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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Terminal Revenue Multiple | 0.6x - 0.7x | 0.7x |
| Fair Value | ¥1,744 - ¥1,854 | ¥1,798 |
| Upside | 47.1% - 56.5% | 51.7% |
| Select Revenue and EBITDA Forecast | ||||||
| (JPY in millions) | Input Projections | |||||
| Fiscal Years Ending | Jun-24 | Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 |
| Revenue | 7,211 | 7,752 | 8,023 | 8,184 | 8,347 | 8,514 |
| % Growth | 12.8% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% |
| EBITDA | 1,141 | 1,315 | 1,361 | 1,388 | 1,416 | 1,444 |
| % of Revenue | 15.8% | 17.0% | 17.0% | 17.0% | 17.0% | 17.0% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (JPY in millions) | Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 | |
| EBITDA | 1,315 | 1,361 | 1,388 | 1,416 | 1,444 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (125) | (129) | (132) | (134) | (137) | |
| EBIT | 1,190 | 1,232 | 1,257 | 1,282 | 1,307 | |
| Pro forma Taxes | (381) | (394) | (402) | (410) | (418) | |
| NOPAT | 690 | 809 | 838 | 854 | 872 | 889 |
| Capital Expenditures | (62) | (400) | (414) | (422) | (431) | (439) |
| NWC Investment | (41) | (27) | (14) | (8) | (8) | (8) |
| (+) D&A | 126 | 125 | 129 | 132 | 134 | 137 |
| Free Cash Flow | 713 | 507 | 539 | 556 | 567 | 578 |
| % Growth | -29% | 6% | 3% | 2% | 2% | |