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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 1,6x - 1,7x | 1,7x |
| Selected Fwd Revenue Multiple | 1,4x - 1,6x | 1,5x |
| Fair Value | €18,98 - €20,48 | €19,73 |
| Upside | 32,1% - 42,6% | 37,3% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Japan Communications Inc. | 9424 | TSE:9424 |
| Nippon Telegraph and Telephone Corporation | 9432 | TSE:9432 |
| Internet Initiative Japan Inc. | 3774 | TSE:3774 |
| MTN Group Limited | MTNO.F | OTCPK:MTNO.F |
| SoftBank Corp. | 9434 | TSE:9434 |
| KDDI Corporation | DIP | DB:DIP |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| 9424 | 9432 | 3774 | MTNO.F | 9434 | DIP | |||
| TSE:9424 | TSE:9432 | TSE:3774 | OTCPK:MTNO.F | TSE:9434 | DB:DIP | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 21.4% | 2.9% | 9.2% | 4.5% | 6.1% | 2.5% | ||
| 3Y CAGR | 25.9% | 4.1% | 11.9% | 1.3% | 4.8% | 2.8% | ||
| Latest Twelve Months | 24.8% | 2.5% | 14.8% | -14.8% | 7.6% | 2.8% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 4.9% | 14.4% | 9.1% | 27.0% | 15.8% | 18.2% | ||
| Prior Fiscal Year | 15.4% | 14.4% | 10.5% | 25.8% | 14.2% | 16.2% | ||
| Latest Fiscal Year | 10.4% | 12.0% | 9.5% | 22.9% | 14.7% | 18.4% | ||
| Latest Twelve Months | 10.4% | 12.0% | 9.5% | 22.9% | 14.7% | 18.4% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 2.60x | 1.71x | 1.34x | 1.81x | 2.35x | 1.06x | ||
| EV / LTM EBIT | 24.9x | 13.0x | 14.1x | 7.9x | 16.0x | 5.8x | ||
| Price / LTM Sales | 2.84x | 0.91x | 1.56x | 1.25x | 1.62x | 1.57x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.34x | 1.81x | 2.60x | |||||
| Historical EV / LTM Revenue | 1.06x | 1.26x | 1.82x | |||||
| Selected EV / LTM Revenue | 1.57x | 1.66x | 1.74x | |||||
| (x) LTM Revenue | 5,917,953 | 5,917,953 | 5,917,953 | |||||
| (=) Implied Enterprise Value | 9,308,703 | 9,798,635 | 10,288,567 | |||||
| (-) Non-shareholder Claims * | 3,041,260 | 3,041,260 | 3,041,260 | |||||
| (=) Equity Value | 12,349,963 | 12,839,895 | 13,329,827 | |||||
| (/) Shares Outstanding | 3,826.7 | 3,826.7 | 3,826.7 | |||||
| Implied Value Range | 3,227.28 | 3,355.31 | 3,483.33 | |||||
| FX Rate: JPY/EUR | 168.3 | 168.3 | 168.3 | Market Price | ||||
| Implied Value Range (Trading Cur) | 19.17 | 19.93 | 20.69 | 14.37 | ||||
| Upside / (Downside) | 33.5% | 38.8% | 44.1% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 9424 | 9432 | 3774 | MTNO.F | 9434 | DIP | |
| Enterprise Value | 23,673 | 18,590,549 | 421,942 | 340,834 | 15,259,517 | 6,211,527 | |
| (+) Cash & Short Term Investments | 4,300 | 1,000,994 | 32,534 | 39,263 | 1,435,525 | 921,175 | |
| (+) Investments & Other | 166 | 5,187,939 | 71,133 | 28,878 | 1,275,272 | 7,080,146 | |
| (-) Debt | (2,040) | (11,171,213) | (33,616) | (158,322) | (5,962,152) | (4,437,561) | |
| (-) Other Liabilities | (52) | (1,123,052) | (1,403) | (15,002) | (1,521,741) | (522,500) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 26,048 | 12,485,217 | 490,590 | 235,651 | 10,486,421 | 9,252,787 | |
| (/) Shares Outstanding | 165.9 | 82,738.4 | 176.9 | 1,806.6 | 47,622.3 | 3,826.7 | |
| Implied Stock Price | 157.00 | 150.90 | 2,773.00 | 130.44 | 220.20 | 2,417.93 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 17.75 | 1.00 | 168.32 | |
| Implied Stock Price (Trading Cur) | 157.00 | 150.90 | 2,773.00 | 7.35 | 220.20 | 14.37 | |
| Trading Currency | JPY | JPY | JPY | USD | JPY | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 17.75 | 1.00 | 168.32 | |