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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 12.5% - 11.5% | 12.0% |
| Terminal Revenue Multiple | 0.4x - 0.4x | 0.4x |
| Fair Value | ¥362.25 - ¥697.56 | ¥526.94 |
| Upside | -59.8% - -22.7% | -41.6% |
| Select Revenue and EBITDA Forecast | ||||||
| (JPY in millions) | Input Projections | |||||
| Fiscal Years Ending | Sep-24 | Sep-25 | Sep-26 | Sep-27 | Sep-28 | Sep-29 |
| Revenue | 18,758 | 18,758 | 18,758 | 18,758 | 18,758 | 18,758 |
| % Growth | -6.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITDA | 274 | 232 | 232 | 232 | 232 | 232 |
| % of Revenue | 1.5% | 1.2% | 1.2% | 1.2% | 1.2% | 1.2% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (JPY in millions) | Sep-25 | Sep-26 | Sep-27 | Sep-28 | Sep-29 | |
| EBITDA | 232 | 232 | 232 | 232 | 232 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (7) | (7) | (7) | (7) | (7) | |
| EBIT | 225 | 225 | 225 | 225 | 225 | |
| Pro forma Taxes | (36) | (36) | (36) | (36) | (36) | |
| NOPAT | 224 | 189 | 189 | 189 | 189 | 189 |
| Capital Expenditures | (2) | (1) | (1) | (1) | (1) | (1) |
| NWC Investment | 341 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 7 | 7 | 7 | 7 | 7 | 7 |
| Free Cash Flow | 570 | 195 | 195 | 194 | 194 | 194 |
| % Growth | -66% | 0% | 0% | 0% | 0% | |