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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 8,6x - 9,5x | 9,0x |
| Selected Fwd EBIT Multiple | 6,9x - 7,6x | 7,3x |
| Fair Value | €19,47 - €21,70 | €20,59 |
| Upside | 7,6% - 19,9% | 13,7% |
| Benchmarks | Ticker | Full Ticker |
| Hamakyorex Co., Ltd. | 9037 | TSE:9037 |
| The Keihin Co., Ltd. | 9312 | TSE:9312 |
| Loginet Japan Co., Ltd. | 9027 | SPSE:9027 |
| Chuo Warehouse Co.,Ltd. | 9319 | TSE:9319 |
| Takase Corporation | 9087 | TSE:9087 |
| Being Holdings Co., Ltd. | SO0 | DB:SO0 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 9037 | 9312 | 9027 | 9319 | 9087 | SO0 | ||
| TSE:9037 | TSE:9312 | SPSE:9027 | TSE:9319 | TSE:9087 | DB:SO0 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 5.3% | 8.8% | 1.9% | 6.6% | -13.9% | 32.9% | |
| 3Y CAGR | 5.9% | -2.6% | 2.1% | 5.5% | -34.0% | 26.1% | |
| Latest Twelve Months | 7.0% | 8.7% | 16.0% | 13.2% | -53.5% | 33.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 8.8% | 5.7% | 4.9% | 7.5% | 2.5% | 6.2% | |
| Prior Fiscal Year | 8.8% | 5.7% | 4.3% | 7.3% | 2.1% | 6.8% | |
| Latest Fiscal Year | 9.0% | 5.7% | 4.7% | 7.9% | 1.0% | 7.4% | |
| Latest Twelve Months | 9.0% | 5.7% | 4.7% | 7.9% | 1.0% | 8.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.76x | 0.12x | 0.24x | 0.37x | 0.05x | 0.66x | |
| EV / LTM EBITDA | 5.7x | 1.2x | 3.4x | 2.6x | 0.9x | 6.4x | |
| EV / LTM EBIT | 8.4x | 2.1x | 5.2x | 4.7x | 4.7x | 8.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 2.1x | 4.7x | 8.4x | ||||
| Historical EV / LTM EBIT | 7.9x | 11.8x | 12.6x | ||||
| Selected EV / LTM EBIT | 8.6x | 9.0x | 9.5x | ||||
| (x) LTM EBIT | 2,456 | 2,456 | 2,456 | ||||
| (=) Implied Enterprise Value | 21,100 | 22,210 | 23,321 | ||||
| (-) Non-shareholder Claims * | (1,671) | (1,671) | (1,671) | ||||
| (=) Equity Value | 19,429 | 20,539 | 21,650 | ||||
| (/) Shares Outstanding | 6.0 | 6.0 | 6.0 | ||||
| Implied Value Range | 3,224.77 | 3,409.09 | 3,593.41 | ||||
| FX Rate: JPY/EUR | 166.8 | 166.8 | 166.8 | Market Price | |||
| Implied Value Range (Trading Cur) | 19.33 | 20.43 | 21.54 | 18.10 | |||
| Upside / (Downside) | 6.8% | 12.9% | 19.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 9037 | 9312 | 9027 | 9319 | 9087 | SO0 | |
| Enterprise Value | 111,532 | 6,044 | 19,117 | 10,321 | 379 | 19,865 | |
| (+) Cash & Short Term Investments | 23,643 | 9,461 | 377 | 8,488 | 1,849 | 5,874 | |
| (+) Investments & Other | 6,717 | 9,398 | 4,079 | 12,799 | 987 | 625 | |
| (-) Debt | (30,533) | (8,581) | (5,836) | (6,075) | (965) | (7,782) | |
| (-) Other Liabilities | (12,337) | 0 | 0 | (286) | 0 | (388) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 99,022 | 16,322 | 17,737 | 25,247 | 2,250 | 18,194 | |
| (/) Shares Outstanding | 74.0 | 6.5 | 5.3 | 18.5 | 2.0 | 6.0 | |
| Implied Stock Price | 1,338.00 | 2,500.00 | 3,320.00 | 1,367.00 | 1,115.00 | 3,019.88 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 166.84 | |
| Implied Stock Price (Trading Cur) | 1,338.00 | 2,500.00 | 3,320.00 | 1,367.00 | 1,115.00 | 18.10 | |
| Trading Currency | JPY | JPY | JPY | JPY | JPY | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 166.84 | |