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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 4,0x - 4,4x | 4,2x |
| Selected Fwd EBITDA Multiple | 4,6x - 5,1x | 4,8x |
| Fair Value | €11,88 - €13,29 | €12,58 |
| Upside | 5,1% - 17,6% | 11,4% |
| Benchmarks | Ticker | Full Ticker |
| Honda Motor Co., Ltd. | 7267 | TSE:7267 |
| Toyota Motor Corporation | 7203 | TSE:7203 |
| DongFeng Automobile Co. LTD | 600006 | SHSE:600006 |
| Renault SA | RNO | ENXTPA:RNO |
| Volkswagen AG | VLKA.F | OTCPK:VLKA.F |
| Isuzu Motors Limited | ISU | DB:ISU |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 7267 | 7203 | 600006 | RNO | VLKA.F | ISU | ||
| TSE:7267 | TSE:7203 | SHSE:600006 | ENXTPA:RNO | OTCPK:VLKA.F | DB:ISU | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 8.0% | 12.8% | NM- | 3.1% | 2.2% | 9.4% | |
| 3Y CAGR | 9.7% | 13.5% | NM- | 17.5% | 3.2% | 5.8% | |
| Latest Twelve Months | -27.5% | 0.2% | -117.3% | 0.6% | -12.2% | -16.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 12.3% | 13.9% | -1.3% | 9.2% | 11.2% | 11.1% | |
| Prior Fiscal Year | 13.2% | 15.6% | -3.5% | 11.7% | 10.6% | 12.2% | |
| Latest Fiscal Year | 9.0% | 14.6% | -8.5% | 10.9% | 10.5% | 10.7% | |
| Latest Twelve Months | 9.0% | 14.6% | -8.5% | 10.9% | 9.0% | 10.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.51x | 0.95x | 0.81x | 0.81x | 0.82x | 0.48x | |
| EV / LTM EBITDA | 5.7x | 6.5x | -9.5x | 7.4x | 9.1x | 4.4x | |
| EV / LTM EBIT | 9.2x | 9.5x | -7.6x | 11.0x | 12.7x | 6.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -9.5x | 6.5x | 9.1x | ||||
| Historical EV / LTM EBITDA | 3.8x | 4.4x | 5.0x | ||||
| Selected EV / LTM EBITDA | 4.0x | 4.2x | 4.4x | ||||
| (x) LTM EBITDA | 343,476 | 343,476 | 343,476 | ||||
| (=) Implied Enterprise Value | 1,371,522 | 1,443,707 | 1,515,893 | ||||
| (-) Non-shareholder Claims * | (178,105) | (178,105) | (178,105) | ||||
| (=) Equity Value | 1,193,417 | 1,265,602 | 1,337,788 | ||||
| (/) Shares Outstanding | 712.0 | 712.0 | 712.0 | ||||
| Implied Value Range | 1,676.14 | 1,777.52 | 1,878.90 | ||||
| FX Rate: JPY/EUR | 162.7 | 162.7 | 162.7 | Market Price | |||
| Implied Value Range (Trading Cur) | 10.30 | 10.92 | 11.55 | 11.30 | |||
| Upside / (Downside) | -8.9% | -3.3% | 2.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 7267 | 7203 | 600006 | RNO | VLKA.F | ISU | |
| Enterprise Value | 11,144,465 | 45,478,278 | 8,873 | 45,718 | 269,507 | 1,487,458 | |
| (+) Cash & Short Term Investments | 4,737,273 | 13,026,716 | 4,201 | 23,075 | 49,987 | 386,842 | |
| (+) Investments & Other | 2,116,073 | 15,680,892 | 1,476 | 17,070 | 0 | 274,579 | |
| (-) Debt | (11,752,706) | (38,792,879) | (177) | (71,690) | (252,054) | (675,937) | |
| (-) Other Liabilities | (301,293) | (954,088) | (293) | (793) | (15,541) | (163,589) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 5,943,812 | 34,438,919 | 14,080 | 13,380 | 51,899 | 1,309,353 | |
| (/) Shares Outstanding | 4,227.5 | 13,032.7 | 2,000.0 | 272.7 | 501.3 | 712.0 | |
| Implied Stock Price | 1,406.00 | 2,642.50 | 7.04 | 49.06 | 103.53 | 1,838.97 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.90 | 162.74 | |
| Implied Stock Price (Trading Cur) | 1,406.00 | 2,642.50 | 7.04 | 49.06 | 115.43 | 11.30 | |
| Trading Currency | JPY | JPY | CNY | EUR | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.90 | 162.74 | |