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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 42.8x - 47.3x | 45.0x |
| Selected Fwd EBIT Multiple | 10.7x - 11.9x | 11.3x |
| Fair Value | ¥2,110 - ¥2,292 | ¥2,201 |
| Upside | -19.6% - -12.7% | -16.2% |
| Benchmarks | Ticker | Full Ticker |
| Nova System Co.,Ltd. | 5257 | TSE:5257 |
| TEMONA.inc. | 3985 | TSE:3985 |
| AsiaQuest Co., Ltd. | 4261 | TSE:4261 |
| Kaizen Platform, Inc. | 4170 | TSE:4170 |
| Showcase Inc. | 3909 | TSE:3909 |
| Speee, Inc. | 4499 | TSE:4499 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 5257 | 3985 | 4261 | 4170 | 3909 | 4499 | ||
| TSE:5257 | TSE:3985 | TSE:4261 | TSE:4170 | TSE:3909 | TSE:4499 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | 87.1% | NM- | NM- | 22.1% | |
| 3Y CAGR | 71.9% | NM- | 16.0% | NM- | NM- | -21.4% | |
| Latest Twelve Months | 7.5% | 76.3% | 48.1% | -16.0% | 41.0% | -29.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 7.2% | 1.0% | 11.1% | -0.9% | -2.4% | 7.6% | |
| Prior Fiscal Year | 9.1% | -3.5% | 9.9% | -0.6% | -4.9% | 6.0% | |
| Latest Fiscal Year | 8.2% | -3.1% | 11.3% | -0.6% | -2.6% | 3.4% | |
| Latest Twelve Months | 8.2% | -0.5% | 11.3% | -0.6% | -2.6% | 2.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.53x | 0.95x | 0.56x | 0.16x | 0.62x | 1.62x | |
| EV / LTM EBITDA | 5.8x | 10.3x | 4.3x | 3.8x | 44.6x | 46.3x | |
| EV / LTM EBIT | 6.5x | -189.5x | 4.9x | -24.6x | -23.4x | 58.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -189.5x | -23.4x | 6.5x | ||||
| Historical EV / LTM EBIT | 13.9x | 39.1x | 123.6x | ||||
| Selected EV / LTM EBIT | 42.8x | 45.0x | 47.3x | ||||
| (x) LTM EBIT | 439 | 439 | 439 | ||||
| (=) Implied Enterprise Value | 18,778 | 19,767 | 20,755 | ||||
| (-) Non-shareholder Claims * | 4,361 | 4,361 | 4,361 | ||||
| (=) Equity Value | 23,139 | 24,128 | 25,116 | ||||
| (/) Shares Outstanding | 11.4 | 11.4 | 11.4 | ||||
| Implied Value Range | 2,023.24 | 2,109.66 | 2,196.08 | ||||
| FX Rate: JPY/JPY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2,023.24 | 2,109.66 | 2,196.08 | 2,626.00 | |||
| Upside / (Downside) | -23.0% | -19.7% | -16.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 5257 | 3985 | 4261 | 4170 | 3909 | 4499 | |
| Enterprise Value | 3,450 | 1,705 | 2,272 | 714 | 3,832 | 25,672 | |
| (+) Cash & Short Term Investments | 758 | 1,143 | 1,520 | 2,911 | 1,233 | 4,615 | |
| (+) Investments & Other | 563 | 85 | 190 | 139 | 154 | 1,154 | |
| (-) Debt | (628) | (783) | (177) | (914) | (1,858) | (1,408) | |
| (-) Other Liabilities | 0 | (3) | 0 | 0 | (498) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 4,143 | 2,147 | 3,805 | 2,850 | 2,863 | 30,033 | |
| (/) Shares Outstanding | 1.4 | 10.7 | 1.5 | 17.0 | 8.6 | 11.4 | |
| Implied Stock Price | 2,954.00 | 201.00 | 2,582.00 | 168.00 | 334.00 | 2,626.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 2,954.00 | 201.00 | 2,582.00 | 168.00 | 334.00 | 2,626.00 | |
| 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 | |