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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.0% - 8.0% | 8.5% |
| Terminal EBITDA Multiple | 4.2x - 6.2x | 5.2x |
| Fair Value | ¥4,102 - ¥5,324 | ¥4,702 |
| Upside | 57.5% - 104.5% | 80.6% |
| Select Revenue and EBITDA Forecast | ||||||
| (JPY in millions) | Input Projections | |||||
| Fiscal Years Ending | Jun-24 | Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 |
| Revenue | 140,751 | 145,677 | 148,591 | 151,563 | 154,594 | 157,686 |
| % Growth | 5.9% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 11,871 | 11,846 | 12,083 | 12,325 | 12,572 | 12,823 |
| % of Revenue | 8.4% | 8.1% | 8.1% | 8.1% | 8.1% | 8.1% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (JPY in millions) | Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 | |
| EBITDA | 11,846 | 12,083 | 12,325 | 12,572 | 12,823 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (5,622) | (5,735) | (5,849) | (5,966) | (6,086) | |
| EBIT | 6,224 | 6,349 | 6,476 | 6,605 | 6,737 | |
| Pro forma Taxes | (2,116) | (2,159) | (2,202) | (2,246) | (2,291) | |
| NOPAT | 4,446 | 4,108 | 4,190 | 4,274 | 4,359 | 4,447 |
| Capital Expenditures | (2,247) | (2,326) | (2,372) | (2,420) | (2,468) | (2,517) |
| NWC Investment | (473) | (296) | (175) | (178) | (182) | (185) |
| (+) D&A | 5,135 | 5,622 | 5,735 | 5,849 | 5,966 | 6,086 |
| Free Cash Flow | 6,860 | 7,109 | 7,378 | 7,525 | 7,676 | 7,829 |
| % Growth | 4% | 4% | 2% | 2% | 2% | |