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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 7.2% - 7.8% | 7.5% |
| Discount Rate | 13.0% - 12.0% | 12.5% |
| Fair Value | €4.17 - €5.56 | €4.76 |
| Upside | -57.2% - -42.9% | -51.1% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (JPY in millions) | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| Net Income to Common | 9,865 | 9,827 | 11,887 | 13,484 | 14,683 | 14,917 | 14,917 | |
| % Growth | -73.4% | -0.4% | 21.0% | 13.4% | 8.9% | 1.6% | ||
| Payout Ratio | 218.6% | 90.0% | 90.0% | 90.0% | 90.0% | 90.0% | 92.5% | |
| Projected Dividends | 21,561 | 8,845 | 10,698 | 12,135 | 13,214 | 13,425 | 13,798 | |
| % Growth | -59.0% | 21.0% | 13.4% | 8.9% | 1.6% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (JPY in millions) | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Jun-24 | Jun-25 | |
| Cash Dividends Paid | 7,890 | 15,776 | 13,148 | 5,264 | 21,561 | 13,932 | 7,628 | |
| % Growth | 100% | -17% | -60% | 310% | -45% | |||
| Net Income to Common | 22,596 | 29,470 | 9,415 | 37,048 | 9,865 | 38,729 | 14,374 | |
| % Growth | 30% | -68% | 293% | -73% | -63% | |||
| Payout Ratio | 35% | 54% | 140% | 14% | 219% | 36% | 53% | |
| Retention Ratio | 65% | 46% | -40% | 86% | -119% | 64% | 47% | |
| Adjusted EBITDA | 110,815 | 118,033 | 95,129 | 154,054 | 167,489 | 83,586 | 65,001 | |
| % Growth | 7% | -19% | 62% | 9% | -22% | |||
| Total Debt | 217,433 | 238,645 | 311,802 | 245,375 | 252,442 | 229,629 | 326,884 | |
| Shareholder's Equity | 454,743 | 501,540 | 546,200 | 624,114 | 656,134 | 697,414 | 641,464 | |
| Debt / EBITDA | 2.0 | 2.0 | 3.3 | 1.6 | 1.5 | 2.2 | ||
| Debt / Equity | 48% | 48% | 57% | 39% | 38% | 33% | 51% | |
| 3-Yr Avg. Dividend Growth | 77.7% | |||||||
| 5-Yr Median Payout Ratio | 53.5% | |||||||