Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.8% - 7.8% | 8.3% |
| Terminal Revenue Multiple | 0.6x - 0.6x | 0.6x |
| Fair Value | €28.14 - €30.43 | €29.25 |
| Upside | 27.9% - 38.3% | 33.0% |
| Select Revenue and EBITDA Forecast | |||||||||||
| (JPY in millions) | Input Projections | ||||||||||
| Fiscal Years Ending | Mar-24 | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | Mar-31 | Mar-32 | Mar-33 | Mar-34 |
| Revenue | 137,912 | 138,900 | 143,900 | 148,700 | 151,674 | 154,707 | 157,802 | 160,958 | 164,177 | 167,460 | 170,810 |
| % Growth | -1.1% | 0.7% | 3.6% | 3.3% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 15,519 | 15,500 | 18,250 | 20,500 | 20,910 | 21,328 | 21,755 | 22,190 | 22,634 | 23,086 | 23,548 |
| % of Revenue | 11.3% | 11.2% | 12.7% | 13.8% | 13.8% | 13.8% | 13.8% | 13.8% | 13.8% | 13.8% | 13.8% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | Mar-31 | Mar-32 | Mar-33 | Mar-34 | ||
| EBITDA | 15,500 | 18,250 | 20,500 | 20,910 | 21,328 | 21,755 | 22,190 | 22,634 | 23,086 | 23,548 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (5,000) | (6,000) | (6,500) | (6,630) | (6,763) | (6,898) | (7,036) | (7,177) | (7,320) | (7,466) | |
| EBIT | 10,500 | 12,250 | 14,000 | 14,280 | 14,566 | 14,857 | 15,154 | 15,457 | 15,766 | 16,082 | |
| Pro forma Taxes | (2,625) | (3,063) | (3,500) | (3,570) | (3,641) | (3,714) | (3,789) | (3,864) | (3,942) | (4,020) | |
| NOPAT | 8,033 | 7,875 | 9,188 | 10,500 | 10,710 | 10,924 | 11,143 | 11,366 | 11,593 | 11,825 | 12,061 |
| Capital Expenditures | (5,313) | (12,000) | (12,000) | (12,000) | (12,240) | (12,485) | (12,242) | (12,322) | (12,350) | (12,304) | (12,325) |
| NWC Investment | 489 | (306) | (1,546) | (1,485) | (920) | (938) | (957) | (976) | (996) | (1,016) | (1,036) |
| (+) D&A | 4,809 | 5,000 | 6,000 | 6,500 | 6,630 | 6,763 | 6,898 | 7,036 | 7,177 | 7,320 | 7,466 |
| Free Cash Flow | 8,018 | 569 | 1,641 | 3,515 | 4,180 | 4,264 | 4,842 | 5,103 | 5,424 | 5,825 | 6,166 |
| % Growth | 188% | 114% | 19% | 2% | 14% | 5% | 6% | 7% | 6% | ||