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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.3% - 7.2% | 7.8% |
| Terminal Revenue Multiple | 1.5x - 1.6x | 1.6x |
| Fair Value | $14.74 - $16.71 | $15.71 |
| Upside | 38.1% - 56.6% | 47.2% |
| 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 |
| Revenue | 126,718 | 132,600 | 144,762 | 159,282 | 172,775 | 175,680 |
| % Growth | 4.4% | 4.6% | 9.2% | 10.0% | 8.5% | 1.7% |
| EBITDA | 12,724 | 14,500 | 16,100 | 18,051 | 21,308 | 21,666 |
| % of Revenue | 10.0% | 10.9% | 11.1% | 11.3% | 12.3% | 12.3% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (JPY in millions) | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | |
| EBITDA | 14,500 | 16,100 | 18,051 | 21,308 | 21,666 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (100) | (100) | (201) | (2,358) | (1,466) | |
| EBIT | 14,400 | 16,000 | 17,850 | 18,950 | 20,200 | |
| Pro forma Taxes | (4,752) | (5,280) | (5,891) | (6,254) | (6,666) | |
| NOPAT | 8,491 | 9,648 | 10,720 | 11,960 | 12,697 | 13,534 |
| Capital Expenditures | (71) | (71) | (71) | (71) | (86) | (111) |
| NWC Investment | (1,925) | (2,106) | (4,355) | (5,200) | (4,832) | (1,040) |
| (+) D&A | 51 | 100 | 100 | 201 | 2,358 | 1,466 |
| Free Cash Flow | 6,545 | 7,571 | 6,394 | 6,890 | 10,137 | 13,849 |
| % Growth | 16% | -16% | 8% | 47% | 37% | |