Midac Holdings Co Ltd (N/A)
Published 2026-03-17 • by capitalemployed
Thesis Summary
Midac is a Japanese landfill operator poised to benefit from rising industrial waste volumes after a significant investment phase. Shares trade at less than 12x March 2029 free cash flow, with potential for high single-digit earnings growth.
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Ennismore Global Smaller Companies Fund on Midac Holdings Co Ltd 🇯🇵
Midac is a Japanese landfill operator with a market capitalisation of £260m and an enterprise value of £295m that we believe is well positioned to benefit from an upcycle in industrial waste volumes just as it emerges from a significant investment phase.
On our estimates, the shares trade at less than 12x March 2029 (year-end) free cash flow, with a runway for high single-digit earnings growth thereafter.