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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6,7x - 7,4x | 7,1x |
| Selected Fwd EBITDA Multiple | 7,4x - 8,2x | 7,8x |
| Fair Value | €37,64 - €41,61 | €39,62 |
| Upside | 40,2% - 55,0% | 47,6% |
| Benchmarks | Ticker | Full Ticker |
| Kubota Corporation | 6326 | TSE:6326 |
| Furukawa Co.,Ltd. | 5715 | TSE:5715 |
| Hitachi Construction Machinery Co., Ltd. | 6305 | TSE:6305 |
| Takeuchi Mfg. Co., Ltd. | 6432 | TSE:6432 |
| DMG Mori Co., Ltd. | 6141 | TSE:6141 |
| Komatsu Ltd. | KOM1 | DB:KOM1 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 6326 | 5715 | 6305 | 6432 | 6141 | KOM1 | ||
| TSE:6326 | TSE:5715 | TSE:6305 | TSE:6432 | TSE:6141 | DB:KOM1 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 10.1% | 0.8% | 13.1% | 23.6% | 1.0% | 15.8% | |
| 3Y CAGR | 12.1% | 10.9% | 13.3% | 28.3% | 13.5% | 21.0% | |
| Latest Twelve Months | -9.2% | 15.3% | -2.2% | 5.9% | -33.7% | 5.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 12.7% | 6.4% | 14.7% | 15.1% | 12.2% | 17.3% | |
| Prior Fiscal Year | 13.2% | 6.9% | 16.9% | 18.2% | 14.4% | 19.9% | |
| Latest Fiscal Year | 13.4% | 7.4% | 16.9% | 19.2% | 11.4% | 19.8% | |
| Latest Twelve Months | 12.4% | 7.4% | 16.9% | 19.2% | 10.0% | 19.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.82x | 0.34x | 0.98x | 0.79x | 0.94x | 1.27x | |
| EV / LTM EBITDA | 6.6x | 4.8x | 5.8x | 4.1x | 9.5x | 6.4x | |
| EV / LTM EBIT | 8.5x | 7.0x | 8.5x | 4.5x | 17.5x | 7.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.1x | 5.8x | 9.5x | ||||
| Historical EV / LTM EBITDA | 6.4x | 6.9x | 12.0x | ||||
| Selected EV / LTM EBITDA | 6.7x | 7.1x | 7.4x | ||||
| (x) LTM EBITDA | 810,906 | 810,906 | 810,906 | ||||
| (=) Implied Enterprise Value | 5,458,125 | 5,745,394 | 6,032,664 | ||||
| (-) Non-shareholder Claims * | 0 | 0 | 0 | ||||
| (=) Equity Value | 5,458,125 | 5,745,394 | 6,032,664 | ||||
| (/) Shares Outstanding | 923.0 | 923.0 | 923.0 | ||||
| Implied Value Range | 5,913.14 | 6,224.36 | 6,535.58 | ||||
| FX Rate: JPY/EUR | 162.9 | 162.9 | 162.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 36.30 | 38.21 | 40.12 | 26.85 | |||
| Upside / (Downside) | 35.2% | 42.3% | 49.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 6326 | 5715 | 6305 | 6432 | 6141 | KOM1 | |
| Enterprise Value | 2,412,198 | 68,570 | 1,346,130 | 167,753 | 498,779 | 4,037,409 | |
| (+) Cash & Short Term Investments | 210,170 | 24,846 | 178,460 | 46,482 | 41,615 | 0 | |
| (+) Investments & Other | 1,718,748 | 39,706 | 52,264 | 168 | 7,455 | 0 | |
| (-) Debt | (2,179,156) | (57,200) | (610,423) | 0 | (126,080) | 0 | |
| (-) Other Liabilities | (254,530) | (2,763) | (48,615) | 0 | (1,566) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,907,430 | 73,159 | 917,816 | 214,403 | 420,203 | 4,037,409 | |
| (/) Shares Outstanding | 1,149.7 | 34.6 | 212.7 | 46.2 | 141.8 | 923.0 | |
| Implied Stock Price | 1,659.00 | 2,112.00 | 4,315.00 | 4,640.00 | 2,964.00 | 4,373.99 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 162.90 | |
| Implied Stock Price (Trading Cur) | 1,659.00 | 2,112.00 | 4,315.00 | 4,640.00 | 2,964.00 | 26.85 | |
| Trading Currency | JPY | JPY | JPY | JPY | JPY | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 162.90 | |