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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 1,3x - 1,4x | 1,4x |
| Selected Fwd Revenue Multiple | 1,3x - 1,5x | 1,4x |
| Fair Value | €36,06 - €39,86 | €37,96 |
| Upside | 34,8% - 49,0% | 41,9% |
| 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 Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| 6326 | 5715 | 6305 | 6432 | 6141 | KOM1 | |||
| TSE:6326 | TSE:5715 | TSE:6305 | TSE:6432 | TSE:6141 | DB:KOM1 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 9.5% | 1.6% | 8.0% | 13.0% | 2.5% | 10.9% | ||
| 3Y CAGR | 11.1% | 5.6% | 10.2% | 14.8% | 11.6% | 13.6% | ||
| Latest Twelve Months | -2.0% | -3.4% | -2.5% | 0.3% | -3.9% | 6.2% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 10.2% | 4.2% | 9.4% | 13.7% | 6.7% | 12.6% | ||
| Prior Fiscal Year | 11.0% | 4.2% | 12.0% | 16.6% | 9.7% | 15.9% | ||
| Latest Fiscal Year | 10.8% | 4.5% | 11.5% | 17.4% | 7.1% | 16.0% | ||
| Latest Twelve Months | 9.6% | 4.3% | 11.5% | 17.4% | 5.4% | 16.0% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.82x | 0.48x | 1.01x | 0.83x | 0.96x | 1.29x | ||
| EV / LTM EBIT | 8.5x | 11.1x | 8.8x | 4.8x | 17.8x | 8.1x | ||
| Price / LTM Sales | 0.65x | 0.39x | 0.70x | 1.05x | 0.81x | 1.00x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.48x | 0.83x | 1.01x | |||||
| Historical EV / LTM Revenue | 1.22x | 1.37x | 1.64x | |||||
| Selected EV / LTM Revenue | 1.31x | 1.38x | 1.45x | |||||
| (x) LTM Revenue | 4,104,395 | 4,104,395 | 4,104,395 | |||||
| (=) Implied Enterprise Value | 5,369,065 | 5,651,647 | 5,934,230 | |||||
| (-) Non-shareholder Claims * | 0 | 0 | 0 | |||||
| (=) Equity Value | 5,369,065 | 5,651,647 | 5,934,230 | |||||
| (/) Shares Outstanding | 923.0 | 923.0 | 923.0 | |||||
| Implied Value Range | 5,816.66 | 6,122.80 | 6,428.94 | |||||
| FX Rate: JPY/EUR | 165.0 | 165.0 | 165.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 35.26 | 37.11 | 38.97 | 26.75 | ||||
| Upside / (Downside) | 31.8% | 38.7% | 45.7% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 6326 | 5715 | 6305 | 6432 | 6141 | KOM1 | |
| Enterprise Value | 2,423,120 | 92,023 | 1,378,886 | 176,532 | 506,434 | 4,073,642 | |
| (+) Cash & Short Term Investments | 210,170 | 17,644 | 178,460 | 46,482 | 41,615 | 0 | |
| (+) Investments & Other | 1,718,748 | 30,460 | 52,264 | 168 | 7,455 | 0 | |
| (-) Debt | (2,179,156) | (61,335) | (610,423) | 0 | (126,080) | 0 | |
| (-) Other Liabilities | (254,530) | (2,704) | (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 | 1,918,352 | 76,088 | 950,572 | 223,182 | 427,858 | 4,073,642 | |
| (/) Shares Outstanding | 1,149.7 | 35.4 | 212.7 | 46.2 | 141.8 | 923.0 | |
| Implied Stock Price | 1,668.50 | 2,150.00 | 4,469.00 | 4,830.00 | 3,018.00 | 4,413.24 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 164.98 | |
| Implied Stock Price (Trading Cur) | 1,668.50 | 2,150.00 | 4,469.00 | 4,830.00 | 3,018.00 | 26.75 | |
| Trading Currency | JPY | JPY | JPY | JPY | JPY | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 164.98 | |