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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 8.4x - 9.3x | 8.8x |
| Selected Fwd EBIT Multiple | 7.3x - 8.0x | 7.6x |
| Fair Value | €41.61 - €45.76 | €43.69 |
| Upside | -17.6% - -9.4% | -13.5% |
| Benchmarks | Ticker | Full Ticker |
| Takase Corporation | 9087 | TSE:9087 |
| Loginet Japan Co., Ltd. | 9027 | SPSE:9027 |
| Being Holdings Co., Ltd. | 9145 | TSE:9145 |
| The Keihin Co., Ltd. | 9312 | TSE:9312 |
| Kantsu Co.,Ltd. | 9326 | TSE:9326 |
| Sankyu Inc. | SNK | DB:SNK |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 9087 | 9027 | 9145 | 9312 | 9326 | SNK | ||
| TSE:9087 | SPSE:9027 | TSE:9145 | TSE:9312 | TSE:9326 | DB:SNK | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -13.9% | 1.9% | 32.9% | 8.8% | NM- | 1.7% | |
| 3Y CAGR | -34.0% | 2.1% | 26.1% | -2.6% | NM- | 8.4% | |
| Latest Twelve Months | -53.5% | 16.0% | 33.2% | 8.7% | -137.3% | 24.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 2.5% | 4.9% | 6.2% | 5.7% | 2.2% | 6.5% | |
| Prior Fiscal Year | 2.1% | 4.3% | 6.8% | 5.7% | 3.4% | 6.2% | |
| Latest Fiscal Year | 1.0% | 4.7% | 7.4% | 5.7% | -0.3% | 7.2% | |
| Latest Twelve Months | 1.0% | 4.7% | 8.0% | 5.7% | -1.0% | 7.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.06x | 0.29x | 0.77x | 0.16x | 0.36x | 0.71x | |
| EV / LTM EBITDA | 1.1x | 4.0x | 7.4x | 1.6x | 29.1x | 6.8x | |
| EV / LTM EBIT | 6.0x | 6.1x | 9.6x | 2.7x | -35.4x | 9.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -35.4x | 6.0x | 9.6x | ||||
| Historical EV / LTM EBIT | 6.0x | 7.4x | 9.9x | ||||
| Selected EV / LTM EBIT | 8.4x | 8.8x | 9.3x | ||||
| (x) LTM EBIT | 43,946 | 43,946 | 43,946 | ||||
| (=) Implied Enterprise Value | 367,881 | 387,243 | 406,605 | ||||
| (-) Non-shareholder Claims * | 19,597 | 19,597 | 19,597 | ||||
| (=) Equity Value | 387,478 | 406,840 | 426,202 | ||||
| (/) Shares Outstanding | 52.1 | 52.1 | 52.1 | ||||
| Implied Value Range | 7,442.56 | 7,814.46 | 8,186.37 | ||||
| FX Rate: JPY/EUR | 173.6 | 173.6 | 173.6 | Market Price | |||
| Implied Value Range (Trading Cur) | 42.88 | 45.02 | 47.16 | 50.50 | |||
| Upside / (Downside) | -15.1% | -10.9% | -6.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 9087 | 9027 | 9145 | 9312 | 9326 | SNK | |
| Enterprise Value | 482 | 22,216 | 23,601 | 7,839 | 5,663 | 436,768 | |
| (+) Cash & Short Term Investments | 1,849 | 377 | 5,874 | 9,461 | 3,025 | 48,599 | |
| (+) Investments & Other | 987 | 4,079 | 625 | 9,398 | 2,319 | 64,344 | |
| (-) Debt | (965) | (5,836) | (7,782) | (8,581) | (7,365) | (89,495) | |
| (-) Other Liabilities | 0 | 0 | (388) | 0 | 0 | (3,851) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,353 | 20,836 | 21,930 | 18,117 | 3,642 | 456,365 | |
| (/) Shares Outstanding | 2.0 | 5.3 | 6.0 | 6.5 | 10.1 | 52.1 | |
| Implied Stock Price | 1,166.00 | 3,900.00 | 3,640.00 | 2,775.00 | 362.00 | 8,765.71 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 173.58 | |
| Implied Stock Price (Trading Cur) | 1,166.00 | 3,900.00 | 3,640.00 | 2,775.00 | 362.00 | 50.50 | |
| Trading Currency | JPY | JPY | JPY | JPY | JPY | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 173.58 | |