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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 19.6x - 21.7x | 20.6x |
| Selected Fwd EBIT Multiple | 9.7x - 10.8x | 10.3x |
| Fair Value | ¥2,209 - ¥2,481 | ¥2,345 |
| Upside | -25.4% - -16.2% | -20.8% |
| Benchmarks | Ticker | Full Ticker |
| Matsuya Foods Holdings Co., Ltd. | 9887 | TSE:9887 |
| EAT&HOLDINGS Co.,Ltd | 2882 | TSE:2882 |
| UMENOHANA Co., Ltd. | 7604 | TSE:7604 |
| j-Group Holdings Corp. | 3063 | TSE:3063 |
| Kyowa Corporation | 6570 | TSE:6570 |
| WDI Corporation | 3068 | TSE:3068 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 9887 | 2882 | 7604 | 3063 | 6570 | 3068 | ||
| TSE:9887 | TSE:2882 | TSE:7604 | TSE:3063 | TSE:6570 | TSE:3068 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 6.5% | 4.8% | 22.7% | NM- | NM- | -3.6% | |
| 3Y CAGR | NM- | 50.4% | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | 27.4% | 10.5% | -9.4% | 1245.5% | 20.1% | -40.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 0.6% | 2.5% | -3.6% | -14.4% | 6.3% | -0.7% | |
| Prior Fiscal Year | 1.4% | 2.8% | 0.3% | -12.7% | 5.8% | 3.2% | |
| Latest Fiscal Year | 4.2% | 3.0% | 2.7% | 3.0% | 7.4% | 4.5% | |
| Latest Twelve Months | 3.6% | 3.0% | 2.2% | 4.1% | 6.9% | 2.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.73x | 0.75x | 0.65x | 1.04x | 0.32x | 0.65x | |
| EV / LTM EBITDA | 10.3x | 10.6x | 13.2x | 15.5x | 1.7x | 13.9x | |
| EV / LTM EBIT | 20.1x | 24.9x | 28.9x | 25.1x | 4.7x | 25.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 4.7x | 24.9x | 28.9x | ||||
| Historical EV / LTM EBIT | -11.9x | 11.7x | 41.6x | ||||
| Selected EV / LTM EBIT | 19.6x | 20.6x | 21.7x | ||||
| (x) LTM EBIT | 805 | 805 | 805 | ||||
| (=) Implied Enterprise Value | 15,774 | 16,604 | 17,434 | ||||
| (-) Non-shareholder Claims * | (2,358) | (2,358) | (2,358) | ||||
| (=) Equity Value | 13,416 | 14,246 | 15,076 | ||||
| (/) Shares Outstanding | 6.3 | 6.3 | 6.3 | ||||
| Implied Value Range | 2,144.94 | 2,277.68 | 2,410.41 | ||||
| FX Rate: JPY/JPY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2,144.94 | 2,277.68 | 2,410.41 | 2,960.00 | |||
| Upside / (Downside) | -27.5% | -23.1% | -18.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 9887 | 2882 | 7604 | 3063 | 6570 | 3068 | |
| Enterprise Value | 107,341 | 27,196 | 19,182 | 11,122 | 5,131 | 20,872 | |
| (+) Cash & Short Term Investments | 15,937 | 1,289 | 2,953 | 1,620 | 3,941 | 5,908 | |
| (+) Investments & Other | 15,715 | 1,258 | 2,970 | 988 | 1,936 | 2,247 | |
| (-) Debt | (33,573) | (6,947) | (17,531) | (5,490) | (5,828) | (8,663) | |
| (-) Other Liabilities | 0 | (17) | (2) | (56) | 0 | (1,850) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 105,420 | 22,779 | 7,572 | 8,184 | 5,180 | 18,514 | |
| (/) Shares Outstanding | 19.1 | 11.3 | 8.9 | 12.2 | 6.0 | 6.3 | |
| Implied Stock Price | 5,530.00 | 2,008.00 | 854.00 | 671.00 | 869.00 | 2,960.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 5,530.00 | 2,008.00 | 854.00 | 671.00 | 869.00 | 2,960.00 | |
| 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 | |