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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 6,9x - 7,6x | 7,3x |
| Selected Fwd EBIT Multiple | 6,2x - 6,9x | 6,6x |
| Fair Value | €23,77 - €25,29 | €24,53 |
| Upside | -11,3% - -5,6% | -8,5% |
| Benchmarks | Ticker | Full Ticker |
| Trelleborg AB (publ) | TBAB.F | OTCPK:TBAB.F |
| AGC Inc. | 5201 | TSE:5201 |
| Nippon Sheet Glass Company, Limited | 5202 | TSE:5202 |
| Makita Corporation | 6586 | TSE:6586 |
| Kawasaki Heavy Industries, Ltd. | 7012 | TSE:7012 |
| Noritake Co., Limited | NO4 | DB:NO4 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| TBAB.F | 5201 | 5202 | 6586 | 7012 | NO4 | ||
| OTCPK:TBAB.F | TSE:5201 | TSE:5202 | TSE:6586 | TSE:7012 | DB:NO4 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 3.4% | 3.0% | NM- | 10.8% | 14.3% | 19.4% | |
| 3Y CAGR | 13.4% | -16.5% | -6.6% | 5.3% | 38.2% | 3.0% | |
| Latest Twelve Months | -0.2% | 1088.2% | -29.4% | 57.0% | 183.1% | -11.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 15.6% | 7.8% | 2.6% | 10.7% | 3.0% | 6.2% | |
| Prior Fiscal Year | 16.1% | 6.5% | 4.4% | 8.9% | 2.0% | 7.8% | |
| Latest Fiscal Year | 16.0% | 5.7% | 2.0% | 14.2% | 5.7% | 7.4% | |
| Latest Twelve Months | 15.9% | 12.0% | 2.3% | 15.0% | NA | NA | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.62x | 0.79x | 0.63x | 1.42x | 1.13x | 0.62x | |
| EV / LTM EBITDA | 12.8x | 3.8x | 7.6x | 7.5x | 11.1x | 5.6x | |
| EV / LTM EBIT | 16.5x | 6.6x | 27.8x | 9.4x | 19.7x | 8.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 6.6x | 16.5x | 27.8x | ||||
| Historical EV / LTM EBIT | 2.0x | 3.3x | 13.6x | ||||
| Selected EV / LTM EBIT | 6.9x | 7.3x | 7.6x | ||||
| (x) LTM EBIT | 9,771 | 9,771 | 9,771 | ||||
| (=) Implied Enterprise Value | 67,595 | 71,152 | 74,710 | ||||
| (-) Non-shareholder Claims * | 45,544 | 45,544 | 45,544 | ||||
| (=) Equity Value | 113,139 | 116,696 | 120,254 | ||||
| (/) Shares Outstanding | 27.5 | 27.5 | 27.5 | ||||
| Implied Value Range | 4,119.92 | 4,249.47 | 4,379.02 | ||||
| FX Rate: JPY/EUR | 177.5 | 177.5 | 177.5 | Market Price | |||
| Implied Value Range (Trading Cur) | 23.20 | 23.93 | 24.66 | 26.80 | |||
| Upside / (Downside) | -13.4% | -10.7% | -8.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TBAB.F | 5201 | 5202 | 6586 | 7012 | NO4 | |
| Enterprise Value | 89,585 | 1,625,604 | 523,120 | 1,066,859 | 2,386,397 | 85,125 | |
| (+) Cash & Short Term Investments | 2,073 | 100,492 | 41,055 | 236,547 | 88,660 | 16,137 | |
| (+) Investments & Other | 14 | 180,376 | 47,037 | 0 | 121,962 | 43,348 | |
| (-) Debt | (10,770) | (650,792) | (528,872) | (22,913) | (820,543) | (13,055) | |
| (-) Other Liabilities | (4) | (219,389) | (29,345) | (6,663) | (58,314) | (886) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 80,898 | 1,036,291 | 52,995 | 1,273,830 | 1,718,162 | 130,669 | |
| (/) Shares Outstanding | 226.6 | 212.4 | 96.5 | 264.5 | 167.1 | 27.5 | |
| Implied Stock Price | 356.96 | 4,880.00 | 549.00 | 4,816.00 | 10,280.00 | 4,758.29 | |
| FX Conversion Rate to Trading Currency | 9.44 | 1.00 | 1.00 | 1.00 | 1.00 | 177.55 | |
| Implied Stock Price (Trading Cur) | 37.83 | 4,880.00 | 549.00 | 4,816.00 | 10,280.00 | 26.80 | |
| Trading Currency | USD | JPY | JPY | JPY | JPY | EUR | |
| FX Rate to Reporting Currency | 9.44 | 1.00 | 1.00 | 1.00 | 1.00 | 177.55 | |