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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Terminal EBITDA Multiple | 2.6x - 4.6x | 3.6x |
| Fair Value | ¥1,541 - ¥2,012 | ¥1,773 |
| Upside | 71.3% - 123.6% | 97.0% |
| 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 | 5,221 | 6,159 | 7,086 | 7,726 | 7,996 | 8,156 |
| % Growth | 20.7% | 18.0% | 15.1% | 9.0% | 3.5% | 2.0% |
| EBITDA | 756 | 1,044 | 1,378 | 1,580 | 1,635 | 1,668 |
| % of Revenue | 14.5% | 16.9% | 19.4% | 20.4% | 20.4% | 20.4% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (JPY in millions) | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | |
| EBITDA | 1,044 | 1,378 | 1,580 | 1,635 | 1,668 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (215) | (262) | (293) | (303) | (309) | |
| EBIT | 829 | 1,116 | 1,287 | 1,332 | 1,359 | |
| Pro forma Taxes | (282) | (379) | (438) | (453) | (462) | |
| NOPAT | 477 | 547 | 737 | 849 | 879 | 897 |
| Capital Expenditures | (30) | (160) | (15) | (15) | (63) | (65) |
| NWC Investment | (123) | (129) | (127) | (88) | (37) | (22) |
| (+) D&A | 34 | 215 | 262 | 293 | 303 | 309 |
| Free Cash Flow | 357 | 473 | 856 | 1,039 | 1,082 | 1,119 |
| % Growth | 32% | 81% | 21% | 4% | 3% | |