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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 12,0x - 13,3x | 12,7x |
| Selected Fwd EBIT Multiple | 14,1x - 15,6x | 14,8x |
| Fair Value | €8 - €9,89 | €8,95 |
| Upside | -16,6% - 3,1% | -6,8% |
| Benchmarks | Ticker | Full Ticker |
| Iseki & Co., Ltd. | 6310 | TSE:6310 |
| Takeuchi Mfg. Co., Ltd. | 6432 | TSE:6432 |
| Komatsu Ltd. | 6301 | TSE:6301 |
| Kawasaki Heavy Industries, Ltd. | 7012 | TSE:7012 |
| The Toro Company | TTC | NYSE:TTC |
| Kubota Corporation | KUO1 | DB:KUO1 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 6310 | 6432 | 6301 | 7012 | TTC | KUO1 | ||
| TSE:6310 | TSE:6432 | TSE:6301 | TSE:7012 | NYSE:TTC | DB:KUO1 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -6.9% | 24.0% | 20.4% | 14.3% | 6.6% | 9.2% | |
| 3Y CAGR | -22.6% | 27.9% | 26.6% | 38.2% | 1.0% | 10.2% | |
| Latest Twelve Months | 97.9% | 5.2% | 7.1% | 227.7% | 2.4% | -14.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 1.8% | 13.7% | 12.6% | 2.9% | 12.5% | 10.2% | |
| Prior Fiscal Year | 1.3% | 16.6% | 15.9% | 2.0% | 12.8% | 11.0% | |
| Latest Fiscal Year | 1.1% | 17.4% | 16.0% | 5.7% | 11.6% | 10.8% | |
| Latest Twelve Months | 1.5% | 17.4% | 16.0% | 5.7% | 11.5% | 9.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.52x | 0.78x | 1.06x | 1.09x | 1.85x | 1.28x | |
| EV / LTM EBITDA | 12.0x | 4.1x | 5.3x | 10.8x | 12.9x | 10.4x | |
| EV / LTM EBIT | 34.3x | 4.5x | 6.6x | 19.1x | 16.1x | 13.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 4.5x | 16.1x | 34.3x | ||||
| Historical EV / LTM EBIT | 10.1x | 11.4x | 19.4x | ||||
| Selected EV / LTM EBIT | 12.0x | 12.7x | 13.3x | ||||
| (x) LTM EBIT | 282,999 | 282,999 | 282,999 | ||||
| (=) Implied Enterprise Value | 3,409,075 | 3,588,500 | 3,767,925 | ||||
| (-) Non-shareholder Claims * | (1,927,560) | (1,927,560) | (1,927,560) | ||||
| (=) Equity Value | 1,481,515 | 1,660,940 | 1,840,365 | ||||
| (/) Shares Outstanding | 1,137.3 | 1,137.3 | 1,137.3 | ||||
| Implied Value Range | 1,302.67 | 1,460.44 | 1,618.20 | ||||
| FX Rate: JPY/EUR | 170.5 | 170.5 | 170.5 | Market Price | |||
| Implied Value Range (Trading Cur) | 7.64 | 8.57 | 9.49 | 9.59 | |||
| Upside / (Downside) | -20.3% | -10.7% | -1.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 6310 | 6432 | 6301 | 7012 | TTC | KUO1 | |
| Enterprise Value | 89,203 | 167,464 | 4,389,072 | 2,283,830 | 8,346 | 3,787,383 | |
| (+) Cash & Short Term Investments | 7,789 | 46,482 | 385,569 | 132,776 | 177 | 310,504 | |
| (+) Investments & Other | 10,169 | 1,612 | 967,797 | 214,051 | 51 | 239,949 | |
| (-) Debt | (74,093) | 0 | (1,220,702) | (889,510) | (1,212) | (2,223,483) | |
| (-) Other Liabilities | (4,270) | 0 | (171,454) | (22,148) | 0 | (254,530) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 28,798 | 215,558 | 4,350,282 | 1,718,999 | 7,362 | 1,859,823 | |
| (/) Shares Outstanding | 22.6 | 46.2 | 920.1 | 167.1 | 98.7 | 1,137.3 | |
| Implied Stock Price | 1,273.00 | 4,665.00 | 4,728.00 | 10,285.00 | 74.60 | 1,635.31 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 170.45 | |
| Implied Stock Price (Trading Cur) | 1,273.00 | 4,665.00 | 4,728.00 | 10,285.00 | 74.60 | 9.59 | |
| Trading Currency | JPY | JPY | JPY | JPY | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 170.45 | |