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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 8,8x - 9,7x | 9,2x |
| Selected Fwd EBIT Multiple | 7,9x - 8,7x | 8,3x |
| Fair Value | €7,10 - €7,72 | €7,41 |
| Upside | 14,4% - 24,6% | 19,5% |
| Benchmarks | Ticker | Full Ticker |
| Orvis Corporation | 7827 | TSE:7827 |
| Wood One Co.,Ltd. | 7898 | TSE:7898 |
| C.S. Lumber Co., Inc | 7808 | TSE:7808 |
| Awa Paper & Technological Company, Inc. | 3896 | TSE:3896 |
| Nankai Plywood Co.,Ltd. | 7887 | TSE:7887 |
| Hokuetsu Corporation | HPE | DB:HPE |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 7827 | 7898 | 7808 | 3896 | 7887 | HPE | ||
| TSE:7827 | TSE:7898 | TSE:7808 | TSE:3896 | TSE:7887 | DB:HPE | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | -7.5% | 17.3% | 11.8% | -11.0% | 11.9% | |
| 3Y CAGR | NM- | -17.7% | 15.6% | 17.0% | -23.7% | -1.0% | |
| Latest Twelve Months | NM | 239.6% | -29.0% | 21.7% | 13.4% | 28.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 5.1% | 1.9% | 11.2% | 1.3% | 6.2% | 4.9% | |
| Prior Fiscal Year | NA | -1.4% | 13.2% | 2.2% | 3.6% | 5.1% | |
| Latest Fiscal Year | 5.1% | 2.0% | 10.3% | 2.5% | 3.9% | 6.4% | |
| Latest Twelve Months | 5.1% | 2.0% | 8.3% | 2.5% | 3.9% | 6.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.55x | 0.48x | 0.46x | 1.09x | 0.13x | 0.46x | |
| EV / LTM EBITDA | 5.2x | 6.4x | 4.4x | 17.1x | 1.8x | 4.3x | |
| EV / LTM EBIT | 10.9x | 23.9x | 5.6x | 43.3x | 3.4x | 7.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 3.4x | 10.9x | 43.3x | ||||
| Historical EV / LTM EBIT | -81.6x | 7.2x | 16.0x | ||||
| Selected EV / LTM EBIT | 8.8x | 9.2x | 9.7x | ||||
| (x) LTM EBIT | 19,644 | 19,644 | 19,644 | ||||
| (=) Implied Enterprise Value | 172,142 | 181,202 | 190,262 | ||||
| (-) Non-shareholder Claims * | 30,436 | 30,436 | 30,436 | ||||
| (=) Equity Value | 202,578 | 211,638 | 220,698 | ||||
| (/) Shares Outstanding | 168.2 | 168.2 | 168.2 | ||||
| Implied Value Range | 1,204.45 | 1,258.32 | 1,312.19 | ||||
| FX Rate: JPY/EUR | 161.9 | 161.9 | 161.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 7.44 | 7.77 | 8.11 | 6.20 | |||
| Upside / (Downside) | 20.0% | 25.4% | 30.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 7827 | 7898 | 7808 | 3896 | 7887 | HPE | |
| Enterprise Value | 6,062 | 31,302 | 9,423 | 18,687 | 3,238 | 138,371 | |
| (+) Cash & Short Term Investments | 875 | 5,440 | 4,398 | 988 | 3,314 | 27,644 | |
| (+) Investments & Other | 211 | 11,717 | 729 | 572 | 3,333 | 94,163 | |
| (-) Debt | (4,776) | (39,929) | (9,367) | (14,140) | (4,209) | (90,630) | |
| (-) Other Liabilities | 0 | (906) | 0 | (2,205) | (53) | (741) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,372 | 7,624 | 5,183 | 3,902 | 5,623 | 168,807 | |
| (/) Shares Outstanding | 1.8 | 9.3 | 1.8 | 10.0 | 1.0 | 168.2 | |
| Implied Stock Price | 1,337.00 | 819.00 | 2,802.00 | 391.00 | 5,810.00 | 1,003.66 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 161.88 | |
| Implied Stock Price (Trading Cur) | 1,337.00 | 819.00 | 2,802.00 | 391.00 | 5,810.00 | 6.20 | |
| Trading Currency | JPY | JPY | JPY | JPY | JPY | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 161.88 | |