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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0.7x - 0.8x | 0.7x |
| Selected Fwd Revenue Multiple | 0.7x - 0.8x | 0.8x |
| Fair Value | €3.96 - €5.26 | €4.61 |
| Upside | -9.8% - 19.9% | 5.1% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Teijin Limited | 3401 | TSE:3401 |
| Kaneka Corporation | 4118 | TSE:4118 |
| Nippon Shokubai Co., Ltd. | 4114 | TSE:4114 |
| Nitto Denko Corporation | 6988 | TSE:6988 |
| Shin-Etsu Chemical Co., Ltd. | 4063 | TSE:4063 |
| Mitsubishi Chemical Group Corporation | M3C | DB:M3C |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| 3401 | 4118 | 4114 | 6988 | 4063 | M3C | |||
| TSE:3401 | TSE:4118 | TSE:4114 | TSE:6988 | TSE:4063 | DB:M3C | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 3.3% | 6.1% | 6.3% | 6.5% | 10.7% | 4.2% | ||
| 3Y CAGR | 2.8% | 5.3% | 3.5% | 5.9% | 7.3% | 3.5% | ||
| Latest Twelve Months | -6.2% | 3.8% | 1.4% | 5.7% | 7.4% | -4.1% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 2.1% | 4.9% | 4.8% | 14.9% | 30.5% | 5.9% | ||
| Prior Fiscal Year | 1.3% | 4.1% | 4.5% | 14.8% | 29.0% | 5.6% | ||
| Latest Fiscal Year | -8.0% | 4.8% | 4.3% | 18.0% | 29.0% | 6.9% | ||
| Latest Twelve Months | 1.1% | 4.6% | 4.5% | 17.6% | 27.7% | 4.3% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.45x | 0.49x | 0.61x | 1.93x | 2.76x | 0.71x | ||
| EV / LTM EBIT | 42.4x | 10.7x | 13.6x | 11.0x | 10.0x | 16.6x | ||
| Price / LTM Sales | 0.25x | 0.33x | 0.66x | 2.21x | 3.29x | 0.25x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.45x | 0.61x | 2.76x | |||||
| Historical EV / LTM Revenue | 0.68x | 0.72x | 0.98x | |||||
| Selected EV / LTM Revenue | 0.71x | 0.74x | 0.78x | |||||
| (x) LTM Revenue | 4,271,059 | 4,271,059 | 4,271,059 | |||||
| (=) Implied Enterprise Value | 3,013,465 | 3,172,069 | 3,330,672 | |||||
| (-) Non-shareholder Claims * | (1,965,677) | (1,965,677) | (1,965,677) | |||||
| (=) Equity Value | 1,047,788 | 1,206,392 | 1,364,995 | |||||
| (/) Shares Outstanding | 1,358.5 | 1,358.5 | 1,358.5 | |||||
| Implied Value Range | 771.28 | 888.03 | 1,004.78 | |||||
| FX Rate: JPY/EUR | 171.9 | 171.9 | 171.9 | Market Price | ||||
| Implied Value Range (Trading Cur) | 4.49 | 5.16 | 5.84 | 4.39 | ||||
| Upside / (Downside) | 2.3% | 17.8% | 33.3% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 3401 | 4118 | 4114 | 6988 | 4063 | M3C | |
| Enterprise Value | 451,970 | 396,552 | 247,496 | 1,942,015 | 7,150,423 | 2,989,892 | |
| (+) Cash & Short Term Investments | 215,598 | 44,349 | 43,508 | 290,957 | 1,472,758 | 339,911 | |
| (+) Investments & Other | 73,254 | 59,736 | 27,992 | 6,391 | 325,861 | 337,389 | |
| (-) Debt | (492,197) | (212,313) | (43,012) | (468) | (244,777) | (2,084,680) | |
| (-) Other Liabilities | (4,244) | (20,876) | (8,711) | (1,029) | (168,073) | (558,297) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 244,381 | 267,448 | 267,273 | 2,237,866 | 8,536,192 | 1,024,215 | |
| (/) Shares Outstanding | 192.7 | 61.8 | 151.5 | 678.3 | 1,872.8 | 1,358.5 | |
| Implied Stock Price | 1,268.00 | 4,325.00 | 1,764.00 | 3,299.00 | 4,558.00 | 753.93 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 171.93 | |
| Implied Stock Price (Trading Cur) | 1,268.00 | 4,325.00 | 1,764.00 | 3,299.00 | 4,558.00 | 4.39 | |
| Trading Currency | JPY | JPY | JPY | JPY | JPY | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 171.93 | |