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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6,7x - 7,4x | 7,0x |
| Selected Fwd EBITDA Multiple | 4,1x - 4,5x | 4,3x |
| Fair Value | €19,63 - €21,87 | €20,75 |
| Upside | 2,8% - 14,5% | 8,6% |
| 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 EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 9037 | 9312 | 9027 | 9319 | 9087 | SO0 | ||
| TSE:9037 | TSE:9312 | SPSE:9027 | TSE:9319 | TSE:9087 | DB:SO0 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 4.8% | 6.0% | 1.8% | 6.1% | -1.8% | NM- | |
| 3Y CAGR | 5.4% | 0.0% | 0.3% | 7.4% | -8.9% | 20.5% | |
| Latest Twelve Months | 6.0% | 14.0% | 9.6% | 5.5% | -15.8% | 26.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 13.1% | 9.1% | 7.7% | 13.5% | 6.4% | 8.3% | |
| Prior Fiscal Year | 13.0% | 9.3% | 6.9% | 14.3% | 6.3% | 9.4% | |
| Latest Fiscal Year | 13.2% | 9.8% | 7.2% | 14.4% | 5.2% | 9.8% | |
| Latest Twelve Months | 13.2% | 9.8% | 7.2% | 14.4% | 5.2% | 10.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.78x | 0.13x | 0.25x | 0.38x | 0.04x | 0.69x | |
| EV / LTM EBITDA | 5.9x | 1.3x | 3.5x | 2.6x | 0.9x | 6.7x | |
| EV / LTM EBIT | 8.6x | 2.3x | 5.3x | 4.8x | 4.6x | 8.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 0.9x | 2.6x | 5.9x | ||||
| Historical EV / LTM EBITDA | 5.9x | 7.9x | 8.2x | ||||
| Selected EV / LTM EBITDA | 6.7x | 7.0x | 7.4x | ||||
| (x) LTM EBITDA | 3,176 | 3,176 | 3,176 | ||||
| (=) Implied Enterprise Value | 21,167 | 22,281 | 23,395 | ||||
| (-) Non-shareholder Claims * | (1,671) | (1,671) | (1,671) | ||||
| (=) Equity Value | 19,496 | 20,610 | 21,724 | ||||
| (/) Shares Outstanding | 6.0 | 6.0 | 6.0 | ||||
| Implied Value Range | 3,235.86 | 3,420.77 | 3,605.67 | ||||
| FX Rate: JPY/EUR | 170.3 | 170.3 | 170.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 19.00 | 20.09 | 21.18 | 19.10 | |||
| Upside / (Downside) | -0.5% | 5.2% | 10.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 9037 | 9312 | 9027 | 9319 | 9087 | SO0 | |
| Enterprise Value | 114,048 | 6,696 | 19,544 | 10,565 | 371 | 21,266 | |
| (+) 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 | 101,538 | 16,974 | 18,164 | 25,491 | 2,242 | 19,595 | |
| (/) Shares Outstanding | 74.0 | 6.5 | 5.3 | 18.4 | 2.0 | 6.0 | |
| Implied Stock Price | 1,372.00 | 2,600.00 | 3,400.00 | 1,382.00 | 1,111.00 | 3,252.31 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 170.28 | |
| Implied Stock Price (Trading Cur) | 1,372.00 | 2,600.00 | 3,400.00 | 1,382.00 | 1,111.00 | 19.10 | |
| Trading Currency | JPY | JPY | JPY | JPY | JPY | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 170.28 | |