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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 25.4x - 28.1x | 26.7x |
Selected Fwd EBITDA Multiple | 26.3x - 29.1x | 27.7x |
Fair Value | 1.52$ - 2.54$ | 2.03$ |
Upside | -25.0% - 25.2% | 0.1% |
Benchmarks | Ticker | Full Ticker |
MEDIROM Healthcare Technologies Inc. | MRM | NasdaqCM:MRM |
Yatra Online, Inc. | YTRA | NasdaqCM:YTRA |
Sumitomo Realty & Development Co., Ltd. | SURY.Y | OTCPK:SURY.Y |
Ichigo Inc. | ICHI.F | OTCPK:ICHI.F |
Mitsubishi Estate Co., Ltd. | MITE.Y | OTCPK:MITE.Y |
SYLA Technologies Co., Ltd. | SYT | NasdaqCM:SYT |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
MRM | YTRA | SURY.Y | ICHI.F | MITE.Y | SYT | ||
NasdaqCM:MRM | NasdaqCM:YTRA | OTCPK:SURY.Y | OTCPK:ICHI.F | OTCPK:MITE.Y | NasdaqCM:SYT | ||
Historical EBITDA Growth | |||||||
5Y CAGR | NM- | NM- | 4.2% | -8.7% | 3.7% | NM- | |
3Y CAGR | NM- | NM- | 5.8% | 7.1% | 5.9% | 19.1% | |
Latest Twelve Months | -555.8% | 27.3% | 9.5% | 23.8% | 22.7% | -5.1% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | -4.7% | -17.5% | 31.8% | 26.6% | 26.4% | 6.2% | |
Prior Fiscal Year | 4.0% | -1.0% | 32.5% | 26.4% | 28.5% | 4.9% | |
Latest Fiscal Year | -2.0% | -5.5% | 33.9% | 21.7% | 25.0% | 7.7% | |
Latest Twelve Months | -4.2% | -1.4% | 33.8% | 20.0% | 25.9% | 6.2% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.51x | 0.73x | 5.55x | 3.49x | 3.51x | 1.61x | |
EV / LTM EBITDA | -12.0x | -51.9x | 16.4x | 17.4x | 13.5x | 25.8x | |
EV / LTM EBIT | -5.6x | -26.1x | 21.3x | 23.0x | 17.5x | 32.2x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | -51.9x | 13.5x | 17.4x | ||||
Historical EV / LTM EBITDA | 27.1x | 27.1x | 27.1x | ||||
Selected EV / LTM EBITDA | 25.4x | 26.7x | 28.1x | ||||
(x) LTM EBITDA | 1,498 | 1,498 | 1,498 | ||||
(=) Implied Enterprise Value | 38,073 | 40,077 | 42,081 | ||||
(-) Non-shareholder Claims * | (32,589) | (32,589) | (32,589) | ||||
(=) Equity Value | 5,484 | 7,488 | 9,491 | ||||
(/) Shares Outstanding | 26.5 | 26.5 | 26.5 | ||||
Implied Value Range | 206.79 | 282.35 | 357.91 | ||||
FX Rate: JPY/USD | 151.0 | 151.0 | 151.0 | Market Price | |||
Implied Value Range (Trading Cur) | 1.37 | 1.87 | 2.37 | 2.03 | |||
Upside / (Downside) | -32.4% | -7.7% | 17.0% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | MRM | YTRA | SURY.Y | ICHI.F | MITE.Y | SYT | |
Enterprise Value | 3,839 | 5,148 | 5,213,317 | 327,150 | 5,681,184 | 40,698 | |
(+) Cash & Short Term Investments | 145 | 1,883 | 70,469 | 53,243 | 306,149 | 2,670 | |
(+) Investments & Other | 82 | 12 | 1,005,385 | 29,172 | 866,455 | 2,643 | |
(-) Debt | (3,569) | (264) | (3,902,606) | (254,859) | (3,446,547) | (34,876) | |
(-) Other Liabilities | 1 | (2,447) | 0 | (10,938) | (222,688) | (3,026) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 498 | 4,332 | 2,386,565 | 143,768 | 3,184,553 | 8,109 | |
(/) Shares Outstanding | 7.9 | 58.5 | 930.0 | 363.5 | 1,246.0 | 26.5 | |
Implied Stock Price | 62.97 | 74.09 | 2,566.27 | 395.53 | 2,555.85 | 305.78 | |
FX Conversion Rate to Trading Currency | 150.97 | 85.65 | 150.97 | 150.97 | 150.97 | 150.97 | |
Implied Stock Price (Trading Cur) | 0.42 | 0.87 | 17.00 | 2.62 | 16.93 | 2.03 | |
Trading Currency | USD | USD | USD | USD | USD | USD | |
FX Rate to Reporting Currency | 150.97 | 85.65 | 150.97 | 150.97 | 150.97 | 150.97 |