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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 49.198 B - 208.2 B | 142.3 B |
| Discount Rate | 8.8% - 6.8% | 7.8% |
| Fair Value | €5.61 - €42.94 | €24.46 |
| Upside | -77.0% - 76.0% | 0.2% |
| Estimate Adjusted EBIT Margin | |||||||
| Fiscal Year Ending | LTM | ||||||
| Mar-21 | Mar-22 | Mar-23 | Mar-24 | Mar-25 | Jun-25 | ||
| (JPY in millions) | FY-4 | FY-3 | FY-2 | FY-1 | FY | LTM | |
| Revenue | 1,364,106 | 1,586,879 | 2,275,113 | 2,083,050 | 2,069,019 | 2,069,084 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | 108,734 | 115,941 | 83,709 | 196,016 | 189,250 | 211,710 | |
| (+) Net Interest Expense | 5,361 | 5,204 | 4,965 | 138 | (3,404) | (4,202) | |
| (+) Other Non Operating Exp. | (16,924) | (23,247) | (20,611) | (54,145) | (25,511) | (21,453) | |
| (+) D&A | 106,550 | 114,333 | 125,510 | 130,002 | 133,878 | 128,545 | |
| (+) Non-recurring Items | 15,322 | (2,992) | (8,061) | 30,546 | 397 | (6,393) | |
| Adjusted EBITDA | 219,043 | 209,239 | 185,512 | 302,557 | 294,610 | 308,207 | |
| (-) D&A | (106,550) | (114,333) | (125,510) | (130,002) | (133,878) | (128,545) | |
| Adjusted EBIT | 112,493 | 94,906 | 60,002 | 172,555 | 160,732 | 179,662 | |
| % of Revenue | 8.2% | 6.0% | 2.6% | 8.3% | 7.8% | 8.7% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 2.6% | 7.8% | 8.3% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (JPY in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 562,263 | 1,835,796 | 3,084,632 | 1,831,681 | |||
| (+) Cash & Short Term Investments | 155,980 | 155,980 | 155,980 | 155,980 | |||
| (+) Investments & Other | 543,059 | 543,059 | 543,059 | 543,059 | |||
| (-) Debt | (835,136) | (835,136) | (835,136) | (835,136) | |||
| (-) Other Liabilities | (46,851) | (46,851) | (46,851) | (46,851) | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 379,315 | 1,652,848 | 2,901,684 | 1,648,733 | |||
| (/) Shares Outstanding | 393.1 | 393.1 | 393.1 | 393.1 | |||
| Implied Stock Price (JPY) | 964.95 | 4,204.71 | 7,381.64 | 4,194.24 | |||
| FX Rate: JPY/EUR | 171.89 | 171.89 | 171.89 | 171.89 | |||
| Implied Stock Price (EUR) | 5.61 | 24.46 | 42.94 | 24.40 | |||
| Upside / (Downside) | -76.99% | 0.25% | 75.99% | ||||
| Stock Price | 24.40 | ||||||
| Stock Price Close | 24.40 | ||||||
| Restatment Type | Press Release | ||||||
| Reporting Currency | JPY | ||||||
| Trading Currency | EUR | ||||||
| FX Rate: JPY/EUR | 171.89 | ||||||
| Market Cap | 9,641.3 | ||||||
| Shares Outstanding | 393.1 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||