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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 19.6x - 21.7x | 20.7x |
| Selected Fwd EBIT Multiple | 7.9x - 8.7x | 8.3x |
| Fair Value | ¥702.42 - ¥1,195 | ¥948.88 |
| Upside | -34.0% - 12.3% | -10.8% |
| Benchmarks | Ticker | Full Ticker |
| Shiseido Company, Limited | 4911 | TSE:4911 |
| Artnature Inc. | 7823 | TSE:7823 |
| I-ne CO., LTD. | 4933 | TSE:4933 |
| Ya-Man Ltd. | 6630 | TSE:6630 |
| Kitanotatsujin Corporation | 2930 | TSE:2930 |
| Nippon Shikizai, Inc. | 4920 | TSE:4920 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 4911 | 7823 | 4933 | 6630 | 2930 | 4920 | ||
| TSE:4911 | TSE:7823 | TSE:4933 | TSE:6630 | TSE:2930 | TSE:4920 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | -6.1% | 45.5% | -24.0% | NM- | 1.8% | |
| 3Y CAGR | NM- | -9.4% | 25.2% | -54.9% | -7.0% | NM- | |
| Latest Twelve Months | 2033.7% | -18.6% | 21.6% | 52.2% | 15.6% | 10.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 2.2% | 6.1% | 9.2% | 10.7% | 12.1% | -0.9% | |
| Prior Fiscal Year | 1.8% | 6.1% | 10.5% | 1.3% | 9.9% | 2.9% | |
| Latest Fiscal Year | -1.0% | 4.9% | 10.2% | 2.5% | 14.2% | 2.8% | |
| Latest Twelve Months | 2.2% | 4.9% | 10.3% | 2.5% | 14.2% | 2.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.41x | 0.02x | 0.63x | 1.14x | 1.12x | 0.60x | |
| EV / LTM EBITDA | 14.1x | 0.2x | 5.4x | 24.0x | 7.2x | 7.5x | |
| EV / LTM EBIT | 62.8x | 0.4x | 6.1x | 45.2x | 7.9x | 21.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 0.4x | 7.9x | 62.8x | ||||
| Historical EV / LTM EBIT | -27.5x | 21.5x | 124.1x | ||||
| Selected EV / LTM EBIT | 19.6x | 20.7x | 21.7x | ||||
| (x) LTM EBIT | 490 | 490 | 490 | ||||
| (=) Implied Enterprise Value | 9,628 | 10,134 | 10,641 | ||||
| (-) Non-shareholder Claims * | (8,342) | (8,342) | (8,342) | ||||
| (=) Equity Value | 1,286 | 1,792 | 2,299 | ||||
| (/) Shares Outstanding | 2.1 | 2.1 | 2.1 | ||||
| Implied Value Range | 613.45 | 855.23 | 1,097.01 | ||||
| FX Rate: JPY/JPY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 613.45 | 855.23 | 1,097.01 | 1,064.00 | |||
| Upside / (Downside) | -42.3% | -19.6% | 3.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 4911 | 7823 | 4933 | 6630 | 2930 | 4920 | |
| Enterprise Value | 1,385,986 | 1,150 | 29,908 | 29,024 | 13,556 | 10,572 | |
| (+) Cash & Short Term Investments | 84,206 | 18,195 | 8,391 | 16,968 | 5,698 | 949 | |
| (+) Investments & Other | 2,885 | 5,572 | 331 | 1,316 | 657 | 439 | |
| (-) Debt | (366,753) | 0 | (10,010) | (595) | 0 | (9,730) | |
| (-) Other Liabilities | (21,084) | (11) | (1,239) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,085,240 | 24,906 | 27,381 | 46,713 | 19,911 | 2,230 | |
| (/) Shares Outstanding | 399.4 | 32.6 | 17.5 | 55.0 | 139.2 | 2.1 | |
| Implied Stock Price | 2,717.00 | 765.00 | 1,566.00 | 849.00 | 143.00 | 1,064.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 2,717.00 | 765.00 | 1,566.00 | 849.00 | 143.00 | 1,064.00 | |
| 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 | |