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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.3% - 8.3% | 8.8% |
| Terminal EBITDA Multiple | 5.1x - 7.1x | 6.1x |
| Fair Value | ¥2,644 - ¥3,348 | ¥2,989 |
| Upside | 1.7% - 28.8% | 15.0% |
| Select Revenue and EBITDA Forecast | ||||||
| (JPY in millions) | Input Projections | |||||
| Fiscal Years Ending | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 |
| Revenue | 240,335 | 255,000 | 267,991 | 281,259 | 294,394 | 307,344 |
| % Growth | 4.6% | 6.1% | 5.1% | 5.0% | 4.7% | 4.4% |
| EBITDA | 23,952 | 26,275 | 27,612 | 29,213 | 32,158 | 34,288 |
| % of Revenue | 10.0% | 10.3% | 10.3% | 10.4% | 10.9% | 11.2% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (JPY in millions) | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | |
| EBITDA | 26,275 | 27,612 | 29,213 | 32,158 | 34,288 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (4,775) | (4,612) | (4,213) | (3,919) | (4,161) | |
| EBIT | 21,500 | 23,000 | 25,000 | 28,239 | 30,127 | |
| Pro forma Taxes | (6,235) | (6,670) | (7,250) | (8,189) | (8,737) | |
| NOPAT | 14,752 | 15,265 | 16,330 | 17,750 | 20,050 | 21,390 |
| Capital Expenditures | (3,274) | (2,850) | (4,000) | (4,000) | (6,000) | (6,100) |
| NWC Investment | (3,247) | (4,482) | (3,970) | (4,055) | (4,014) | (3,958) |
| (+) D&A | 3,174 | 4,775 | 4,612 | 4,213 | 3,919 | 4,161 |
| Free Cash Flow | 11,405 | 12,708 | 12,972 | 13,908 | 13,954 | 15,493 |
| % Growth | 11% | 2% | 7% | 0% | 11% | |