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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -0.6x - -0.7x | -0.6x |
| Selected Fwd EBIT Multiple | -0.8x - -0.9x | -0.9x |
| Fair Value | €2.64 - €2.61 | €2.63 |
| Upside | 18.0% - 16.5% | 17.2% |
| Benchmarks | Ticker | Full Ticker |
| JGC Holdings Corporation | 1963 | TSE:1963 |
| Fluor Corporation | FLR | NYSE:FLR |
| ACS, Actividades de Construcción y Servicios, S.A. | ACSA.F | OTCPK:ACSA.F |
| Fantasista Co., Ltd. | 1783 | TSE:1783 |
| Matsui Construction Co., Ltd. | 1810 | TSE:1810 |
| Chiyoda Corporation | CYA | DB:CYA |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 1963 | FLR | ACSA.F | 1783 | 1810 | CYA | ||
| TSE:1963 | NYSE:FLR | OTCPK:ACSA.F | TSE:1783 | TSE:1810 | DB:CYA | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | -11.9% | NM- | -0.6% | -1.8% | |
| 3Y CAGR | NM- | 15.4% | 14.7% | 27.8% | 11.9% | 32.3% | |
| Latest Twelve Months | 39.6% | -11.9% | 335.1% | 320.9% | 1177.0% | 268.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 3.0% | 1.7% | 2.2% | 1.5% | 2.4% | 2.4% | |
| Prior Fiscal Year | -2.3% | 1.7% | 2.1% | 14.2% | 0.3% | -3.0% | |
| Latest Fiscal Year | -1.3% | 2.4% | 2.0% | 8.0% | 3.4% | 5.3% | |
| Latest Twelve Months | -1.3% | 2.0% | 3.6% | 6.3% | 3.4% | 5.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.04x | 0.34x | 0.33x | 1.02x | 0.08x | -0.06x | |
| EV / LTM EBITDA | -35.8x | 13.5x | 6.4x | 10.7x | 2.0x | -0.9x | |
| EV / LTM EBIT | -2.8x | 16.5x | 9.1x | 16.3x | 2.3x | -1.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -2.8x | 9.1x | 16.5x | ||||
| Historical EV / LTM EBIT | 0.3x | 1.3x | 8.1x | ||||
| Selected EV / LTM EBIT | -0.6x | -0.6x | -0.7x | ||||
| (x) LTM EBIT | 23,119 | 23,119 | 23,119 | ||||
| (=) Implied Enterprise Value | (14,259) | (15,010) | (15,760) | ||||
| (-) Non-shareholder Claims * | 131,105 | 131,105 | 131,105 | ||||
| (=) Equity Value | 116,846 | 116,095 | 115,345 | ||||
| (/) Shares Outstanding | 259.1 | 259.1 | 259.1 | ||||
| Implied Value Range | 450.93 | 448.04 | 445.14 | ||||
| FX Rate: JPY/EUR | 170.8 | 170.8 | 170.8 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.64 | 2.62 | 2.61 | 2.24 | |||
| Upside / (Downside) | 17.8% | 17.1% | 16.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 1963 | FLR | ACSA.F | 1783 | 1810 | CYA | |
| Enterprise Value | (52,537) | (119) | 14,880 | 10,844 | 7,764 | (31,954) | |
| (+) Cash & Short Term Investments | 333,701 | 2,271 | 10,866 | 1,751 | 13,462 | 149,232 | |
| (+) Investments & Other | 84,372 | 5,616 | 3,451 | 121 | 18,968 | 7,294 | |
| (-) Debt | (34,889) | (1,070) | (14,239) | (2,683) | (3,000) | (23,599) | |
| (-) Other Liabilities | (1,604) | (29) | (230) | 0 | 0 | (1,822) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 329,043 | 6,669 | 14,729 | 10,033 | 37,194 | 99,151 | |
| (/) Shares Outstanding | 241.7 | 161.7 | 255.6 | 170.0 | 28.7 | 259.1 | |
| Implied Stock Price | 1,361.50 | 41.25 | 57.64 | 59.00 | 1,295.00 | 382.65 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.86 | 1.00 | 1.00 | 170.82 | |
| Implied Stock Price (Trading Cur) | 1,361.50 | 41.25 | 66.70 | 59.00 | 1,295.00 | 2.24 | |
| Trading Currency | JPY | USD | USD | JPY | JPY | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 0.86 | 1.00 | 1.00 | 170.82 | |