Yamada Holdings (9831): Nikkei: Yamada Holdings and Edion Move Toward Business Integration

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Yamada Holdings (9831): Nikkei: Yamada Holdings and Edion Move Toward Business Integration

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Yamada Holdings (9831)

Nikkei: Yamada Holdings and Edion Move

Toward Business Integration

Maintain Rating: NEUTRAL | PO: 650 JPY | Price: 614 JPY

04 June 2026

Nikkei reported Yamada and Edion (2730) integration Equity

According to releases from both companies, the matter is scheduled to be resolved at

their respective board meetings tomorrow.

Key Changes

Widening Gap in Market Share if deal is finalized (¥) Previous Current

Against consumer electronics market size of 6.8 trillion (2024), Yamada reports sales of Price Obj. 550.00 650.00

1.7 trillion, while Edion records sales of 793.7 billion. Edion’s market capitalization

stands at 265.9 billion, with its largest shareholder being Nitori (9843), which holds a Arashi Nishizawa >>

9.75% stake following a capital and business alliance formed in 2022. Yamada, as of the Research Analyst

BofAS Japan

fiscal year ending March 2026, holds 302 million treasury shares and 38.2 billion in cash +81 3 6225 6402

and deposits, and has recently announced plans to dispose of approximately 130 billion arashi.nishizawa@bofa.com

(acquisition cost basis) of non-core, low-return assets. Furthermore, in its mid-term Daisuke Aikawa >>

Research Analyst

management plan announced in November 2024, the company set a target dividend BofAS Japan

payout ratio of 40% and share buybacks totaling JPY 100 billion. +81daisuke.aikawa@bofa.com3 6225 7196

Short-term Scale Merit, longer term on integration

In the short term, the realization of scale merits in procurement negotiations and private

brand is anticipated. Over the medium term, key factors will include optimization of Stock Data