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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6.9x - 7.6x | 7.3x |
| Selected Fwd EBITDA Multiple | 6.9x - 7.6x | 7.2x |
| Fair Value | $5.17 - $9.30 | $7.24 |
| Upside | -33.5% - 19.6% | -6.9% |
| Benchmarks | Ticker | Full Ticker |
| Kyushu Electric Power Company, Incorporated | 9508 | TSE:9508 |
| The Kansai Electric Power Company, Incorporated | 9503 | TSE:9503 |
| The Chugoku Electric Power Co., Inc. | 9504 | TSE:9504 |
| Chubu Electric Power Company, Incorporated | 9502 | TSE:9502 |
| Hokuriku Electric Power Company | 9505 | TSE:9505 |
| Tohoku Electric Power Company, Incorporated | TEPC.Y | OTCPK:TEPC.Y |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 9508 | 9503 | 9504 | 9502 | 9505 | TEPC.Y | ||
| TSE:9508 | TSE:9503 | TSE:9504 | TSE:9502 | TSE:9505 | OTCPK:TEPC.Y | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 9.4% | 14.2% | 19.5% | 6.2% | 15.7% | 11.5% | |
| 3Y CAGR | 21.4% | 34.7% | 38.6% | 16.2% | 34.5% | 17.6% | |
| Latest Twelve Months | -21.8% | -18.6% | -24.8% | -12.0% | 12.9% | -20.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 15.5% | 16.1% | 8.5% | 9.5% | 10.5% | 10.5% | |
| Prior Fiscal Year | 6.9% | 7.1% | 1.4% | 6.6% | -1.8% | 0.5% | |
| Latest Fiscal Year | 23.8% | 27.0% | 19.2% | 14.3% | 21.7% | 18.3% | |
| Latest Twelve Months | 18.3% | 21.6% | 15.6% | 11.8% | 19.6% | 15.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.54x | 1.00x | 1.83x | 0.51x | 1.17x | 1.15x | |
| EV / LTM EBITDA | 8.4x | 4.6x | 11.7x | 4.3x | 6.0x | 7.3x | |
| EV / LTM EBIT | 24.4x | 8.2x | 23.0x | 7.6x | 9.6x | 13.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.3x | 6.0x | 11.7x | ||||
| Historical EV / LTM EBITDA | -26.2x | 7.5x | 10.1x | ||||
| Selected EV / LTM EBITDA | 6.9x | 7.3x | 7.6x | ||||
| (x) LTM EBITDA | 423,120 | 423,120 | 423,120 | ||||
| (=) Implied Enterprise Value | 2,919,138 | 3,072,777 | 3,226,415 | ||||
| (-) Non-shareholder Claims * | (2,550,540) | (2,550,540) | (2,550,540) | ||||
| (=) Equity Value | 368,598 | 522,237 | 675,875 | ||||
| (/) Shares Outstanding | 500.2 | 500.2 | 500.2 | ||||
| Implied Value Range | 736.95 | 1,044.13 | 1,351.31 | ||||
| FX Rate: JPY/USD | 149.8 | 149.8 | 149.8 | Market Price | |||
| Implied Value Range (Trading Cur) | 4.92 | 6.97 | 9.02 | 7.78 | |||
| Upside / (Downside) | -36.7% | -10.3% | 16.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 9508 | 9503 | 9504 | 9502 | 9505 | TEPC.Y | |
| Enterprise Value | 3,504,478 | 4,211,053 | 2,779,995 | 1,809,922 | 982,995 | 3,132,919 | |
| (+) Cash & Short Term Investments | 290,872 | 848,759 | 234,181 | 280,984 | 197,453 | 514,709 | |
| (+) Investments & Other | 255,399 | 1,525,905 | 419,677 | 2,306,504 | 182,300 | 361,313 | |
| (-) Debt | (3,387,358) | (4,462,009) | (3,118,374) | (3,077,557) | (1,158,240) | (3,403,185) | |
| (-) Other Liabilities | (30,884) | (101,154) | 1,624 | (67,307) | (19,485) | (23,377) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 632,507 | 2,022,554 | 317,103 | 1,252,546 | 185,023 | 582,379 | |
| (/) Shares Outstanding | 472.5 | 1,114.0 | 359.6 | 755.2 | 208.9 | 500.2 | |
| Implied Stock Price | 1,338.50 | 1,815.50 | 881.90 | 1,658.50 | 885.90 | 1,164.38 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 149.76 | |
| Implied Stock Price (Trading Cur) | 1,338.50 | 1,815.50 | 881.90 | 1,658.50 | 885.90 | 7.78 | |
| Trading Currency | JPY | JPY | JPY | JPY | JPY | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 149.76 | |