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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 20.2x - 22.3x | 21.2x |
| Selected Fwd EBIT Multiple | 19.4x - 21.4x | 20.4x |
| Fair Value | ¥1,127 - ¥1,347 | ¥1,237 |
| Upside | -25.9% - -11.4% | -18.6% |
| Benchmarks | Ticker | Full Ticker |
| AMG Holdings Co.,Ltd. | 8891 | TSE:8891 |
| Land Business Co.,Ltd. | 8944 | TSE:8944 |
| Mitsubishi Estate Co., Ltd. | 8802 | TSE:8802 |
| A.D.Works Group Co.,Ltd. | 2982 | TSE:2982 |
| property technologies Inc. | 5527 | TSE:5527 |
| Keihanshin Building Co., Ltd. | 8818 | TSE:8818 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 8891 | 8944 | 8802 | 2982 | 5527 | 8818 | ||
| TSE:8891 | TSE:8944 | TSE:8802 | TSE:2982 | TSE:5527 | TSE:8818 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 16.1% | NM- | 4.0% | NM- | NM- | -1.4% | |
| 3Y CAGR | 22.7% | NM- | 7.5% | 51.3% | -6.9% | -1.4% | |
| Latest Twelve Months | 18.5% | -583.7% | 34.0% | 31.8% | 35.2% | -5.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 6.6% | -4.4% | 19.5% | 5.3% | 4.0% | 30.0% | |
| Prior Fiscal Year | 6.3% | -0.9% | 21.5% | 5.9% | 3.6% | 28.5% | |
| Latest Fiscal Year | 6.2% | -15.6% | 18.5% | 6.4% | 3.3% | 26.3% | |
| Latest Twelve Months | 5.5% | -14.3% | 20.1% | 6.4% | 4.1% | 25.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.53x | 2.38x | 3.51x | 0.74x | 0.66x | 6.22x | |
| EV / LTM EBITDA | 8.8x | -40.3x | 13.6x | 10.9x | 13.8x | 13.4x | |
| EV / LTM EBIT | 9.5x | -16.7x | 17.5x | 11.5x | 15.9x | 24.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -16.7x | 11.5x | 17.5x | ||||
| Historical EV / LTM EBIT | 17.4x | 20.0x | 25.2x | ||||
| Selected EV / LTM EBIT | 20.2x | 21.2x | 22.3x | ||||
| (x) LTM EBIT | 4,917 | 4,917 | 4,917 | ||||
| (=) Implied Enterprise Value | 99,186 | 104,406 | 109,627 | ||||
| (-) Non-shareholder Claims * | (46,877) | (46,877) | (46,877) | ||||
| (=) Equity Value | 52,309 | 57,529 | 62,750 | ||||
| (/) Shares Outstanding | 48.6 | 48.6 | 48.6 | ||||
| Implied Value Range | 1,076.99 | 1,184.47 | 1,291.95 | ||||
| FX Rate: JPY/JPY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,076.99 | 1,184.47 | 1,291.95 | 1,520.00 | |||
| Upside / (Downside) | -29.1% | -22.1% | -15.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 8891 | 8944 | 8802 | 2982 | 5527 | 8818 | |
| Enterprise Value | 16,358 | 28,883 | 5,688,218 | 37,544 | 29,144 | 120,703 | |
| (+) Cash & Short Term Investments | 3,133 | 5,870 | 306,149 | 10,129 | 3,711 | 8,661 | |
| (+) Investments & Other | 586 | 2,076 | 866,455 | 924 | 600 | 17,875 | |
| (-) Debt | (14,452) | (32,999) | (3,446,547) | (35,660) | (29,060) | (73,413) | |
| (-) Other Liabilities | 0 | 0 | (222,688) | (20) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 5,625 | 3,830 | 3,191,587 | 12,917 | 4,395 | 73,826 | |
| (/) Shares Outstanding | 2.8 | 19.8 | 1,246.0 | 48.0 | 4.1 | 48.6 | |
| Implied Stock Price | 2,008.00 | 193.00 | 2,561.50 | 269.00 | 1,073.00 | 1,520.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 2,008.00 | 193.00 | 2,561.50 | 269.00 | 1,073.00 | 1,520.00 | |
| 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 | |