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AVI Japan Opportunity Trust PLC (AJOT) Fair Value & Analysis

Financial Services · GB · Market cap 364M GBX

AJ AVI Japan Opportunity Trust PLC AJOT · LSE
Price£1.67
Fair Value£2.68
Upside+60.5%
Quality55/100
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Mixed Growth
Thin margins · 0.0% net margin
generates free cash flow
Trails peers (2/11)
Moderate moat 63/100
Evidence: High Range £2.01 – £3.35 Share as image

Fair value as of: Jul 18, 2026

From 12 valuation models · updated 23 days ago

Share price +2.4% over the past month.

A solid business, screening 60% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (£2.01). The market is more pessimistic than our downside scenario.
  • Solid quality (55/100) at a price below fair value, the discount is the argument here, not the business quality.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
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Price vs Fair Value (5 years)

£1.88 £0.9430 Fair Value £2.68 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.

How to read this chart

60‑month range £0.9430 – £1.88 · fair‑value band £2.01 – £3.35 · the £1.67 price screens below the £2.68 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 18, 2026.

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Analysis

AVI Japan Opportunity Trust PLC (AJOT) currently trades at £1.67, while our model-based Fair Value estimate is £2.68, implying the stock looks roughly 60.5% undervalued today. The Quality Score stands at 55/100 (solid quality), in the Financial Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Net debt stands at £3.1M. The stock trades on a trailing P/E of 6.0. Fundamentals as of Jul 18, 2026

Our scenario range runs from £2.01 (bear case) to £3.35 (bull case); at £1.67, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Financial Services peers we cover trades at -12% fair-value upside, at 60%, AJOT screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Residual Income £1.56 £1.68 £1.95 76
Growth DCF £0.2500 £0.3300 £0.4700 72
Gordon GGM £0.1600 £0.2900 £0.4000 70
All 12 models by family
DCF Models
5Y P/E Exit £1.41 £3.38 £6.12 38
10Y P/E Exit £1.03 £2.67 £5.51 35
Earnings-Based
Graham-Dodd £1.26 £8.77 £12.30 54
Lynch FV £4.53 £6.47 £8.41 50
Dividend Discount
Gordon GGM £0.1600 £0.2900 £0.4000 70
DDM Multi-Stage £0.1600 £0.2700 £0.3100 61
Multiples
P/E Multiple £1.80 £2.40 £3.00 63
P/B Multiple £2.01 £2.68 £3.35 55
Asset-Based
NCAV (Graham) £0.9600 £1.28 £1.91 50
Growth DCF
Growth DCF £0.2500 £0.3300 £0.4700 72
Rev-Margin DCF £0.4000 £0.6500 £1.17 67
Economic Profit
Residual Income £1.56 £1.68 £1.95 76

Widest divergence: Earnings-Based (£6.47) versus Dividend Discount (£0.2700). Highest evidence: Residual Income (76).

Key figures & financial health

Return on equity 920%
Free cash flow £2.1M FY2025
P/E ratio 5.8
EPS (TTM) £0.2800
Net debt £3.1M FY2025

Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 55/100

Of which business quality 54 · Market factors (momentum, volatility) 49

Profitability 44
Margins and returns on capital today
Quality Growth 29
Are margins and returns improving?
Cashflow 40
Earnings quality: real cash, not paper profit
Fin. Strength 80
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 81
Calm price path (market factor)
Momentum 36
Price trend over the last 3–12 months (market factor)
52W Momentum 37
Distance to the 52-week high (market factor)
Net Issuance 93
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

AVI Japan Opportunity Trust PLC is a closed-ended equity mutual fund launched and managed by Asset Value Investors Limited. The fund invests in the public equity markets of the Japan. It invests in value stocks of small-cap companies. The fund benchmarks the performance of its portfolio against the MSCI Japan Small Cap Index.

Full company description

AVI Japan Opportunity Trust PLC is a closed-ended equity mutual fund launched and managed by Asset Value Investors Limited. The fund invests in the public equity markets of the Japan. It invests in value stocks of small-cap companies. The fund benchmarks the performance of its portfolio against the MSCI Japan Small Cap Index. AVI Japan Opportunity Trust PLC was formed on July 27, 2018 and is domiciled in the United Kingdom.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

AVI Japan Opportunity Trust PLC reported revenue of £43.5M in FY2025 versus £18.5M in FY2021, a compound +23.8%/yr. Reported net income was £41.1M in FY2025, compounding +23.8%/yr from FY2021.

Growth Quality 52/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
£43.5M
Latest YoY
+9.1%
Avg. growth/yr (6Y)
+27.7%
Revenue +23.8%/yr
FY21 £18.5M
FY22 −£5.8M
FY23 £26.0M
FY24 £39.9M
FY25 £43.5M
Net income +23.8%/yr
FY21 £17.5M
FY22 −£7.0M
FY23 £24.7M
FY24 £38.1M
FY25 £41.1M

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Cite: Fair Value Calculator (2026). "AVI Japan Opportunity Trust PLC Fair Value". https://www.fairvalue-calculator.com/stock/AJOT

Peer Group

Asset Management · 973 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 55 · Below median
Fair Value upside +61% · Top 25%
Return on assets 0% · Below median
Net margin (TTM) 0% · Below median
Operating margin (TTM) 0% · Bottom 25%
Revenue growth 0% · Below median
Dividend yield (TTM) 0.0% · Bottom 25%

Valuation Multiples vs Asset Management median · lower = cheaper

P/E (TTM) 5.8× · Cheaper than 75% of peers
P/B 1.15× · Pricier than median
P/FCF 237.5× · Pricier than 75% of peers
EV/EBITDA 11.1× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 100 · sector 37
FUTURE 0 · sector 6
PAST 0 · sector 26
HEALTH 0 · sector 95
DIVIDEND 0 · sector 69

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Asset Management stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).

Stock Price Fair Value vs Fair Value
Fondul Proprietatea SA FP $0.0420 $0.0800 +90%
BlackRock, Inc BLK $1,136 $465.75 -59%
Blackstone Inc BX $124.56 $16.35 -87%
Investor AB INVEB kr 423.70 kr 847.40 +100%
Brookfield Corporation BN C$62.45 C$10.12 -84%
KKR & Co KKR $100.94 $44.88 -56%
AB Industrivärden INDUA kr 532.50 kr 1,065 +100%
Jio Financial Services Limited JIOFIN ₹242.98 ₹40.19 -83%
Hedef Holding HEDEF 267.25 TRY 320.98 TRY +20%
Bajaj Holdings BAJAJHLDNG ₹10,398 ₹9,202 -12%

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Frequently asked questions

Is AVI Japan Opportunity Trust PLC (AJOT) overvalued or undervalued?
As of Jul 18, 2026, our model estimates a fair value of £2.68 versus a price of £1.67, about +60% (undervalued).
What is the fair value of AJOT?
Our model-based fair value for AVI Japan Opportunity Trust PLC is £2.68 (as of Jul 18, 2026), built from audited fundamentals. The current price is £1.67.
What is the quality score of AJOT?
AVI Japan Opportunity Trust PLC has a Quality Score of 55/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the net profit margin of AJOT?
The net profit margin of AVI Japan Opportunity Trust PLC is about 0.0%, meaning it keeps roughly 0.0% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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