiples of 5.1x to 12.9x and weighted average costs of capital of 5.7% to 12.4%. - FY2025-H1WorsenedAnnual report
「Securities without market prices, including unlisted shares, are measured at fair value using appropriate valuation techniques, such as discounted future cash flow, comparable-company and valuation models based on revenue, profitability and net assets.」
The fair value of Level 3 financial instruments increased from ¥41,622 million at the prior year-end to ¥47,156 million, expanding the monetary exposure from valuing unlisted shares. Inputs included EV/EBITDA multiples of 4.4x to 13.9x and weighted average costs of capital of 5.3% to 13.6%. - FY2024WorsenedAnnual report
「Securities without market prices, including unlisted shares, are measured at fair value using appropriate valuation techniques, such as discounted future cash flow, comparable-company and valuation models based on revenue, profitability and net assets.」
The fair value of Level 3 financial instruments increased from ¥34,853 million to ¥41,622 million, expanding the monetary exposure subject to valuation. Disclosed sensitivities included EV/EBITDA multiples of 4.6x to 14.3x and weighted average costs of capital of 4.9% to 13.3%. - FY2024-H1RestatedAnnual report
「However, the fair value calculated using this method may be affected by changes in uncertain future economic conditions. If actual cash flows or discount rates differ from estimates, the actual proceeds realized from selling the investment portfolio may differ materially, which could materially affect the Group's results and net assets.」
Continued disclosure of uncertainty in future conditions, cash flows and discount rates used to value unlisted shares. - FY2024-Q1RestatedAnnual report
「However, the fair value calculated using this method may be affected by changes in uncertain future economic conditions. If actual cash flows or discount rates differ from estimates, the actual proceeds realized from selling the investment portfolio may differ materially, which could materially affect the Group's results and net assets.」
Continued disclosure of uncertainty in future conditions, cash flows and discount rates used to value unlisted shares. - FY2023RestatedAnnual report
「The fair value calculated using this method may be affected by changes in uncertain future economic conditions. If actual cash flows or discount rates differ from estimates, the actual proceeds realized from selling portfolio companies may differ materially, which could materially affect the Group's results and net assets.」
The uncertainty of future conditions, cash flows and discount rates in valuing unlisted shares was reiterated. Level 3 financial instruments amounted to ¥34,853.245 million. - FY2023-Q3First statedAnnual report
「The fair value calculated using this method may be affected by changes in uncertain future economic conditions. If actual cash flows or discount rates differ from estimates, the actual proceeds realized from selling the investment portfolio may differ materially, which could materially affect the Group's results and net assets.」
Discloses the potential impact of differences in estimates of future economic conditions, cash flows and discount rates on results and net assets. Sensitivity information includes EV/EBITDA multiples of 4.1x to 17.0x and weighted average costs of capital of 5.6% to 12.3%.