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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 10.0x - 11.1x | 10.6x |
| Selected Fwd EBIT Multiple | 8.8x - 9.7x | 9.2x |
| Fair Value | 6.31$ - 7.18$ | 6.75$ |
| Upside | -60.7% - -55.3% | -58.0% |
| Benchmarks | Ticker | Full Ticker |
| Japan Communications Inc. | 9424 | TSE:9424 |
| Nippon Telegraph and Telephone Corporation | 9432 | TSE:9432 |
| MTN Group Limited | MTNO.F | OTCPK:MTNO.F |
| SoftBank Corp. | 9434 | TSE:9434 |
| Okinawa Cellular Telephone Company | 9436 | TSE:9436 |
| KDDI Corporation | KDDI.Y | OTCPK:KDDI.Y |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 9424 | 9432 | MTNO.F | 9434 | 9436 | KDDI.Y | ||
| TSE:9424 | TSE:9432 | OTCPK:MTNO.F | TSE:9434 | TSE:9436 | OTCPK:KDDI.Y | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | -0.7% | 3.6% | 3.5% | 5.6% | -1.5% | |
| 3Y CAGR | NM- | 1.2% | -5.7% | -4.3% | 5.6% | -3.2% | |
| Latest Twelve Months | -0.1% | 9.3% | -24.2% | 88.0% | 3.1% | -6.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 3.4% | 14.5% | 27.0% | 16.0% | 20.6% | 18.3% | |
| Prior Fiscal Year | 12.2% | 13.9% | 25.8% | 12.8% | 20.6% | 17.9% | |
| Latest Fiscal Year | 15.4% | 14.4% | 22.9% | 14.2% | 21.8% | 16.2% | |
| Latest Twelve Months | 11.6% | 14.3% | 22.9% | 14.9% | 20.8% | 16.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.49x | 1.75x | 1.77x | 1.96x | 2.46x | 2.05x | |
| EV / LTM EBITDA | 17.8x | 6.5x | 5.1x | 7.4x | 8.5x | 7.3x | |
| EV / LTM EBIT | 21.4x | 12.2x | 7.7x | 13.1x | 11.8x | 12.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 7.7x | 12.2x | 21.4x | ||||
| Historical EV / LTM EBIT | 6.5x | 6.9x | 10.1x | ||||
| Selected EV / LTM EBIT | 10.0x | 10.6x | 11.1x | ||||
| (x) LTM EBIT | 950,006 | 950,006 | 950,006 | ||||
| (=) Implied Enterprise Value | 9,534,332 | 10,036,139 | 10,537,946 | ||||
| (-) Non-shareholder Claims * | (2,294,875) | (2,294,875) | (2,294,875) | ||||
| (=) Equity Value | 7,239,457 | 7,741,264 | 8,243,071 | ||||
| (/) Shares Outstanding | 8,003.6 | 8,003.6 | 8,003.6 | ||||
| Implied Value Range | 904.53 | 967.22 | 1,029.92 | ||||
| FX Rate: JPY/USD | 151.0 | 151.0 | 151.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 5.99 | 6.40 | 6.82 | 16.05 | |||
| Upside / (Downside) | -62.7% | -60.1% | -57.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 9424 | 9432 | MTNO.F | 9434 | 9436 | KDDI.Y | |
| Enterprise Value | 21,437 | 23,780,107 | 298,056 | 12,290,254 | 198,855 | 21,697,135 | |
| (+) Cash & Short Term Investments | 2,730 | 1,198,183 | 39,263 | 1,890,824 | 3,086 | 900,929 | |
| (+) Investments & Other | 160 | 430,608 | 28,878 | 3,653,910 | 3,099 | 1,578,744 | |
| (-) Debt | (45) | (12,092,802) | (158,322) | (6,215,808) | (12) | (4,232,052) | |
| (-) Other Liabilities | (60) | (1,120,894) | (15,002) | (1,518,706) | (2,570) | (542,496) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 24,223 | 12,195,202 | 192,873 | 10,100,474 | 202,458 | 19,402,260 | |
| (/) Shares Outstanding | 165.9 | 82,738.4 | 1,806.6 | 47,509.7 | 47.1 | 8,003.6 | |
| Implied Stock Price | 146.00 | 147.39 | 106.76 | 212.60 | 4,299.86 | 2,424.19 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 18.25 | 1.00 | 1.00 | 151.04 | |
| Implied Stock Price (Trading Cur) | 146.00 | 147.39 | 5.85 | 212.60 | 4,299.86 | 16.05 | |
| Trading Currency | JPY | JPY | USD | JPY | JPY | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 18.25 | 1.00 | 1.00 | 151.04 | |