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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 6.3x - 7.0x | 6.6x |
| Selected Fwd EBIT Multiple | 5.5x - 6.0x | 5.8x |
| Fair Value | €10.86 - €12.16 | €11.51 |
| Upside | 3.4% - 15.8% | 9.6% |
| Benchmarks | Ticker | Full Ticker |
| Honda Motor Co., Ltd. | 7267 | TSE:7267 |
| Toyota Motor Corporation | 7203 | TSE:7203 |
| DongFeng Automobile Co. LTD | 600006 | SHSE:600006 |
| Tata Motors Limited | 500570 | BSE:500570 |
| Renault SA | RNO | ENXTPA:RNO |
| Isuzu Motors Limited | ISU | DB:ISU |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 7267 | 7203 | 600006 | 500570 | RNO | ISU | ||
| TSE:7267 | TSE:7203 | SHSE:600006 | BSE:500570 | ENXTPA:RNO | DB:ISU | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 13.9% | 14.9% | NM- | 162.4% | 9.5% | 10.3% | |
| 3Y CAGR | 11.7% | 17.0% | NM- | 156.2% | 54.7% | 7.0% | |
| Latest Twelve Months | -12.2% | -10.4% | -62.4% | 5.1% | 4.1% | -21.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 5.5% | 9.2% | -3.3% | 3.9% | 4.2% | 7.3% | |
| Prior Fiscal Year | 6.8% | 11.9% | -5.9% | 7.7% | 7.7% | 8.7% | |
| Latest Fiscal Year | 5.6% | 10.0% | -10.6% | 8.0% | 7.4% | 7.1% | |
| Latest Twelve Months | 5.6% | 10.0% | -10.6% | 8.0% | 7.4% | 7.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.49x | 0.51x | 0.83x | 0.59x | 0.76x | 0.45x | |
| EV / LTM EBITDA | 5.4x | 3.5x | -9.7x | 5.5x | 7.0x | 4.2x | |
| EV / LTM EBIT | 8.7x | 5.1x | -7.8x | 7.3x | 10.3x | 6.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -7.8x | 7.3x | 10.3x | ||||
| Historical EV / LTM EBIT | 5.3x | 6.4x | 9.0x | ||||
| Selected EV / LTM EBIT | 6.3x | 6.6x | 7.0x | ||||
| (x) LTM EBIT | 229,117 | 229,117 | 229,117 | ||||
| (=) Implied Enterprise Value | 1,445,799 | 1,521,894 | 1,597,989 | ||||
| (-) Non-shareholder Claims * | (178,105) | (178,105) | (178,105) | ||||
| (=) Equity Value | 1,267,694 | 1,343,789 | 1,419,884 | ||||
| (/) Shares Outstanding | 712.0 | 712.0 | 712.0 | ||||
| Implied Value Range | 1,780.46 | 1,887.33 | 1,994.21 | ||||
| FX Rate: JPY/EUR | 168.3 | 168.3 | 168.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 10.58 | 11.21 | 11.85 | 10.50 | |||
| Upside / (Downside) | 0.7% | 6.8% | 12.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 7267 | 7203 | 600006 | 500570 | RNO | ISU | |
| Enterprise Value | 10,668,098 | 24,491,213 | 9,033 | 2,579,559 | 42,972 | 1,436,478 | |
| (+) Cash & Short Term Investments | 4,737,273 | 8,982,404 | 4,201 | 674,280 | 23,075 | 386,842 | |
| (+) Investments & Other | 2,116,073 | 38,724,779 | 1,476 | 87,250 | 17,070 | 274,579 | |
| (-) Debt | (11,451,267) | (38,792,879) | (177) | (770,700) | (71,690) | (675,937) | |
| (-) Other Liabilities | (301,293) | (954,088) | (293) | (66,100) | (793) | (163,589) | |
| (-) Preferred Stock | 0 | 0 | 0 | (24,640) | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 5,768,884 | 32,451,429 | 14,240 | 2,479,649 | 10,634 | 1,258,373 | |
| (/) Shares Outstanding | 4,150.3 | 13,032.7 | 2,000.0 | 3,681.5 | 270.2 | 712.0 | |
| Implied Stock Price | 1,390.00 | 2,490.00 | 7.12 | 673.55 | 39.35 | 1,767.37 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 168.32 | |
| Implied Stock Price (Trading Cur) | 1,390.00 | 2,490.00 | 7.12 | 673.55 | 39.35 | 10.50 | |
| Trading Currency | JPY | JPY | CNY | INR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 168.32 | |