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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 2.2x - 2.5x | 2.4x |
| Selected Fwd EBITDA Multiple | 3.8x - 4.2x | 4.0x |
| Fair Value | ¥1,905 - ¥2,274 | ¥2,089 |
| Upside | 1.0% - 20.6% | 10.8% |
| Benchmarks | Ticker | Full Ticker |
| Solid State System Co., Ltd. | 3259 | TPEX:3259 |
| Himeji Rika Co.,Ltd. | 322A | TSE:322A |
| SAMCO Inc. | 6387 | TSE:6387 |
| Shinko Electric Industries Co., Ltd. | 6967 | TSE:6967 |
| Micron Technology, Inc. | MU_KZ | KAS:MU_KZ |
| Kioxia Holdings Corporation | 285A | TSE:285A |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 3259 | 322A | 6387 | 6967 | MU_KZ | 285A | ||
| TPEX:3259 | TSE:322A | TSE:6387 | TSE:6967 | KAS:MU_KZ | TSE:285A | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | 38.0% | 21.0% | -6.9% | NM- | |
| 3Y CAGR | NM- | NM- | 24.7% | 8.6% | -11.6% | NM- | |
| Latest Twelve Months | 15.6% | NM | 5.9% | -1.0% | 289.4% | 402.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -31.8% | 4.7% | 20.2% | 28.7% | 39.2% | 6.3% | |
| Prior Fiscal Year | -67.0% | NA | 24.5% | 25.0% | 14.2% | NA | |
| Latest Fiscal Year | -65.2% | 14.2% | 25.6% | 24.2% | 35.6% | NA | |
| Latest Twelve Months | -65.2% | 14.2% | 25.4% | 24.2% | 45.0% | 46.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.77x | 1.54x | 1.71x | 3.46x | 3.02x | 1.12x | |
| EV / LTM EBITDA | -7.3x | 10.8x | 6.7x | 14.3x | 6.7x | 2.4x | |
| EV / LTM EBIT | -6.1x | 20.0x | 7.0x | 29.3x | 15.4x | 4.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -7.3x | 6.7x | 14.3x | ||||
| Historical EV / LTM EBITDA | 0.0x | NM | 0.0x | ||||
| Selected EV / LTM EBITDA | 2.2x | 2.4x | 2.5x | ||||
| (x) LTM EBITDA | 774,885 | 774,885 | 774,885 | ||||
| (=) Implied Enterprise Value | 1,741,561 | 1,833,222 | 1,924,883 | ||||
| (-) Non-shareholder Claims * | (865,696) | (865,696) | (865,696) | ||||
| (=) Equity Value | 875,865 | 967,526 | 1,059,187 | ||||
| (/) Shares Outstanding | 539.1 | 539.1 | 539.1 | ||||
| Implied Value Range | 1,624.79 | 1,794.83 | 1,964.87 | ||||
| FX Rate: JPY/JPY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,624.79 | 1,794.83 | 1,964.87 | 1,886.00 | |||
| Upside / (Downside) | -13.8% | -4.8% | 4.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 3259 | 322A | 6387 | 6967 | MU_KZ | 285A | |
| Enterprise Value | 1,142 | 26,012 | 14,029 | 739,092 | 94,654 | 1,882,368 | |
| (+) Cash & Short Term Investments | 431 | 4,703 | 5,711 | 83,140 | 8,215 | 174,300 | |
| (+) Investments & Other | 0 | 58 | 607 | 4,013 | 1,571 | 7,213 | |
| (-) Debt | (76) | (24,707) | (1,093) | (30,000) | (15,023) | (1,047,068) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | (141) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,496 | 6,066 | 19,254 | 796,245 | 89,417 | 1,016,672 | |
| (/) Shares Outstanding | 73.0 | 7.9 | 8.0 | 135.1 | 1,117.6 | 539.1 | |
| Implied Stock Price | 20.50 | 765.00 | 2,397.00 | 5,893.00 | 80.01 | 1,886.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 20.50 | 765.00 | 2,397.00 | 5,893.00 | 80.01 | 1,886.00 | |
| Trading Currency | TWD | JPY | JPY | JPY | USD | JPY | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |