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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.8% - 7.8% | 8.3% |
| Terminal Revenue Multiple | 0.7x - 0.8x | 0.7x |
| Fair Value | €7.62 - €8.46 | €8.03 |
| Upside | 10.4% - 22.6% | 16.4% |
| Select Revenue and EBITDA Forecast | ||||||
| (JPY in millions) | Input Projections | |||||
| Fiscal Years Ending | Mar-24 | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 |
| Revenue | 297,056 | 300,000 | 301,200 | 298,900 | 298,900 | 298,900 |
| % Growth | -1.4% | 1.0% | 0.4% | -0.8% | 0.0% | 0.0% |
| EBITDA | 28,287 | 31,500 | 31,700 | 31,900 | 31,900 | 31,900 |
| % of Revenue | 9.5% | 10.5% | 10.5% | 10.7% | 10.7% | 10.7% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (JPY in millions) | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | |
| EBITDA | 31,500 | 31,700 | 31,900 | 31,900 | 31,900 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (12,500) | (12,500) | (12,500) | (12,500) | (12,500) | |
| EBIT | 19,000 | 19,200 | 19,400 | 19,400 | 19,400 | |
| Pro forma Taxes | (6,080) | (6,144) | (6,208) | (6,208) | (6,208) | |
| NOPAT | 10,382 | 12,920 | 13,056 | 13,192 | 13,192 | 13,192 |
| Capital Expenditures | (13,494) | (19,000) | (15,000) | (15,000) | (16,333) | (16,333) |
| NWC Investment | 1,527 | (1,083) | (442) | 846 | 0 | 0 |
| (+) D&A | 13,019 | 12,500 | 12,500 | 12,500 | 12,500 | 12,500 |
| Free Cash Flow | 11,434 | 5,337 | 10,114 | 11,538 | 9,359 | 9,359 |
| % Growth | -53% | 90% | 14% | -19% | 0% | |