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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 0.8x - 0.9x | 0.8x |
| Selected Fwd Ps Multiple | 0.7x - 0.8x | 0.8x |
| Fair Value | €12.09 - €13.36 | €12.72 |
| Upside | 27.5% - 41.0% | 34.2% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Iseki & Co., Ltd. | 631,000.0% | TSE:6310 |
| Takeuchi Mfg. Co., Ltd. | 643,200.0% | TSE:6432 |
| Komatsu Ltd. | 630,100.0% | TSE:6301 |
| Kawasaki Heavy Industries, Ltd. | 701,200.0% | TSE:7012 |
| Cummins Inc. | - | NYSE:CMI |
| Kubota Corporation | - | DB:KUO1 |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| 6310 | 6432 | 6301 | 7012 | CMI | KUO1 | |||
| TSE:6310 | TSE:6432 | TSE:6301 | TSE:7012 | NYSE:CMI | DB:KUO1 | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 2.4% | 13.0% | 10.9% | 5.3% | 7.7% | 9.5% | ||
| 3Y CAGR | 2.1% | 14.8% | 13.6% | 12.4% | 12.4% | 11.1% | ||
| Latest Twelve Months | 1.6% | 0.3% | 6.2% | 15.1% | -0.4% | -2.0% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 0.1% | 10.1% | 8.7% | 1.6% | 8.1% | 8.1% | ||
| Prior Fiscal Year | 0.0% | 12.3% | 10.2% | 1.4% | 2.2% | 7.9% | ||
| Latest Fiscal Year | -1.8% | 12.2% | 10.7% | 4.1% | 11.6% | 7.6% | ||
| Latest Twelve Months | -1.1% | 12.2% | 10.7% | 4.1% | 8.2% | 6.7% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 11.9x | 4.1x | 5.3x | 11.4x | 9.9x | 10.3x | ||
| Price / LTM Sales | 0.2x | 1.0x | 1.1x | 0.9x | 1.3x | 0.6x | ||
| LTM P/E Ratio | -13.7x | 8.2x | 9.8x | 21.3x | 16.2x | 9.2x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.2x | 1.0x | 1.3x | |||||
| Historical LTM P/S Ratio | 0.7x | 0.9x | 1.5x | |||||
| Selected Price / Sales Multiple | 0.8x | 0.8x | 0.9x | |||||
| (x) LTM Sales | 2,953,605 | 2,953,605 | 2,953,605 | |||||
| (=) Equity Value | 2,346,371 | 2,469,864 | 2,593,357 | |||||
| (/) Shares Outstanding | 1,137.3 | 1,137.3 | 1,137.3 | |||||
| Implied Value Range | 2,063.13 | 2,171.71 | 2,280.30 | |||||
| FX Rate: JPY/EUR | 169.4 | 169.4 | 169.4 | Market Price | ||||
| Implied Value Range (Trading Cur) | 12.18 | 12.82 | 13.46 | 9.48 | ||||
| Upside / (Downside) | 28.5% | 35.2% | 42.0% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | 6310 | 6432 | 6301 | 7012 | CMI | KUO1 | |
| Value of Common Equity | 26,807 | 214,865 | 4,330,027 | 1,876,108 | 44,870 | 1,826,501 | |
| (/) Shares Outstanding | 22.6 | 46.2 | 923.0 | 167.1 | 137.8 | 1,137.3 | |
| Implied Stock Price | 1,185.00 | 4,650.00 | 4,691.00 | 11,225.00 | 325.72 | 1,606.01 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 169.45 | |
| Implied Stock Price (Trading Cur) | 1,185.00 | 4,650.00 | 4,691.00 | 11,225.00 | 325.72 | 9.48 | |
| Trading Currency | JPY | JPY | JPY | JPY | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 169.45 | |