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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 22.3x - 24.6x | 23.4x |
| Selected Fwd EBIT Multiple | 19.8x - 21.9x | 20.9x |
| Fair Value | ¥1,759 - ¥2,291 | ¥2,025 |
| Upside | -29.8% - -8.6% | -19.2% |
| Benchmarks | Ticker | Full Ticker |
| Mitsui Fudosan Co., Ltd. | 8801 | TSE:8801 |
| Mitsubishi Estate Co., Ltd. | 8802 | TSE:8802 |
| Early Age Co., Ltd. | 3248 | TSE:3248 |
| Intellex Co., Ltd. | 8940 | TSE:8940 |
| STrust Co.,Ltd. | 3280 | TSE:3280 |
| AEON Mall Co., Ltd. | 8905 | TSE:8905 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 8801 | 8802 | 3248 | 8940 | 3280 | 8905 | ||
| TSE:8801 | TSE:8802 | TSE:3248 | TSE:8940 | TSE:3280 | TSE:8905 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 5.3% | 4.0% | 9.6% | -11.1% | -4.2% | -2.6% | |
| 3Y CAGR | 18.6% | 7.5% | 25.5% | -24.6% | 5.2% | 10.5% | |
| Latest Twelve Months | -6.6% | 34.0% | 77.1% | 396.4% | 41.2% | 10.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 12.9% | 19.5% | 15.9% | 3.6% | 6.3% | 12.6% | |
| Prior Fiscal Year | 13.5% | 21.5% | 15.9% | 1.7% | 8.7% | 11.0% | |
| Latest Fiscal Year | 14.3% | 18.5% | 18.9% | 2.2% | 6.3% | 11.0% | |
| Latest Twelve Months | 13.3% | 20.1% | 18.5% | 6.0% | 8.3% | 11.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.89x | 3.43x | 2.00x | 0.79x | 1.39x | 2.99x | |
| EV / LTM EBITDA | 15.0x | 13.2x | 8.7x | 11.9x | 15.0x | 10.5x | |
| EV / LTM EBIT | 21.7x | 17.1x | 10.8x | 13.1x | 16.7x | 26.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 10.8x | 16.7x | 21.7x | ||||
| Historical EV / LTM EBIT | 16.3x | 25.4x | 26.4x | ||||
| Selected EV / LTM EBIT | 22.3x | 23.4x | 24.6x | ||||
| (x) LTM EBIT | 50,467 | 50,467 | 50,467 | ||||
| (=) Implied Enterprise Value | 1,123,350 | 1,182,474 | 1,241,597 | ||||
| (-) Non-shareholder Claims * | (749,819) | (749,819) | (749,819) | ||||
| (=) Equity Value | 373,531 | 432,655 | 491,778 | ||||
| (/) Shares Outstanding | 227.6 | 227.6 | 227.6 | ||||
| Implied Value Range | 1,641.42 | 1,901.23 | 2,161.03 | ||||
| FX Rate: JPY/JPY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,641.42 | 1,901.23 | 2,161.03 | 2,507.50 | |||
| Upside / (Downside) | -34.5% | -24.2% | -13.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 8801 | 8802 | 3248 | 8940 | 3280 | 8905 | |
| Enterprise Value | 6,785,920 | 5,534,962 | 9,832 | 34,307 | 25,985 | 1,320,441 | |
| (+) Cash & Short Term Investments | 239,692 | 306,149 | 1,326 | 4,334 | 4,911 | 90,115 | |
| (+) Investments & Other | 1,878,479 | 866,455 | 512 | 2,190 | 365 | 0 | |
| (-) Debt | (4,935,544) | (3,446,547) | (9,199) | (34,597) | (26,370) | (827,882) | |
| (-) Other Liabilities | (121,597) | (222,688) | 0 | (18) | 0 | (12,052) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,846,950 | 3,038,331 | 2,471 | 6,216 | 4,891 | 570,622 | |
| (/) Shares Outstanding | 2,773.6 | 1,246.0 | 3.2 | 8.1 | 6.0 | 227.6 | |
| Implied Stock Price | 1,387.00 | 2,438.50 | 777.00 | 767.00 | 811.00 | 2,507.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,387.00 | 2,438.50 | 777.00 | 767.00 | 811.00 | 2,507.50 | |
| 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 | |