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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 12.9x - 14.2x | 13.6x |
| Selected Fwd EBIT Multiple | 14.3x - 15.8x | 15.0x |
| Fair Value | ¥2,757 - ¥3,521 | ¥3,139 |
| Upside | -16.3% - 6.9% | -4.7% |
| Benchmarks | Ticker | Full Ticker |
| Toyo Suisan Kaisha, Ltd. | 2875 | TSE:2875 |
| Nissui Corporation | 1332 | TSE:1332 |
| Nichirei Corporation | 2871 | TSE:2871 |
| Ajinomoto Co., Inc. | 2802 | TSE:2802 |
| Austevoll Seafood ASA | AUSS | OB:AUSS |
| Maruha Nichiro Corporation | 1333 | TSE:1333 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 2875 | 1332 | 2871 | 2802 | AUSS | 1333 | ||
| TSE:2875 | TSE:1332 | TSE:2871 | TSE:2802 | OB:AUSS | TSE:1333 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 23.2% | 6.5% | 4.6% | 2.2% | 9.5% | 4.0% | |
| 3Y CAGR | 22.2% | 17.9% | 3.9% | -4.4% | -1.7% | 17.9% | |
| Latest Twelve Months | 43.8% | 2.5% | 3.9% | -24.6% | 25.0% | 5.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 10.0% | 3.4% | 5.4% | 10.1% | 12.0% | 2.5% | |
| Prior Fiscal Year | 9.2% | 3.2% | 5.0% | 9.8% | 9.6% | 2.9% | |
| Latest Fiscal Year | 13.6% | 3.6% | 5.4% | 6.9% | 11.5% | 2.6% | |
| Latest Twelve Months | 15.4% | 3.2% | 5.6% | 6.9% | 11.5% | 2.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.28x | 0.47x | 0.77x | 2.22x | 1.07x | 0.37x | |
| EV / LTM EBITDA | 6.8x | 7.7x | 8.3x | 13.9x | 7.0x | 8.2x | |
| EV / LTM EBIT | 8.3x | 14.4x | 13.8x | 21.5x | 9.3x | 13.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 8.3x | 13.8x | 21.5x | ||||
| Historical EV / LTM EBIT | 14.1x | 15.8x | 20.0x | ||||
| Selected EV / LTM EBIT | 12.9x | 13.6x | 14.2x | ||||
| (x) LTM EBIT | 29,011 | 29,011 | 29,011 | ||||
| (=) Implied Enterprise Value | 373,614 | 393,278 | 412,942 | ||||
| (-) Non-shareholder Claims * | (226,981) | (226,981) | (226,981) | ||||
| (=) Equity Value | 146,633 | 166,297 | 185,961 | ||||
| (/) Shares Outstanding | 50.4 | 50.4 | 50.4 | ||||
| Implied Value Range | 2,911.18 | 3,301.58 | 3,691.97 | ||||
| FX Rate: JPY/JPY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2,911.18 | 3,301.58 | 3,691.97 | 3,293.00 | |||
| Upside / (Downside) | -11.6% | 0.3% | 12.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2875 | 1332 | 2871 | 2802 | AUSS | 1333 | |
| Enterprise Value | 673,426 | 406,696 | 540,896 | 3,401,443 | 37,821 | 392,846 | |
| (+) Cash & Short Term Investments | 248,467 | 17,944 | 34,402 | 164,776 | 5,719 | 45,697 | |
| (+) Investments & Other | 36,192 | 80,706 | 57,039 | 175,468 | 3,843 | 75,093 | |
| (-) Debt | (3,433) | (223,083) | (114,921) | (455,353) | (15,922) | (304,489) | |
| (-) Other Liabilities | (12,383) | (8,956) | (15,158) | (66,468) | (12,590) | (43,282) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 942,269 | 273,307 | 502,258 | 3,219,866 | 18,871 | 165,865 | |
| (/) Shares Outstanding | 99.6 | 310.8 | 250.6 | 994.4 | 201.8 | 50.4 | |
| Implied Stock Price | 9,458.00 | 879.30 | 2,004.50 | 3,238.00 | 93.50 | 3,293.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 9,458.00 | 879.30 | 2,004.50 | 3,238.00 | 93.50 | 3,293.00 | |
| Trading Currency | JPY | JPY | JPY | JPY | NOK | JPY | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |