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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 21.2x - 23.4x | 22.3x |
| Selected Fwd EBIT Multiple | 18.8x - 20.8x | 19.8x |
| Fair Value | ¥347.83 - ¥429.53 | ¥388.68 |
| Upside | -8.0% - 13.6% | 2.8% |
| Benchmarks | Ticker | Full Ticker |
| Global Link Management Inc. | 3486 | TSE:3486 |
| Leopalace21 Corporation | 8848 | TSE:8848 |
| Tokyu Fudosan Holdings Corporation | 3289 | TSE:3289 |
| Sumitomo Realty & Development Co., Ltd. | 8830 | TSE:8830 |
| Meiho Enterprise Co., Ltd. | 8927 | TSE:8927 |
| Ichigo Inc. | 2337 | TSE:2337 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 3486 | 8848 | 3289 | 8830 | 8927 | 2337 | ||
| TSE:3486 | TSE:8848 | TSE:3289 | TSE:8830 | TSE:8927 | TSE:2337 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 29.7% | 25.8% | 8.4% | 2.9% | 39.2% | -13.2% | |
| 3Y CAGR | NM- | NM- | 28.6% | 5.1% | 33.0% | 10.3% | |
| Latest Twelve Months | 25.0% | 50.4% | 7.2% | 7.3% | -22.0% | 35.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 7.6% | -0.3% | 9.2% | 25.2% | 9.2% | 18.8% | |
| Prior Fiscal Year | 11.1% | 2.4% | 11.0% | 25.7% | 8.6% | 18.3% | |
| Latest Fiscal Year | 8.9% | 5.5% | 10.9% | 26.3% | 11.4% | 15.7% | |
| Latest Twelve Months | 8.9% | 6.7% | 11.6% | 26.0% | 9.5% | 15.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.59x | 0.31x | 1.64x | 5.22x | 1.15x | 3.41x | |
| EV / LTM EBITDA | 6.6x | 4.1x | 10.3x | 15.5x | 11.8x | 17.1x | |
| EV / LTM EBIT | 6.7x | 4.6x | 14.2x | 20.1x | 12.2x | 22.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 4.6x | 12.2x | 20.1x | ||||
| Historical EV / LTM EBIT | 10.5x | 29.4x | 51.6x | ||||
| Selected EV / LTM EBIT | 21.2x | 22.3x | 23.4x | ||||
| (x) LTM EBIT | 15,373 | 15,373 | 15,373 | ||||
| (=) Implied Enterprise Value | 325,617 | 342,754 | 359,892 | ||||
| (-) Non-shareholder Claims * | (183,382) | (183,382) | (183,382) | ||||
| (=) Equity Value | 142,235 | 159,372 | 176,510 | ||||
| (/) Shares Outstanding | 428.2 | 428.2 | 428.2 | ||||
| Implied Value Range | 332.19 | 372.22 | 412.24 | ||||
| FX Rate: JPY/JPY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 332.19 | 372.22 | 412.24 | 378.00 | |||
| Upside / (Downside) | -12.1% | -1.5% | 9.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 3486 | 8848 | 3289 | 8830 | 8927 | 2337 | |
| Enterprise Value | 38,176 | 132,428 | 1,880,322 | 5,327,422 | 24,830 | 345,230 | |
| (+) Cash & Short Term Investments | 11,291 | 78,150 | 145,777 | 70,469 | 1,969 | 53,243 | |
| (+) Investments & Other | 568 | 4,581 | 345,388 | 1,005,385 | (66) | 29,172 | |
| (-) Debt | (21,297) | (30,774) | (1,642,364) | (3,902,606) | (17,086) | (254,859) | |
| (-) Other Liabilities | (13) | (6,476) | (20,299) | 0 | (3) | (10,938) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 28,725 | 177,909 | 708,824 | 2,500,670 | 9,644 | 161,848 | |
| (/) Shares Outstanding | 16.0 | 317.7 | 714.3 | 470.7 | 29.5 | 428.2 | |
| Implied Stock Price | 1,794.00 | 560.00 | 992.40 | 5,313.00 | 327.00 | 378.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,794.00 | 560.00 | 992.40 | 5,313.00 | 327.00 | 378.00 | |
| Trading Currency | JPY | JPY | JPY | JPY | JPY | JPY | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |