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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7.7x - 8.6x | 8.1x |
| Selected Fwd EBITDA Multiple | 6.6x - 7.2x | 6.9x |
| Fair Value | €12.97 - €14.61 | €13.79 |
| Upside | 28.7% - 45.1% | 36.9% |
| Benchmarks | Ticker | Full Ticker |
| Iseki & Co., Ltd. | 6310 | TSE:6310 |
| Takeuchi Mfg. Co., Ltd. | 6432 | TSE:6432 |
| Komatsu Ltd. | 6301 | TSE:6301 |
| Cummins Inc. | CMI | NYSE:CMI |
| Kawasaki Heavy Industries, Ltd. | 7012 | TSE:7012 |
| Kubota Corporation | KUO1 | DB:KUO1 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 6310 | 6432 | 6301 | CMI | 7012 | KUO1 | ||
| TSE:6310 | TSE:6432 | TSE:6301 | NYSE:CMI | TSE:7012 | DB:KUO1 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -5.2% | 23.6% | 15.8% | 8.9% | 11.6% | 10.1% | |
| 3Y CAGR | -11.8% | 28.3% | 21.0% | 19.2% | 26.0% | 12.1% | |
| Latest Twelve Months | 17.0% | 5.9% | 5.7% | 15.2% | 81.0% | -9.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 5.7% | 15.1% | 17.3% | 13.0% | 7.1% | 12.7% | |
| Prior Fiscal Year | 4.6% | 18.2% | 19.9% | 13.1% | 6.4% | 13.2% | |
| Latest Fiscal Year | 4.4% | 19.2% | 19.8% | 14.2% | 10.0% | 13.4% | |
| Latest Twelve Months | 4.7% | 19.2% | 19.8% | 14.9% | 10.0% | 12.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.47x | 0.79x | 1.27x | 1.52x | 0.98x | 0.81x | |
| EV / LTM EBITDA | 10.8x | 4.1x | 6.4x | 10.2x | 9.7x | 6.6x | |
| EV / LTM EBIT | 41.5x | 4.5x | 7.9x | 12.9x | 17.3x | 8.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.1x | 9.7x | 10.8x | ||||
| Historical EV / LTM EBITDA | 7.4x | 9.3x | 15.4x | ||||
| Selected EV / LTM EBITDA | 7.7x | 8.1x | 8.6x | ||||
| (x) LTM EBITDA | 365,063 | 365,063 | 365,063 | ||||
| (=) Implied Enterprise Value | 2,826,150 | 2,974,895 | 3,123,640 | ||||
| (-) Non-shareholder Claims * | (504,768) | (504,768) | (504,768) | ||||
| (=) Equity Value | 2,321,382 | 2,470,127 | 2,618,872 | ||||
| (/) Shares Outstanding | 1,149.7 | 1,149.7 | 1,149.7 | ||||
| Implied Value Range | 2,019.04 | 2,148.41 | 2,277.78 | ||||
| FX Rate: JPY/EUR | 162.8 | 162.8 | 162.8 | Market Price | |||
| Implied Value Range (Trading Cur) | 12.40 | 13.20 | 13.99 | 10.08 | |||
| Upside / (Downside) | 23.1% | 31.0% | 38.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 6310 | 6432 | 6301 | CMI | 7012 | KUO1 | |
| Enterprise Value | 77,914 | 167,291 | 4,010,652 | 51,389 | 2,079,736 | 2,390,199 | |
| (+) Cash & Short Term Investments | 7,789 | 46,482 | 0 | 2,158 | 144,546 | 210,170 | |
| (+) Investments & Other | 16,436 | 168 | 0 | 1,990 | 180,073 | 1,718,748 | |
| (-) Debt | (74,093) | 0 | 0 | (8,115) | (889,510) | (2,179,156) | |
| (-) Other Liabilities | (4,270) | 0 | 0 | (1,047) | (22,148) | (254,530) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 23,776 | 213,941 | 4,010,652 | 46,375 | 1,492,697 | 1,885,431 | |
| (/) Shares Outstanding | 22.6 | 46.2 | 923.0 | 137.8 | 167.1 | 1,149.7 | |
| Implied Stock Price | 1,051.00 | 4,630.00 | 4,345.00 | 336.65 | 8,931.00 | 1,639.87 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 162.77 | |
| Implied Stock Price (Trading Cur) | 1,051.00 | 4,630.00 | 4,345.00 | 336.65 | 8,931.00 | 10.08 | |
| Trading Currency | JPY | JPY | JPY | USD | JPY | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 162.77 | |