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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 4.9x - 5.4x | 5.1x |
| Selected Fwd EBIT Multiple | 2.7x - 2.9x | 2.8x |
| Fair Value | ¥2,741 - ¥2,920 | ¥2,830 |
| Upside | 16.4% - 24.0% | 20.2% |
| Benchmarks | Ticker | Full Ticker |
| pluszero, Inc. | 5132 | TSE:5132 |
| Wacul.Inc | 4173 | TSE:4173 |
| Ridge-i Inc. | 5572 | TSE:5572 |
| TECHNOLOGIES, Inc. | 5248 | TSE:5248 |
| TEMONA.inc. | 3985 | TSE:3985 |
| AsiaQuest Co., Ltd. | 4261 | TSE:4261 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 5132 | 4173 | 5572 | 5248 | 3985 | 4261 | ||
| TSE:5132 | TSE:4173 | TSE:5572 | TSE:5248 | TSE:3985 | TSE:4261 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | NM- | 87.1% | |
| 3Y CAGR | NM- | -16.8% | NM- | 206.8% | NM- | 16.0% | |
| Latest Twelve Months | 75.1% | -46.0% | NM | 109.1% | 76.3% | 48.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 13.8% | 11.6% | NA | 10.6% | 1.0% | 11.1% | |
| Prior Fiscal Year | 18.2% | 10.9% | NA | 11.8% | -3.5% | 9.9% | |
| Latest Fiscal Year | 20.6% | 5.8% | NA | 12.7% | -3.1% | 11.3% | |
| Latest Twelve Months | 23.9% | 5.8% | NA | 12.7% | -0.5% | 11.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 13.50x | 1.40x | NA | 1.34x | 0.88x | 0.48x | |
| EV / LTM EBITDA | 49.4x | 11.1x | NA | 9.3x | 9.5x | 3.7x | |
| EV / LTM EBIT | 56.4x | 24.2x | NA | 10.6x | -174.0x | 4.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -174.0x | 17.4x | 56.4x | ||||
| Historical EV / LTM EBIT | 3.8x | 4.2x | 6.4x | ||||
| Selected EV / LTM EBIT | 4.9x | 5.1x | 5.4x | ||||
| (x) LTM EBIT | 459 | 459 | 459 | ||||
| (=) Implied Enterprise Value | 2,227 | 2,345 | 2,462 | ||||
| (-) Non-shareholder Claims * | 1,533 | 1,533 | 1,533 | ||||
| (=) Equity Value | 3,760 | 3,878 | 3,995 | ||||
| (/) Shares Outstanding | 1.5 | 1.5 | 1.5 | ||||
| Implied Value Range | 2,552.09 | 2,631.66 | 2,711.22 | ||||
| FX Rate: JPY/JPY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2,552.09 | 2,631.66 | 2,711.22 | 2,355.00 | |||
| Upside / (Downside) | 8.4% | 11.7% | 15.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 5132 | 4173 | 5572 | 5248 | 3985 | 4261 | |
| Enterprise Value | 17,870 | 2,585 | 7,801 | 18,660 | 1,566 | 1,937 | |
| (+) Cash & Short Term Investments | 854 | 1,251 | 2,096 | 2,358 | 1,143 | 1,520 | |
| (+) Investments & Other | 13 | 224 | 114 | 1,268 | 85 | 190 | |
| (-) Debt | 0 | (483) | (76) | (7,431) | (783) | (177) | |
| (-) Other Liabilities | 0 | 0 | (331) | (3,128) | (3) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 18,737 | 3,577 | 9,604 | 11,727 | 2,008 | 3,470 | |
| (/) Shares Outstanding | 7.8 | 7.1 | 3.9 | 16.9 | 10.7 | 1.5 | |
| Implied Stock Price | 2,415.00 | 501.00 | 2,471.00 | 693.00 | 188.00 | 2,355.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 2,415.00 | 501.00 | 2,471.00 | 693.00 | 188.00 | 2,355.00 | |
| 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 | |