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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Terminal EBITDA Multiple | 1.8x - 3.8x | 2.8x |
| Fair Value | ¥1,788 - ¥2,127 | ¥1,954 |
| Upside | 83.0% - 117.7% | 100.0% |
| 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 | 42,690 | 42,690 | 42,690 | 42,690 | 42,690 | 42,690 |
| % Growth | -1.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITDA | 2,715 | 2,795 | 2,795 | 2,795 | 2,795 | 2,795 |
| % of Revenue | 6.4% | 6.5% | 6.5% | 6.5% | 6.5% | 6.5% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (JPY in millions) | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | |
| EBITDA | 2,795 | 2,795 | 2,795 | 2,795 | 2,795 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (345) | (345) | (345) | (345) | (345) | |
| EBIT | 2,450 | 2,450 | 2,450 | 2,450 | 2,450 | |
| Pro forma Taxes | (759) | (759) | (759) | (759) | (759) | |
| NOPAT | 1,664 | 1,690 | 1,690 | 1,690 | 1,690 | 1,690 |
| Capital Expenditures | (42) | (68) | (73) | (73) | (73) | (73) |
| NWC Investment | 45 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 304 | 345 | 345 | 345 | 345 | 345 |
| Free Cash Flow | 1,971 | 1,968 | 1,962 | 1,962 | 1,962 | 1,962 |
| % Growth | 0% | 0% | 0% | 0% | 0% | |