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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7.5x - 8.3x | 7.9x |
| Selected Fwd EBITDA Multiple | 5.0x - 5.6x | 5.3x |
| Fair Value | 1,545¥ - 1,694¥ | 1,619¥ |
| Upside | -22.6% - -15.1% | -18.8% |
| Benchmarks | Ticker | Full Ticker |
| AZ-COM MARUWA Holdings Inc. | 9090 | TSE:9090 |
| Kantsu Co.,Ltd. | 9326 | TSE:9326 |
| Sankyu Inc. | 9065 | TSE:9065 |
| AIT Corporation | 9381 | TSE:9381 |
| PHYZ Holdings Inc. | 9325 | TSE:9325 |
| Yamato Holdings Co., Ltd. | 9064 | TSE:9064 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 9090 | 9326 | 9065 | 9381 | 9325 | 9064 | ||
| TSE:9090 | TSE:9326 | TSE:9065 | TSE:9381 | TSE:9325 | TSE:9064 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 19.3% | NM- | 0.0% | 26.3% | NM- | -5.1% | |
| 3Y CAGR | 20.3% | NM- | 2.4% | 20.2% | 28.7% | -15.7% | |
| Latest Twelve Months | NM | NM | 9.8% | -4.8% | 9.3% | -30.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 8.1% | 4.4% | 9.9% | 7.8% | 4.5% | 6.0% | |
| Prior Fiscal Year | 7.8% | 7.6% | 10.0% | 8.7% | 5.6% | 5.6% | |
| Latest Fiscal Year | 8.5% | 6.4% | 9.8% | 9.9% | 5.4% | 4.8% | |
| Latest Twelve Months | NA | 3.1% | 10.2% | 9.0% | 5.3% | 3.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.80x | 0.35x | 0.53x | 0.47x | 0.25x | 0.35x | |
| EV / LTM EBITDA | 11.7x | 11.5x | 5.2x | 5.3x | 4.7x | 9.8x | |
| EV / LTM EBIT | 14.6x | 40.3x | 7.7x | 6.2x | 5.2x | 39.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.7x | 5.3x | 11.7x | ||||
| Historical EV / LTM EBITDA | 4.8x | 5.9x | 6.6x | ||||
| Selected EV / LTM EBITDA | 7.5x | 7.9x | 8.3x | ||||
| (x) LTM EBITDA | 62,795 | 62,795 | 62,795 | ||||
| (=) Implied Enterprise Value | 469,320 | 494,021 | 518,722 | ||||
| (-) Non-shareholder Claims * | 42,391 | 42,391 | 42,391 | ||||
| (=) Equity Value | 511,711 | 536,412 | 561,113 | ||||
| (/) Shares Outstanding | 329.4 | 329.4 | 329.4 | ||||
| Implied Value Range | 1,553.42 | 1,628.40 | 1,703.39 | ||||
| FX Rate: JPY/JPY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,553.42 | 1,628.40 | 1,703.39 | 1,994.50 | |||
| Upside / (Downside) | -22.1% | -18.4% | -14.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 9090 | 9326 | 9065 | 9381 | 9325 | 9064 | |
| Enterprise Value | 163,889 | 5,117 | 316,354 | 25,343 | 7,567 | 614,618 | |
| (+) Cash & Short Term Investments | 41,177 | 2,956 | 54,469 | 12,519 | 3,801 | 204,538 | |
| (+) Investments & Other | 10,795 | 2,405 | 67,309 | 2,824 | 958 | 54,135 | |
| (-) Debt | (43,183) | (6,977) | (106,013) | 0 | (1,972) | (207,493) | |
| (-) Other Liabilities | (2,599) | 0 | (3,612) | (371) | (92) | (8,789) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 170,079 | 3,501 | 328,507 | 40,315 | 10,262 | 657,009 | |
| (/) Shares Outstanding | 134.7 | 10.0 | 52.7 | 23.5 | 10.7 | 329.4 | |
| Implied Stock Price | 1,263.00 | 349.00 | 6,232.00 | 1,716.00 | 956.00 | 1,994.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,263.00 | 349.00 | 6,232.00 | 1,716.00 | 956.00 | 1,994.50 | |
| 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 | |