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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 5,4x - 6,0x | 5,7x |
| Selected Fwd Revenue Multiple | 3,6x - 3,9x | 3,7x |
| Fair Value | €50,12 - €53,93 | €52,02 |
| Upside | -35,3% - -30,4% | -32,9% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| NEXON Co., Ltd. | 3659 | TSE:3659 |
| COLOPL, Inc. | 3668 | TSE:3668 |
| GREE Holdings, Inc. | 3632 | TSE:3632 |
| DeNA Co., Ltd. | 2432 | TSE:2432 |
| GungHo Online Entertainment, Inc. | 3765 | TSE:3765 |
| Nintendo Co., Ltd. | NTO | DB:NTO |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| 3659 | 3668 | 3632 | 2432 | 3765 | NTO | |||
| TSE:3659 | TSE:3668 | TSE:3632 | TSE:2432 | TSE:3765 | DB:NTO | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 12.4% | -7.8% | -2.9% | 2.0% | 0.4% | 6.8% | ||
| 3Y CAGR | 17.6% | -11.2% | 2.6% | -0.1% | -0.3% | -1.7% | ||
| Latest Twelve Months | 5.4% | -12.9% | -17.3% | 8.5% | -17.3% | -27.5% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 34.5% | 12.9% | 11.2% | 8.0% | 26.0% | 32.4% | ||
| Prior Fiscal Year | 31.2% | 8.6% | 16.6% | 3.7% | 22.2% | 31.5% | ||
| Latest Fiscal Year | 31.0% | -4.6% | 9.8% | 0.5% | 16.9% | 31.6% | ||
| Latest Twelve Months | 31.0% | -6.3% | 10.1% | 29.7% | 16.9% | 25.3% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 2.19x | 0.06x | 0.55x | 2.23x | 0.34x | 9.53x | ||
| EV / LTM EBIT | 7.1x | -1.0x | 5.5x | 7.5x | 2.0x | 37.6x | ||
| Price / LTM Sales | 4.17x | 2.35x | 1.50x | 2.73x | 1.55x | 11.67x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.06x | 0.55x | 2.23x | |||||
| Historical EV / LTM Revenue | 2.29x | 3.18x | 4.17x | |||||
| Selected EV / LTM Revenue | 5.39x | 5.68x | 5.96x | |||||
| (x) LTM Revenue | 1,233,287 | 1,233,287 | 1,233,287 | |||||
| (=) Implied Enterprise Value | 6,651,009 | 7,001,062 | 7,351,115 | |||||
| (-) Non-shareholder Claims * | 2,638,901 | 2,638,901 | 2,638,901 | |||||
| (=) Equity Value | 9,289,910 | 9,639,963 | 9,990,016 | |||||
| (/) Shares Outstanding | 1,164.2 | 1,164.2 | 1,164.2 | |||||
| Implied Value Range | 7,979.32 | 8,279.99 | 8,580.66 | |||||
| FX Rate: JPY/EUR | 161.9 | 161.9 | 161.9 | Market Price | ||||
| Implied Value Range (Trading Cur) | 49.29 | 51.15 | 53.00 | 77.50 | ||||
| Upside / (Downside) | -36.4% | -34.0% | -31.6% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 3659 | 3668 | 3632 | 2432 | 3765 | NTO | |
| Enterprise Value | 976,899 | 1,614 | 55,012 | 333,115 | 35,345 | 11,968,179 | |
| (+) Cash & Short Term Investments | 600,865 | 59,598 | 39,811 | 73,677 | 104,616 | 2,154,084 | |
| (+) Investments & Other | 333,109 | 0 | 11,707 | 57,351 | 45,391 | 485,922 | |
| (-) Debt | (39,998) | (833) | (16,700) | (46,584) | 0 | 0 | |
| (-) Other Liabilities | (11,512) | (7) | (89) | (9,952) | (24,759) | (1,105) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,859,363 | 60,372 | 89,741 | 407,607 | 160,593 | 14,607,080 | |
| (/) Shares Outstanding | 811.4 | 128.5 | 171.3 | 111.4 | 54.2 | 1,164.2 | |
| Implied Stock Price | 2,291.50 | 470.00 | 524.00 | 3,660.00 | 2,964.00 | 12,546.36 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 161.89 | |
| Implied Stock Price (Trading Cur) | 2,291.50 | 470.00 | 524.00 | 3,660.00 | 2,964.00 | 77.50 | |
| Trading Currency | JPY | JPY | JPY | JPY | JPY | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 161.89 | |