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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 0.4x - 0.4x | 0.4x |
| Selected Fwd Ps Multiple | 0.4x - 0.4x | 0.4x |
| Fair Value | €22.15 - €24.48 | €23.31 |
| Upside | 13.6% - 25.5% | 19.6% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Nitto Denko Corporation | 698,800.0% | TSE:6988 |
| Shin-Etsu Chemical Co., Ltd. | 406,300.0% | TSE:4063 |
| Asahi Kasei Corporation | 340,700.0% | TSE:3407 |
| Johnson Matthey Plc | - | OTCPK:JMPL.F |
| Croda International Plc | - | LSE:CRDA |
| Mitsui Chemicals, Inc. | - | DB:MSI |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| 6988 | 4063 | 3407 | JMPL.F | CRDA | MSI | |||
| TSE:6988 | TSE:4063 | TSE:3407 | OTCPK:JMPL.F | LSE:CRDA | DB:MSI | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 6.5% | 10.7% | 7.1% | -4.3% | 3.4% | 6.2% | ||
| 3Y CAGR | 5.9% | 7.3% | 7.3% | -10.0% | -4.8% | 3.9% | ||
| Latest Twelve Months | 10.8% | 6.1% | 9.1% | -9.1% | -3.9% | 3.4% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 10.9% | 23.7% | 2.6% | 1.5% | 17.0% | 4.8% | ||
| Prior Fiscal Year | 11.2% | 21.5% | 1.6% | 0.8% | 10.1% | 2.9% | ||
| Latest Fiscal Year | 13.5% | 20.9% | 4.4% | 3.2% | 9.7% | 1.8% | ||
| Latest Twelve Months | 13.5% | 20.9% | 4.4% | 3.2% | 9.7% | 1.8% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 5.8x | 6.9x | 5.2x | 7.1x | 13.5x | 5.8x | ||
| Price / LTM Sales | 1.8x | 3.4x | 0.5x | 0.3x | 2.6x | 0.3x | ||
| LTM P/E Ratio | 13.4x | 16.1x | 10.2x | 7.9x | 26.2x | 19.2x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.3x | 1.8x | 3.4x | |||||
| Historical LTM P/S Ratio | 0.3x | 0.4x | 0.6x | |||||
| Selected Price / Sales Multiple | 0.4x | 0.4x | 0.4x | |||||
| (x) LTM Sales | 1,809,164 | 1,809,164 | 1,809,164 | |||||
| (=) Equity Value | 676,444 | 712,046 | 747,648 | |||||
| (/) Shares Outstanding | 187.3 | 187.3 | 187.3 | |||||
| Implied Value Range | 3,610.76 | 3,800.80 | 3,990.84 | |||||
| FX Rate: JPY/EUR | 169.0 | 169.0 | 169.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 21.37 | 22.50 | 23.62 | 19.50 | ||||
| Upside / (Downside) | 9.6% | 15.4% | 21.1% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | 6988 | 4063 | 3407 | JMPL.F | CRDA | MSI | |
| Value of Common Equity | 1,845,248 | 8,582,884 | 1,377,761 | 2,850 | 4,153 | 617,235 | |
| (/) Shares Outstanding | 685.1 | 1,872.8 | 1,358.1 | 167.5 | 139.6 | 187.3 | |
| Implied Stock Price | 2,693.50 | 4,583.00 | 1,014.50 | 17.01 | 29.75 | 3,294.71 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.73 | 1.00 | 168.96 | |
| Implied Stock Price (Trading Cur) | 2,693.50 | 4,583.00 | 1,014.50 | 23.35 | 29.75 | 19.50 | |
| Trading Currency | JPY | JPY | JPY | USD | GBP | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.73 | 1.00 | 168.96 | |