By Mike Bird Close Mike Bird Aug. 14, 2020 1:44 am ET You likely haven’t heard of Japan’s Fujitec. 6406 -0.79% In fact, that’s part of the company’s appeal. But the maker of elevators and escalators has become an enticing test case for a more activist-friendly stock market.
Of course, the same could be said about many companies in Japan, the land where valuations go to die. Investors are used to missed opportunities and limited corporate ambitions. The activist investors note that Fujitec has remitted just 29% of its cashflows over the past decade to investors, compared with 56% for Shindler and 70% for Kone. Its operating margins are persistently lower than its competitors’, and it has relied more heavily on relatively expensive equity funding.
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