First Read: Seven & i Holdings "Considering an investment in Zabka Group"

Research evidence excerpt

First Read: Seven & i Holdings "Considering an investment in Zabka Group"

Global Research

17 July 2026ab

First Read

EquitiesSeven & i Holdings

Considering an investment in Zabka Group Japan

Retailers, Broadline

12-month rating Neutral

Summary

At 9:05am JST on 17 July, Seven & i Holdings announced that it is in discussions 12m price target ¥2,090.0

regarding a potential investment in Zabka Group, Poland's largest convenience store

operator. For details on Zabka Group, please refer to our report "Zabka Group corporate

Price (16 Jul 2026) ¥2,007

outline" published on 17 July. For the Nikkei article dated 16 July regarding the potential

investment, please refer to our report “Nikkei reports Seven & I to invest in Zabka RIC: 3382.T BBG: 3382 JP

Group" published on 17 July. Trading data and key metrics

52-wk range ¥2,375-1,834

UBS view

Market cap. ¥4,640b/US$28.6b

We believe the key points to monitor going forward are: 1) the specific ownership stake,

Shares o/s 2,312m (ORD)

investment amount and timing of the investment, 2) the funding method for the

Free float 86%

investment amount, 3) whether Zabka Group will become an equity-method affiliate or

Avg. daily volume ('000) 7,384

a consolidated subsidiary, 4) Zabka Group's management structure after the investment

and 5) whether there will be any changes to capital allocation policy at Seven & i Avg. daily value (m) ¥14,247.3

Holdings. Common s/h equity (02/27E) ¥3337b

P/BV (02/27E) 1.4x

Net debt to EBITDA (02/27E) 2.5x

On 10 July, the Nikkei reported that SoftBank (9434, not covered) and PayPay (PAYP, not

covered), both a part of SoftBank Group (9984), had entered discussions regarding EPS (reported, basic) (¥)

investments of approximately ¥100bn each in Seven & i Holdings. The Nikkei also UBS Cons.