ENVALITH
バリュークリエーション株式会社 logo

VALUE CREATION CO.,LTD.

9238・Growth Market・Services

Official website
バリュークリエーション株式会社 logo
VALUE CREATION CO.,LTD.9238

Business

Value Creation Co., Ltd. is a digital marketing specialist founded in 2008. In its core Marketing DX Business, the company provides end-to-end customer acquisition support centered on programmatic advertising for legacy industries where DX adoption has lagged (industries in which over 75% of companies have not yet begun DX initiatives), recording sales of ¥2,779 million in the fiscal year ended February 2026. In the Real Estate DX Business, the company operates an online matching platform connecting demolition contractors with property owners through services such as Kaitai no Madoguchi, growing sales to ¥347 million in the same period, with cumulative user applications exceeding 60,000. The company listed on the Tokyo Stock Exchange Growth Market in November 2023.

Business Model

The Marketing DX Business is a stock-type model that receives outsourced ad management operations from client companies and continuously collects monthly fees. A client retention rate of approximately 97% supports stable revenue. The Real Estate DX Business matches customers seeking demolition services with approximately 2,000 demolition contractors nationwide to earn commissions, while also realizing multiple cash points through cross-selling of real estate referrals, exterior wall painting, and other services. The company is also developing prime contractor orders (BtoBtoB model) leveraging the construction business license obtained in December 2024.

Company Strengths

The average monthly transaction continuation rate maintained approximately 97% from March 2025 to February 2026. The number of client companies expanded from 1,710 at the end of the previous fiscal year to 1,874 at the end of the current fiscal year. Industry-specific expertise accumulated through multi-industry engagement since the company's founding in 2008 enhances the precision of client issue resolution, forming the foundation for the high continuation rate.

Kaitai no Madoguchi achieved over 60,000 matching applicants from its service launch (July 2020) through August 2025. The company has built a network of approximately 2,000 demolition contractors nationwide (as of February 2026) and partnerships with approximately 865 real estate companies. Price transparency through the reverse auction method is driving user acquisition.

The company obtained a general construction business license in December 2024 and a specified construction business license in March 2025. In addition to its existing individual-focused matching business, it has entered a BtoBtoB model to directly receive continuous demolition orders from multi-store corporations such as convenience stores and drugstores. Credibility as a listed company and its existing network serve as barriers to entry for competitors.

ENVALITH's Perspective

As of the end of Q1 FY2027 (ending February 2027), net assets stood at ¥-65 million, resulting in a capital deficit. This stems from the restatement of financial statements related to fraudulent transactions in prior fiscal years (transactions with G Plan Co., Ltd.), and restoring credibility will take time. The company plans to resolve the capital deficit through a third-party allotment of new shares resolved on July 15, 2026 (to Kobayashi Family Capital Co., Ltd., 251,256 shares, issue price ¥398, total paid-in amount of approximately ¥100 million), but even after the capital increase, the deficit in retained earnings (¥-281 million) remains large, and sustained profitability is essential for a fundamental financial improvement.

Of the ¥104 million quarterly net loss in Q1 FY2027 (ending February 2027), special investigation expenses accounted for ¥84 million. Operating loss narrowed to ¥36 million, confirming an improving trend in core business profit and loss. However, as long as special investigation expenses continue to be incurred, the bottom-line result will remain significantly in the red, making the timing of the investigation's conclusion and the outlook for additional costs key variables affecting the reliability of earnings forecasts. As for the market environment, the domestic internet advertising market is expanding at 110.8% year-on-year, providing an external tailwind, but internal governance issues constrain the recovery in performance.

The Real Estate DX Business rapidly deteriorated in Q1 FY2027 (ending February 2027), posting a segment loss of ¥25 million (versus a segment profit of ¥7 million in the same period last year). This was due to a combination of increased upfront investment costs such as staff reinforcement associated with the expansion of orders for prime contractor projects, a delay in sales recognition to subsequent quarters due to revenue being recognized upon construction completion, and a temporary decline in operational efficiency from the introduction of a new system. Given the Q1 progress rate against the full-year forecast (net sales of ¥3,363 million, operating profit of ¥13 million) of only 22.5% for net sales, achieving the full-year forecast would require a substantial second-half weighting, making the likelihood of achievement low.

Growth Strategy

Twin-track growth via deepening the Marketing DX Business and expanding prime-contractor projects in the Real Estate DX Business, pursued in parallel with rebuilding the financial base

Promoting expansion of transactions with existing customers through cross-selling and up-selling, and acquiring new customers by establishing a sales structure aligned with customer needs. While leveraging the tailwind of the expanding domestic internet advertising market (110.8% year-on-year), a key challenge is building a customer portfolio that diversifies the risk of some clients reviewing their advertising placements.

Aiming to improve profit margins by expanding prime-contractor project orders through platforms such as Kaitai no Madoguchi. The goal is to transition from the upfront investment phase to the monetization phase through enhanced profitability management and stabilization of the new system's operation. Accelerating project acquisition by leveraging brand recognition built on a cumulative total of over 80,000 user applications is key.

Through the third-party allotment capital increase resolved on July 15, 2026 (to Kobayashi Family Capital Co., Ltd., 251,256 shares, ¥398 per share, total payment amount of approximately ¥100 million, payment date July 31, 2026), the company aims to resolve its negative net worth (-¥65 million) and secure working capital. The proceeds are planned to be allocated to strengthening personnel and the sales structure in the Marketing DX Business and to executing prime-contractor projects in the Real Estate DX Business.

Aiming to continue and expand on the achievement of reducing SG&A expenses by approximately 21% year-on-year (from ¥280 million to ¥221 million), and to achieve an operating profit turnaround in combination with a sales recovery. Seeking to curb the occurrence of extraordinary losses through the early conclusion of special investigation costs, thereby improving the bottom line.

Last updated: July 19, 2026