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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 6,4x - 7,0x | 6,7x |
| Selected Fwd EBIT Multiple | 6,1x - 6,8x | 6,4x |
| Fair Value | €11,28 - €12,67 | €11,98 |
| Upside | -3,6% - 8,3% | 2,4% |
| Benchmarks | Ticker | Full Ticker |
| Honda Motor Co., Ltd. | 7267 | TSE:7267 |
| Toyota Motor Corporation | 7203 | TSE:7203 |
| DongFeng Automobile Co. LTD | 600006 | SHSE:600006 |
| Volkswagen AG | VLKA.F | PINC:VLKA.F |
| Renault SA | RNO | ENXTPA:RNO |
| Isuzu Motors Limited | ISU | DB:ISU |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 7267 | 7203 | 600006 | VLKA.F | RNO | ISU | ||
| TSE:7267 | TSE:7203 | SHSE:600006 | PINC:VLKA.F | ENXTPA:RNO | DB:ISU | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 11.7% | 16.9% | NM- | 3.7% | 9.5% | 10.6% | |
| 3Y CAGR | 27.9% | 34.6% | NM- | 5.9% | 54.7% | 45.2% | |
| Latest Twelve Months | 28.7% | -1.4% | -51.3% | -4.9% | 4.1% | -25.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 5.4% | 9.1% | -2.8% | 7.2% | 4.2% | 7.3% | |
| Prior Fiscal Year | 4.6% | 7.3% | -3.1% | 7.5% | 7.7% | 7.9% | |
| Latest Fiscal Year | 6.8% | 11.9% | -5.8% | 7.1% | 7.4% | 8.7% | |
| Latest Twelve Months | 6.6% | 10.3% | -8.5% | 7.1% | 7.4% | 7.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.51x | 0.96x | 0.83x | 0.79x | 0.80x | 0.50x | |
| EV / LTM EBITDA | 4.1x | 6.7x | -13.4x | 7.5x | 7.3x | 4.6x | |
| EV / LTM EBIT | 7.7x | 9.3x | -9.7x | 11.1x | 10.8x | 6.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -9.7x | 9.3x | 11.1x | ||||
| Historical EV / LTM EBIT | 3.8x | 5.7x | 9.0x | ||||
| Selected EV / LTM EBIT | 6.4x | 6.7x | 7.0x | ||||
| (x) LTM EBIT | 232,010 | 232,010 | 232,010 | ||||
| (=) Implied Enterprise Value | 1,475,672 | 1,553,339 | 1,631,006 | ||||
| (-) Non-shareholder Claims * | (219,797) | (219,797) | (219,797) | ||||
| (=) Equity Value | 1,255,875 | 1,333,542 | 1,411,209 | ||||
| (/) Shares Outstanding | 716.3 | 716.3 | 716.3 | ||||
| Implied Value Range | 1,753.24 | 1,861.67 | 1,970.10 | ||||
| FX Rate: JPY/EUR | 162.9 | 162.9 | 162.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 10.76 | 11.43 | 12.10 | 11.70 | |||
| Upside / (Downside) | -8.0% | -2.3% | 3.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 7267 | 7203 | 600006 | VLKA.F | RNO | ISU | |
| Enterprise Value | 11,063,701 | 44,644,991 | 9,036 | 254,153 | 45,099 | 1,584,898 | |
| (+) Cash & Short Term Investments | 5,224,539 | 13,881,381 | 4,153 | 47,199 | 23,075 | 379,122 | |
| (+) Investments & Other | 2,127,118 | 17,057,548 | 1,439 | 16,000 | 17,070 | 279,737 | |
| (-) Debt | (11,863,875) | (39,579,686) | (178) | (254,081) | (71,690) | (713,713) | |
| (-) Other Liabilities | (303,379) | (946,255) | (289) | (14,437) | (793) | (164,943) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 6,248,104 | 35,057,979 | 14,160 | 48,834 | 12,761 | 1,365,101 | |
| (/) Shares Outstanding | 4,346.5 | 13,032.7 | 2,000.0 | 501.3 | 272.7 | 716.3 | |
| Implied Stock Price | 1,437.50 | 2,690.00 | 7.08 | 97.42 | 46.79 | 1,905.73 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.88 | 1.00 | 162.88 | |
| Implied Stock Price (Trading Cur) | 1,437.50 | 2,690.00 | 7.08 | 110.60 | 46.79 | 11.70 | |
| Trading Currency | JPY | JPY | CNY | USD | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.88 | 1.00 | 162.88 | |