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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 12,0x - 13,3x | 12,7x |
| Selected Fwd EBIT Multiple | 10,6x - 11,8x | 11,2x |
| Fair Value | €14,12 - €18,09 | €16,10 |
| Upside | -16,5% - 7,1% | -4,7% |
| Benchmarks | Ticker | Full Ticker |
| Tokyo Printing Ink Mfg. Co., Ltd. | 4635 | TSE:4635 |
| Kaneka Corporation | 4118 | TSE:4118 |
| Taiyo Holdings Co., Ltd. | 4626 | TSE:4626 |
| Dainichiseika Color & Chemicals Mfg. Co., Ltd. | 4116 | TSE:4116 |
| LINTEC Corporation | 7966 | TSE:7966 |
| DIC Corporation | DPN | DB:DPN |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 4635 | 4118 | 4626 | 4116 | 7966 | DPN | ||
| TSE:4635 | TSE:4118 | TSE:4626 | TSE:4116 | TSE:7966 | DB:DPN | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 17.3% | 9.3% | 19.3% | 7.4% | 9.7% | 1.5% | |
| 3Y CAGR | 24.6% | -3.6% | 7.1% | -2.4% | 4.4% | 1.2% | |
| Latest Twelve Months | 71.7% | 24.3% | 21.2% | 52.4% | 131.1% | 140.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 1.2% | 4.8% | 17.3% | 4.0% | 6.4% | 4.1% | |
| Prior Fiscal Year | 1.8% | 4.1% | 17.4% | 3.8% | 3.8% | 1.7% | |
| Latest Fiscal Year | 2.8% | 4.8% | 18.5% | 5.6% | 7.8% | 4.2% | |
| Latest Twelve Months | 2.8% | 4.8% | 18.5% | 5.6% | 7.8% | 4.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.14x | 0.47x | 3.00x | 0.27x | 0.45x | 0.60x | |
| EV / LTM EBITDA | 2.3x | 4.6x | 11.3x | 2.8x | 3.4x | 6.2x | |
| EV / LTM EBIT | 5.0x | 9.8x | 16.2x | 4.8x | 5.8x | 13.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 4.8x | 5.8x | 16.2x | ||||
| Historical EV / LTM EBIT | 9.0x | 12.2x | 29.3x | ||||
| Selected EV / LTM EBIT | 12.0x | 12.7x | 13.3x | ||||
| (x) LTM EBIT | 49,101 | 49,101 | 49,101 | ||||
| (=) Implied Enterprise Value | 591,225 | 622,342 | 653,459 | ||||
| (-) Non-shareholder Claims * | (372,662) | (372,662) | (372,662) | ||||
| (=) Equity Value | 218,563 | 249,680 | 280,797 | ||||
| (/) Shares Outstanding | 94.7 | 94.7 | 94.7 | ||||
| Implied Value Range | 2,308.40 | 2,637.05 | 2,965.70 | ||||
| FX Rate: JPY/EUR | 166.3 | 166.3 | 166.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 13.88 | 15.85 | 17.83 | 16.90 | |||
| Upside / (Downside) | -17.9% | -6.2% | 5.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 4635 | 4118 | 4626 | 4116 | 7966 | DPN | |
| Enterprise Value | 6,549 | 382,225 | 356,879 | 33,132 | 141,750 | 638,812 | |
| (+) Cash & Short Term Investments | 3,697 | 45,639 | 44,903 | 24,251 | 55,511 | 61,718 | |
| (+) Investments & Other | 7,339 | 61,686 | 5,863 | 18,575 | 2,109 | 57,002 | |
| (-) Debt | (6,921) | (223,058) | (64,521) | (21,042) | (10,345) | (472,466) | |
| (-) Other Liabilities | (200) | (20,482) | (4) | (2,489) | (758) | (18,916) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 10,464 | 246,010 | 343,120 | 52,427 | 188,267 | 266,150 | |
| (/) Shares Outstanding | 2.6 | 62.9 | 55.5 | 17.2 | 65.9 | 94.7 | |
| Implied Stock Price | 4,085.00 | 3,909.00 | 6,180.00 | 3,055.00 | 2,857.00 | 2,811.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 166.33 | |
| Implied Stock Price (Trading Cur) | 4,085.00 | 3,909.00 | 6,180.00 | 3,055.00 | 2,857.00 | 16.90 | |
| Trading Currency | JPY | JPY | JPY | JPY | JPY | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 166.33 | |