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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 18.4x - 20.3x | 19.4x |
| Selected Fwd EBIT Multiple | 17.0x - 18.8x | 17.9x |
| Fair Value | $49.21 - $54.05 | $51.63 |
| Upside | 0.8% - 10.7% | 5.7% |
| Benchmarks | Ticker | Full Ticker |
| Persol Holdings Co.,Ltd. | 2181 | TSE:2181 |
| Robert Half Inc. | RHI | NYSE:RHI |
| Equifax Inc. | EFX | NYSE:EFX |
| Randstad N.V. | RANJ.F | OTCPK:RANJ.F |
| Hays plc | HAYP.F | OTCPK:HAYP.F |
| Recruit Holdings Co., Ltd. | RCRR.F | OTCPK:RCRR.F |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 2181 | RHI | EFX | RANJ.F | HAYP.F | RCRR.F | ||
| TSE:2181 | NYSE:RHI | NYSE:EFX | OTCPK:RANJ.F | OTCPK:HAYP.F | OTCPK:RCRR.F | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 4.3% | -15.6% | 17.1% | -9.9% | -23.1% | 15.0% | |
| 3Y CAGR | 27.3% | -31.2% | -1.8% | -20.2% | -10.7% | 36.3% | |
| Latest Twelve Months | 27.8% | -48.0% | 11.4% | -40.3% | -79.8% | 22.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 4.0% | 9.0% | 19.4% | 3.4% | 2.1% | 11.5% | |
| Prior Fiscal Year | 4.3% | 7.3% | 18.4% | 3.4% | 2.6% | 11.5% | |
| Latest Fiscal Year | 4.1% | 4.2% | 19.0% | 2.2% | 1.0% | 13.1% | |
| Latest Twelve Months | NA | 4.2% | 19.0% | 2.2% | 0.5% | 14.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.36x | 0.75x | 6.22x | 0.33x | 0.18x | 2.72x | |
| EV / LTM EBITDA | 5.5x | 14.7x | 20.1x | 12.8x | 23.5x | 17.7x | |
| EV / LTM EBIT | 8.3x | 18.0x | 32.8x | 15.2x | 37.8x | 18.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 8.3x | 18.0x | 37.8x | ||||
| Historical EV / LTM EBIT | 14.1x | 22.9x | 48.9x | ||||
| Selected EV / LTM EBIT | 18.4x | 19.4x | 20.3x | ||||
| (x) LTM EBIT | 510,350 | 510,350 | 510,350 | ||||
| (=) Implied Enterprise Value | 9,395,083 | 9,889,561 | 10,384,039 | ||||
| (-) Non-shareholder Claims * | 683,716 | 683,716 | 683,716 | ||||
| (=) Equity Value | 10,078,799 | 10,573,277 | 11,067,755 | ||||
| (/) Shares Outstanding | 1,455.8 | 1,455.8 | 1,455.8 | ||||
| Implied Value Range | 6,923.03 | 7,262.68 | 7,602.34 | ||||
| FX Rate: JPY/USD | 141.6 | 141.6 | 141.6 | Market Price | |||
| Implied Value Range (Trading Cur) | 48.89 | 51.29 | 53.69 | 48.84 | |||
| Upside / (Downside) | 0.1% | 5.0% | 9.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2181 | RHI | EFX | RANJ.F | HAYP.F | RCRR.F | |
| Enterprise Value | 516,976 | 4,339 | 35,559 | 9,319 | 1,703 | 9,385,044 | |
| (+) Cash & Short Term Investments | 98,698 | 538 | 170 | 357 | 154 | 871,812 | |
| (+) Investments & Other | 26,531 | 0 | 0 | 33 | 0 | 22,447 | |
| (-) Debt | (73,036) | (234) | (5,168) | (2,218) | (291) | (200,746) | |
| (-) Other Liabilities | (17,151) | 0 | (123) | (1) | 0 | (9,797) | |
| (-) Preferred Stock | 0 | 0 | 0 | (306) | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 552,018 | 4,643 | 30,439 | 7,185 | 1,566 | 10,068,760 | |
| (/) Shares Outstanding | 2,218.7 | 100.4 | 124.2 | 201.4 | 1,591.8 | 1,455.8 | |
| Implied Stock Price | 248.80 | 46.23 | 245.08 | 35.67 | 0.98 | 6,916.13 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.88 | 0.75 | 141.61 | |
| Implied Stock Price (Trading Cur) | 248.80 | 46.23 | 245.08 | 40.75 | 1.31 | 48.84 | |
| Trading Currency | JPY | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.88 | 0.75 | 141.61 | |