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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 5.0x - 5.5x | 5.3x |
| Selected Fwd EBIT Multiple | 4.6x - 5.1x | 4.9x |
| Fair Value | €25.86 - €27.12 | €26.49 |
| Upside | 22.0% - 27.9% | 25.0% |
| Benchmarks | Ticker | Full Ticker |
| Trelleborg AB (publ) | TBAB.F | OTCPK:TBAB.F |
| AGC Inc. | 5201 | TSE:5201 |
| Asahi Diamond Industrial Co., Ltd. | 6140 | TSE:6140 |
| JRC Co.,Ltd. | 6224 | TSE:6224 |
| STG Co., Ltd. | 5858 | TSE:5858 |
| Noritake Co., Limited | NO4 | DB:NO4 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| TBAB.F | 5201 | 6140 | 6224 | 5858 | NO4 | ||
| OTCPK:TBAB.F | TSE:5201 | TSE:6140 | TSE:6224 | TSE:5858 | DB:NO4 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 3.4% | 3.8% | -9.9% | NM- | 9.8% | 7.4% | |
| 3Y CAGR | 13.4% | -15.4% | NM- | NM- | NM- | 61.2% | |
| Latest Twelve Months | -0.8% | -5.6% | 104.9% | NM | 215.2% | 7.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 15.2% | 7.5% | 3.7% | 12.8% | 3.7% | 5.7% | |
| Prior Fiscal Year | 16.1% | 6.5% | 6.4% | 14.0% | 4.2% | 6.4% | |
| Latest Fiscal Year | 16.0% | 6.0% | 4.0% | 12.3% | 5.7% | 7.8% | |
| Latest Twelve Months | 16.0% | 6.0% | 6.3% | 13.4% | 8.7% | 7.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.66x | 0.80x | 0.49x | 1.30x | 0.73x | 0.26x | |
| EV / LTM EBITDA | 13.0x | 5.4x | 3.6x | 8.1x | 5.0x | 2.3x | |
| EV / LTM EBIT | 16.6x | 13.4x | 7.8x | 9.7x | 8.4x | 3.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 7.8x | 9.7x | 16.6x | ||||
| Historical EV / LTM EBIT | 1.7x | 2.6x | 13.6x | ||||
| Selected EV / LTM EBIT | 5.0x | 5.3x | 5.5x | ||||
| (x) LTM EBIT | 10,770 | 10,770 | 10,770 | ||||
| (=) Implied Enterprise Value | 53,955 | 56,794 | 59,634 | ||||
| (-) Non-shareholder Claims * | 64,092 | 64,092 | 64,092 | ||||
| (=) Equity Value | 118,047 | 120,886 | 123,726 | ||||
| (/) Shares Outstanding | 28.3 | 28.3 | 28.3 | ||||
| Implied Value Range | 4,164.25 | 4,264.43 | 4,364.60 | ||||
| FX Rate: JPY/EUR | 162.8 | 162.8 | 162.8 | Market Price | |||
| Implied Value Range (Trading Cur) | 25.58 | 26.20 | 26.81 | 21.20 | |||
| Upside / (Downside) | 20.7% | 23.6% | 26.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TBAB.F | 5201 | 6140 | 6224 | 5858 | NO4 | |
| Enterprise Value | 115,971 | 1,639,746 | 19,809 | 13,485 | 4,509 | 33,728 | |
| (+) Cash & Short Term Investments | 2,163 | 107,988 | 14,273 | 2,947 | 1,054 | 18,782 | |
| (+) Investments & Other | 57 | 99,319 | 12,223 | 1,103 | 103 | 55,709 | |
| (-) Debt | (8,561) | (649,737) | (2,204) | (5,396) | (3,026) | (9,467) | |
| (-) Other Liabilities | (4) | (235,909) | (1,765) | 0 | 0 | (932) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 109,626 | 961,407 | 42,336 | 12,139 | 2,640 | 97,820 | |
| (/) Shares Outstanding | 274.2 | 212.3 | 51.2 | 12.4 | 2.0 | 28.3 | |
| Implied Stock Price | 399.83 | 4,529.00 | 827.00 | 982.00 | 1,290.00 | 3,450.72 | |
| FX Conversion Rate to Trading Currency | 9.91 | 1.00 | 1.00 | 1.00 | 1.00 | 162.77 | |
| Implied Stock Price (Trading Cur) | 40.34 | 4,529.00 | 827.00 | 982.00 | 1,290.00 | 21.20 | |
| Trading Currency | USD | JPY | JPY | JPY | JPY | EUR | |
| FX Rate to Reporting Currency | 9.91 | 1.00 | 1.00 | 1.00 | 1.00 | 162.77 | |