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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 11,6x - 12,9x | 12,3x |
| Selected Fwd EBIT Multiple | 11,0x - 12,2x | 11,6x |
| Fair Value | €20,76 - €24,50 | €22,63 |
| Upside | 0,8% - 18,9% | 9,8% |
| Benchmarks | Ticker | Full Ticker |
| LINTEC Corporation | 7966 | TSE:7966 |
| Kaneka Corporation | 4118 | TSE:4118 |
| Taiyo Holdings Co., Ltd. | 4626 | TSE:4626 |
| Nitto Denko Corporation | 6988 | TSE:6988 |
| artience Co., Ltd. | 4634 | TSE:4634 |
| DIC Corporation | DPN | DB:DPN |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 7966 | 4118 | 4626 | 6988 | 4634 | DPN | ||
| TSE:7966 | TSE:4118 | TSE:4626 | TSE:6988 | TSE:4634 | DB:DPN | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 9.7% | 9.3% | 19.3% | 22.2% | 9.2% | 1.5% | |
| 3Y CAGR | 4.4% | -3.6% | 7.1% | 12.8% | 16.2% | 1.2% | |
| Latest Twelve Months | 52.3% | 2.3% | 7.9% | 8.3% | 0.3% | 65.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 6.4% | 4.9% | 17.5% | 14.9% | 4.4% | 4.1% | |
| Prior Fiscal Year | 3.8% | 4.1% | 17.4% | 14.8% | 4.2% | 1.7% | |
| Latest Fiscal Year | 7.8% | 4.8% | 18.5% | 18.0% | 5.8% | 4.2% | |
| Latest Twelve Months | 7.5% | 4.6% | 18.8% | 17.6% | 5.5% | 4.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.63x | 0.49x | 3.77x | 2.00x | 0.35x | 0.56x | |
| EV / LTM EBITDA | 4.9x | 4.9x | 14.0x | 8.3x | 3.8x | 5.6x | |
| EV / LTM EBIT | 8.4x | 10.8x | 20.1x | 11.4x | 6.3x | 11.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 6.3x | 10.8x | 20.1x | ||||
| Historical EV / LTM EBIT | 9.0x | 12.2x | 29.3x | ||||
| Selected EV / LTM EBIT | 11.6x | 12.3x | 12.9x | ||||
| (x) LTM EBIT | 49,554 | 49,554 | 49,554 | ||||
| (=) Implied Enterprise Value | 576,768 | 607,124 | 637,480 | ||||
| (-) Non-shareholder Claims * | (243,923) | (243,923) | (243,923) | ||||
| (=) Equity Value | 332,845 | 363,201 | 393,557 | ||||
| (/) Shares Outstanding | 94.7 | 94.7 | 94.7 | ||||
| Implied Value Range | 3,515.44 | 3,836.05 | 4,156.67 | ||||
| FX Rate: JPY/EUR | 174.3 | 174.3 | 174.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 20.17 | 22.01 | 23.85 | 20.60 | |||
| Upside / (Downside) | -2.1% | 6.9% | 15.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 7966 | 4118 | 4626 | 6988 | 4634 | DPN | |
| Enterprise Value | 203,490 | 397,417 | 459,803 | 2,014,277 | 120,791 | 583,822 | |
| (+) Cash & Short Term Investments | 44,962 | 44,349 | 36,540 | 290,957 | 50,621 | 57,354 | |
| (+) Investments & Other | 0 | 59,736 | 0 | 6,391 | 66,528 | 185,137 | |
| (-) Debt | (8,456) | (212,313) | (62,161) | (468) | (73,189) | (467,426) | |
| (-) Other Liabilities | (740) | (20,876) | (4) | (1,029) | (10,778) | (18,988) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 239,256 | 268,313 | 434,178 | 2,310,128 | 153,973 | 339,899 | |
| (/) Shares Outstanding | 65.5 | 61.8 | 55.5 | 673.5 | 48.6 | 94.7 | |
| Implied Stock Price | 3,655.00 | 4,339.00 | 7,820.00 | 3,430.00 | 3,165.00 | 3,589.94 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 174.27 | |
| Implied Stock Price (Trading Cur) | 3,655.00 | 4,339.00 | 7,820.00 | 3,430.00 | 3,165.00 | 20.60 | |
| Trading Currency | JPY | JPY | JPY | JPY | JPY | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 174.27 | |