T&D Holdings (8795): IR briefing on Viridium: no surprise but reassuring factors

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T&D Holdings (8795): IR briefing on Viridium: no surprise but reassuring factors

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T&D Holdings (8795)

IR briefing on Viridium: no surprise but

reassuring factors

Reiterate Rating: NEUTRAL | PO: 5,200 JPY | Price: 4,680 JPY

29 June 2026

Strength lies in operating acquired business on a single Equity

platform

Natsumu Tsujino, CFA >>

On 29 June, T&D held a briefing by the management of Viridium, in which T&D holds a Research Analyst

30% stake and which became an equity-method affiliate from February 2026. Viridium’s BofAS Japan natsumu.tsujino@bofa.com

strength lies in having acquired four closed books in Europe and managing all of them

efficiently on a single platform through to contract maturity. The company has invested

€750mn in this IT system, which has already been expensed. While AI is emerging,

management explained that significant data gaps arise during system migration even Stock Data

when AI is used, requiring the use of existing know-how, and that they continue to build Price 4,680 JPY

experience to stay ahead of AI. For future acquisitions, they will assess profitability Price Objective 5,200 JPY

taking system migration costs into account. In Germany, management noted that further Date Established 23-Jun-2026

opportunities in closed books may emerge, partly driven by private pension system Investment Opinion B-2-7

reforms. The Solvency II ratio is 258%, indicating sufficient acquisition capacity without 52-Week Range 3,124-5,053 JPY

the need for capital increases for the time being. Market Value (mn) 2,283,840 JPY

A business capable of generating stable cash flows Market Value ($mn) 14,121 USD Shares Outstanding (mn) 488.0

Recently, post-tax cash-based earnings have been in the range of €330mn–€380mn Average Daily Value ($mn) 67.8 USD