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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 13.5x - 14.9x | 14.2x |
Selected Fwd EBITDA Multiple | 13.2x - 14.6x | 13.9x |
Fair Value | ¥26,017 - ¥28,578 | ¥27,297 |
Upside | -3.6% - 5.8% | 1.1% |
Benchmarks | Ticker | Full Ticker |
Renesas Electronics Corporation | 6723 | TSE:6723 |
Disco Corporation | 6146 | TSE:6146 |
SCREEN Holdings Co., Ltd. | 7735 | TSE:7735 |
Tokyo Seimitsu Co., Ltd. | 7729 | TSE:7729 |
Japan Electronic Materials Corporation | 6855 | TSE:6855 |
Tokyo Electron Limited | 8035 | TSE:8035 |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
6723 | 6146 | 7735 | 7729 | 6855 | 8035 | ||
TSE:6723 | TSE:6146 | TSE:7735 | TSE:7729 | TSE:6855 | TSE:8035 | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 22.1% | 33.0% | 47.3% | 17.2% | 28.5% | 23.3% | |
3Y CAGR | 3.5% | 21.4% | 28.0% | 2.7% | -1.1% | 6.1% | |
Latest Twelve Months | -31.9% | 35.0% | 41.4% | 16.1% | 198.7% | 49.3% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 29.4% | 39.6% | 16.9% | 22.6% | 19.4% | 28.7% | |
Prior Fiscal Year | 31.3% | 43.1% | 20.8% | 22.3% | 11.1% | 27.8% | |
Latest Fiscal Year | 25.3% | 45.5% | 23.8% | 23.2% | 24.3% | 31.2% | |
Latest Twelve Months | 23.3% | 45.5% | 23.8% | 23.2% | 24.3% | 31.2% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 3.25x | 11.46x | 1.40x | 2.32x | 0.93x | 4.77x | |
EV / LTM EBITDA | 14.0x | 25.2x | 5.9x | 10.0x | 3.8x | 15.3x | |
EV / LTM EBIT | 21.3x | 27.0x | 6.5x | 11.8x | 4.8x | 16.6x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 3.8x | 10.0x | 25.2x | ||||
Historical EV / LTM EBITDA | 10.2x | 15.9x | 34.4x | ||||
Selected EV / LTM EBITDA | 13.5x | 14.2x | 14.9x | ||||
(x) LTM EBITDA | 759,586 | 759,586 | 759,586 | ||||
(=) Implied Enterprise Value | 10,238,919 | 10,777,809 | 11,316,700 | ||||
(-) Non-shareholder Claims * | 774,345 | 774,345 | 774,345 | ||||
(=) Equity Value | 11,013,264 | 11,552,154 | 12,091,045 | ||||
(/) Shares Outstanding | 458.1 | 458.1 | 458.1 | ||||
Implied Value Range | 24,039.59 | 25,215.87 | 26,392.16 | ||||
FX Rate: JPY/JPY | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 24,039.59 | 25,215.87 | 26,392.16 | 27,000.00 | |||
Upside / (Downside) | -11.0% | -6.6% | -2.3% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 6723 | 6146 | 7735 | 7729 | 6855 | 8035 | |
Enterprise Value | 4,249,185 | 4,498,312 | 876,476 | 349,448 | 22,109 | 11,595,172 | |
(+) Cash & Short Term Investments | 178,317 | 229,167 | 200,397 | 54,541 | 12,188 | 496,238 | |
(+) Investments & Other | 426,131 | 7,372 | 58,548 | 6,664 | 322 | 278,107 | |
(-) Debt | (1,384,526) | 0 | (4,562) | (20,083) | (5,920) | 0 | |
(-) Other Liabilities | (4,744) | (348) | (53) | (1,056) | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 3,464,363 | 4,734,503 | 1,130,806 | 389,514 | 28,699 | 12,369,517 | |
(/) Shares Outstanding | 1,796.9 | 108.4 | 94.4 | 40.5 | 12.6 | 458.1 | |
Implied Stock Price | 1,928.00 | 43,670.00 | 11,980.00 | 9,626.00 | 2,272.00 | 27,000.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 1,928.00 | 43,670.00 | 11,980.00 | 9,626.00 | 2,272.00 | 27,000.00 | |
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 |