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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 9,2x - 10,1x | 9,7x |
| Selected Fwd EBIT Multiple | 6,5x - 7,2x | 6,8x |
| Fair Value | €11,24 - €12,78 | €12,01 |
| Upside | 7,0% - 21,7% | 14,4% |
| Benchmarks | Ticker | Full Ticker |
| DENSO Corporation | 6902 | TSE:6902 |
| Mitsuba Corporation | 7280 | TSE:7280 |
| Univance Corporation | 7254 | TSE:7254 |
| Tokai Rika Co., Ltd. | 6995 | TSE:6995 |
| Linamar Corporation | LNR | TSX:LNR |
| Aisin Corporation | AKN | DB:AKN |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 6902 | 7280 | 7254 | 6995 | LNR | AKN | ||
| TSE:6902 | TSE:7280 | TSE:7254 | TSE:6995 | TSX:LNR | DB:AKN | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 51.5% | 19.9% | NM- | 9.4% | 7.4% | 16.4% | |
| 3Y CAGR | 13.5% | 43.3% | 10.1% | 56.7% | 16.5% | 4.3% | |
| Latest Twelve Months | 35.9% | 0.0% | -7.7% | 23.0% | 8.3% | 38.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 5.0% | 3.7% | 3.8% | 3.5% | 8.1% | 3.2% | |
| Prior Fiscal Year | 5.3% | 6.1% | 8.3% | 4.6% | 8.2% | 3.0% | |
| Latest Fiscal Year | 7.2% | 6.1% | 7.5% | 5.7% | 8.8% | 4.1% | |
| Latest Twelve Months | 7.2% | 6.1% | 7.5% | 5.7% | 9.0% | 4.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.71x | 0.23x | 0.02x | 0.14x | 0.49x | 0.36x | |
| EV / LTM EBITDA | 5.7x | 2.2x | 0.1x | 1.5x | 3.3x | 3.7x | |
| EV / LTM EBIT | 9.8x | 3.8x | 0.2x | 2.4x | 5.4x | 8.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 0.2x | 3.8x | 9.8x | ||||
| Historical EV / LTM EBIT | 4.7x | 9.9x | 18.8x | ||||
| Selected EV / LTM EBIT | 9.2x | 9.7x | 10.1x | ||||
| (x) LTM EBIT | 202,942 | 202,942 | 202,942 | ||||
| (=) Implied Enterprise Value | 1,861,778 | 1,959,766 | 2,057,755 | ||||
| (-) Non-shareholder Claims * | (423,359) | (423,359) | (423,359) | ||||
| (=) Equity Value | 1,438,419 | 1,536,407 | 1,634,396 | ||||
| (/) Shares Outstanding | 757.7 | 757.7 | 757.7 | ||||
| Implied Value Range | 1,898.50 | 2,027.83 | 2,157.16 | ||||
| FX Rate: JPY/EUR | 166.2 | 166.2 | 166.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 11.43 | 12.20 | 12.98 | 10.50 | |||
| Upside / (Downside) | 8.8% | 16.2% | 23.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 6902 | 7280 | 7254 | 6995 | LNR | AKN | |
| Enterprise Value | 5,074,311 | 80,638 | (3,722) | 84,930 | 5,056 | 1,745,301 | |
| (+) Cash & Short Term Investments | 986,531 | 97,912 | 7,978 | 98,272 | 909 | 451,690 | |
| (+) Investments & Other | 123,901 | 32,037 | 4,597 | 32,579 | 2 | 78,247 | |
| (-) Debt | (699,384) | (160,315) | (578) | (11,062) | (2,198) | (697,295) | |
| (-) Other Liabilities | (210,652) | (15,188) | (5) | (21,801) | 0 | (256,001) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 5,274,707 | 35,084 | 8,270 | 182,918 | 3,769 | 1,321,942 | |
| (/) Shares Outstanding | 2,789.4 | 45.3 | 20.8 | 85.0 | 59.9 | 757.7 | |
| Implied Stock Price | 1,891.00 | 774.00 | 397.00 | 2,151.00 | 62.92 | 1,744.77 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 166.17 | |
| Implied Stock Price (Trading Cur) | 1,891.00 | 774.00 | 397.00 | 2,151.00 | 62.92 | 10.50 | |
| Trading Currency | JPY | JPY | JPY | JPY | CAD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 166.17 | |