Japan Post Bank

The price is fair. You pay 18.8× its owner earnings: the cash an owner could take out each year, which is in the historically fair zone. At today's price, the market is assuming roughly 5% yearly growth; analysts expect 24%. The price, in other words, assumes less than the experts do.

The trajectory is solid and the balance sheet is adequate. The company scores 10/20 on our value-creation score: creating some value. Analyst sentiment is cautious.

What to watch: Reported profits have run ahead of actual cash for several periods. As always: this describes the company's numbers; it is not a recommendation.