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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 3.2x - 3.6x | 3.4x |
| Selected Fwd EBIT Multiple | 3.0x - 3.3x | 3.1x |
| Fair Value | ¥814.98 - ¥870.16 | ¥842.57 |
| Upside | 37.0% - 46.2% | 41.6% |
| Benchmarks | Ticker | Full Ticker |
| Iceco Inc. | 7698 | TSE:7698 |
| Oisix ra daichi Inc. | 3182 | TSE:3182 |
| Chubu Suisan Co.,Ltd. | 8145 | NSE:8145 |
| Poplar Co., Ltd. | 7601 | TSE:7601 |
| Taiyo Bussan Kaisha,Ltd. | 9941 | TSE:9941 |
| TAKAYOSHI Holdings, INC. | 9259 | TSE:9259 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 7698 | 3182 | 8145 | 7601 | 9941 | 9259 | ||
| TSE:7698 | TSE:3182 | NSE:8145 | TSE:7601 | TSE:9941 | TSE:9259 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 7.2% | 17.3% | 18.6% | NM- | 52.9% | 32.0% | |
| 3Y CAGR | -17.3% | -11.6% | 7.3% | NM- | 6.0% | 9.6% | |
| Latest Twelve Months | -2.7% | 71.1% | 24.8% | 24.8% | 21.3% | -8.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 0.8% | 4.2% | 0.6% | -1.9% | 0.6% | 13.1% | |
| Prior Fiscal Year | 0.3% | 2.9% | 0.3% | 0.4% | 0.8% | 13.8% | |
| Latest Fiscal Year | 0.9% | 3.5% | 1.0% | 3.2% | 1.4% | 11.6% | |
| Latest Twelve Months | 0.9% | 3.0% | 1.1% | 3.7% | 1.3% | 11.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.13x | 0.39x | -0.04x | 0.09x | 0.31x | 0.22x | |
| EV / LTM EBITDA | 9.2x | 7.4x | -2.9x | 2.3x | 24.2x | 1.4x | |
| EV / LTM EBIT | 15.1x | 13.0x | -3.5x | 2.3x | 24.8x | 1.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -3.5x | 13.0x | 24.8x | ||||
| Historical EV / LTM EBIT | 1.9x | 6.0x | 8.2x | ||||
| Selected EV / LTM EBIT | 3.2x | 3.4x | 3.6x | ||||
| (x) LTM EBIT | 906 | 906 | 906 | ||||
| (=) Implied Enterprise Value | 2,923 | 3,077 | 3,231 | ||||
| (-) Non-shareholder Claims * | 1,631 | 1,631 | 1,631 | ||||
| (=) Equity Value | 4,554 | 4,708 | 4,862 | ||||
| (/) Shares Outstanding | 5.6 | 5.6 | 5.6 | ||||
| Implied Value Range | 811.71 | 839.14 | 866.56 | ||||
| FX Rate: JPY/JPY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 811.71 | 839.14 | 866.56 | 595.00 | |||
| Upside / (Downside) | 36.4% | 41.0% | 45.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 7698 | 3182 | 8145 | 7601 | 9941 | 9259 | |
| Enterprise Value | 7,111 | 83,453 | (5,119) | 1,036 | 6,362 | 1,707 | |
| (+) Cash & Short Term Investments | 1,738 | 23,640 | 5,849 | 1,330 | 400 | 2,964 | |
| (+) Investments & Other | 710 | 7,630 | 3,773 | 470 | 375 | 735 | |
| (-) Debt | (2,580) | (59,138) | 0 | (479) | (5,414) | (2,068) | |
| (-) Other Liabilities | 0 | (8,973) | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 6,979 | 46,612 | 4,503 | 2,357 | 1,723 | 3,338 | |
| (/) Shares Outstanding | 3.9 | 34.7 | 1.6 | 11.8 | 1.9 | 5.6 | |
| Implied Stock Price | 1,787.00 | 1,342.00 | 2,750.00 | 200.00 | 891.00 | 595.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,787.00 | 1,342.00 | 2,750.00 | 200.00 | 891.00 | 595.00 | |
| 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 | |