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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 3.4x - 3.8x | 3.6x |
| Selected Fwd EBITDA Multiple | 3.3x - 3.7x | 3.5x |
| Fair Value | ¥1,379 - ¥1,461 | ¥1,420 |
| Upside | 8.4% - 14.8% | 11.6% |
| Benchmarks | Ticker | Full Ticker |
| Meidensha Corporation | 6508 | TSE:6508 |
| Yuken Kogyo Co., Ltd. | 6393 | TSE:6393 |
| Nippon Dry-Chemical Co., Ltd. | 1909 | TSE:1909 |
| Kuroda Precision Industries Ltd. | 7726 | TSE:7726 |
| Sanso Electric Co.,Ltd. | 6518 | TSE:6518 |
| Shinpo Co., Ltd. | 5903 | TSE:5903 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 6508 | 6393 | 1909 | 7726 | 6518 | 5903 | ||
| TSE:6508 | TSE:6393 | TSE:1909 | TSE:7726 | TSE:6518 | TSE:5903 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 4.0% | -3.6% | 19.7% | -4.7% | -0.4% | 7.9% | |
| 3Y CAGR | 8.0% | 15.9% | 10.0% | 9.9% | 10.0% | 15.7% | |
| Latest Twelve Months | 25.5% | 35.8% | 13.6% | -31.1% | -48.1% | 4.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 8.5% | 8.4% | 9.7% | 9.6% | 8.6% | 14.9% | |
| Prior Fiscal Year | 7.2% | 7.9% | 9.5% | 10.0% | 9.2% | 16.8% | |
| Latest Fiscal Year | 8.2% | 8.7% | 10.1% | 8.6% | 8.8% | 15.8% | |
| Latest Twelve Months | 10.2% | 9.4% | 11.5% | 7.4% | 5.8% | 15.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.69x | 0.29x | 0.46x | 0.38x | 0.04x | 0.50x | |
| EV / LTM EBITDA | 6.8x | 3.0x | 4.0x | 5.2x | 0.7x | 3.1x | |
| EV / LTM EBIT | 10.8x | 5.3x | 4.6x | 22.9x | -33.4x | 3.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 0.7x | 4.0x | 6.8x | ||||
| Historical EV / LTM EBITDA | 3.7x | 4.0x | 8.7x | ||||
| Selected EV / LTM EBITDA | 3.4x | 3.6x | 3.8x | ||||
| (x) LTM EBITDA | 1,180 | 1,180 | 1,180 | ||||
| (=) Implied Enterprise Value | 4,044 | 4,257 | 4,469 | ||||
| (-) Non-shareholder Claims * | 3,291 | 3,291 | 3,291 | ||||
| (=) Equity Value | 7,335 | 7,548 | 7,760 | ||||
| (/) Shares Outstanding | 5.5 | 5.5 | 5.5 | ||||
| Implied Value Range | 1,333.43 | 1,372.12 | 1,410.81 | ||||
| FX Rate: JPY/JPY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,333.43 | 1,372.12 | 1,410.81 | 1,272.00 | |||
| Upside / (Downside) | 4.8% | 7.9% | 10.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 6508 | 6393 | 1909 | 7726 | 6518 | 5903 | |
| Enterprise Value | 203,342 | 9,092 | 25,027 | 6,769 | 668 | 3,706 | |
| (+) Cash & Short Term Investments | 31,402 | 6,389 | 8,190 | 3,724 | 3,465 | 2,801 | |
| (+) Investments & Other | 26,414 | 5,252 | 5,724 | 2,611 | 1,473 | 530 | |
| (-) Debt | (54,822) | (7,462) | (5,716) | (7,266) | (1,998) | (40) | |
| (-) Other Liabilities | (3,325) | (3,668) | (4,913) | (194) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 203,011 | 9,603 | 28,312 | 5,644 | 3,608 | 6,997 | |
| (/) Shares Outstanding | 45.4 | 3.8 | 6.7 | 5.7 | 4.6 | 5.5 | |
| Implied Stock Price | 4,475.00 | 2,533.00 | 4,225.00 | 988.00 | 791.00 | 1,272.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 4,475.00 | 2,533.00 | 4,225.00 | 988.00 | 791.00 | 1,272.00 | |
| 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 | |