Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.8% - 7.8% | 8.3% |
| Terminal Revenue Multiple | 1.2x - 1.3x | 1.3x |
| Fair Value | ¥1,112 - ¥1,351 | ¥1,230 |
| Upside | -28.2% - -12.9% | -20.7% |
| Select Revenue and EBITDA Forecast | ||||||
| (JPY in millions) | Input Projections | |||||
| Fiscal Years Ending | Mar-24 | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 |
| Revenue | 14,828 | 16,000 | 17,000 | 18,000 | 18,630 | 19,003 |
| % Growth | -15.7% | 7.9% | 6.3% | 5.9% | 3.5% | 2.0% |
| EBITDA | 3,146 | 3,700 | 4,450 | 4,850 | 5,020 | 5,120 |
| % of Revenue | 21.2% | 23.1% | 26.2% | 26.9% | 26.9% | 26.9% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (JPY in millions) | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | |
| EBITDA | 3,700 | 4,450 | 4,850 | 5,020 | 5,120 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,200) | (1,450) | (1,450) | (1,501) | (1,531) | |
| EBIT | 2,500 | 3,000 | 3,400 | 3,519 | 3,589 | |
| Pro forma Taxes | (725) | (870) | (986) | (1,021) | (1,041) | |
| NOPAT | 1,221 | 1,775 | 2,130 | 2,414 | 2,498 | 2,548 |
| Capital Expenditures | (3,386) | (4,500) | (1,450) | (1,450) | (1,450) | (1,450) |
| NWC Investment | 2,062 | (876) | (748) | (748) | (471) | (279) |
| (+) D&A | 1,426 | 1,200 | 1,450 | 1,450 | 1,501 | 1,531 |
| Free Cash Flow | 1,323 | (2,401) | 1,382 | 1,666 | 2,078 | 2,351 |
| % Growth | NM | NM | 21% | 25% | 13% | |