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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 11,1x - 12,3x | 11,7x |
| Selected Fwd EBIT Multiple | 8,0x - 8,8x | 8,4x |
| Fair Value | €16,74 - €19,15 | €17,94 |
| Upside | -12,4% - 0,3% | -6,0% |
| Benchmarks | Ticker | Full Ticker |
| Kato Works Co.,Ltd. | 6390 | TSE:6390 |
| Tadano Ltd. | 6395 | TSE:6395 |
| Palfinger AG | PLFR.F | OTCPK:PLFR.F |
| Mitsubishi Electric Corporation | 6503 | TSE:6503 |
| Zoomlion Heavy Industry Science and Technology Co., Ltd. | 157 | SZSE:000157 |
| Sumitomo Heavy Industries, Ltd. | SSM1 | DB:SSM1 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 6390 | 6395 | PLFR.F | 6503 | 157 | SSM1 | ||
| TSE:6390 | TSE:6395 | OTCPK:PLFR.F | TSE:6503 | SZSE:000157 | DB:SSM1 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 8.5% | 5.9% | 7.7% | -9.0% | -6.0% | |
| 3Y CAGR | NM- | NM- | 14.8% | 14.4% | -21.1% | 2.4% | |
| Latest Twelve Months | -89.6% | -6.8% | -21.3% | 32.0% | -8.8% | -43.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -1.8% | 4.6% | 6.7% | 5.9% | 7.7% | 6.1% | |
| Prior Fiscal Year | 2.9% | 6.5% | 8.1% | 5.9% | 6.4% | 6.9% | |
| Latest Fiscal Year | 1.9% | 8.2% | 7.2% | 6.8% | 7.0% | 5.1% | |
| Latest Twelve Months | 0.3% | NA | 6.5% | 7.8% | 6.5% | 4.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.76x | 0.50x | 0.89x | 1.24x | 1.55x | 0.51x | |
| EV / LTM EBITDA | 17.4x | 5.5x | 9.6x | 11.8x | 17.3x | 6.4x | |
| EV / LTM EBIT | 265.7x | 7.7x | 13.6x | 16.0x | 23.8x | 12.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 7.7x | 16.0x | 265.7x | ||||
| Historical EV / LTM EBIT | 6.2x | 6.4x | 7.8x | ||||
| Selected EV / LTM EBIT | 11.1x | 11.7x | 12.3x | ||||
| (x) LTM EBIT | 43,428 | 43,428 | 43,428 | ||||
| (=) Implied Enterprise Value | 481,728 | 507,083 | 532,437 | ||||
| (-) Non-shareholder Claims * | (127,286) | (127,286) | (127,286) | ||||
| (=) Equity Value | 354,442 | 379,797 | 405,151 | ||||
| (/) Shares Outstanding | 120.2 | 120.2 | 120.2 | ||||
| Implied Value Range | 2,949.18 | 3,160.14 | 3,371.10 | ||||
| FX Rate: JPY/EUR | 172.5 | 172.5 | 172.5 | Market Price | |||
| Implied Value Range (Trading Cur) | 17.10 | 18.32 | 19.55 | 19.10 | |||
| Upside / (Downside) | -10.5% | -4.1% | 2.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 6390 | 6395 | PLFR.F | 6503 | 157 | SSM1 | |
| Enterprise Value | 41,176 | 156,586 | 2,079 | 6,901,214 | 73,066 | 523,207 | |
| (+) Cash & Short Term Investments | 12,479 | 117,753 | 55 | 821,783 | 15,936 | 116,132 | |
| (+) Investments & Other | 2,903 | 9,253 | 80 | 313,049 | 6,299 | 0 | |
| (-) Debt | (41,537) | (164,712) | (750) | (360,870) | (27,965) | (237,905) | |
| (-) Other Liabilities | (17) | (1,771) | (53) | (127,639) | (2,559) | (5,513) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 15,004 | 117,109 | 1,411 | 7,547,537 | 64,778 | 395,921 | |
| (/) Shares Outstanding | 11.3 | 112.2 | 37.6 | 2,058.8 | 8,648.5 | 120.2 | |
| Implied Stock Price | 1,324.00 | 1,044.00 | 37.52 | 3,666.00 | 7.49 | 3,294.31 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.86 | 1.00 | 1.00 | 172.48 | |
| Implied Stock Price (Trading Cur) | 1,324.00 | 1,044.00 | 43.80 | 3,666.00 | 7.49 | 19.10 | |
| Trading Currency | JPY | JPY | USD | JPY | CNY | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 0.86 | 1.00 | 1.00 | 172.48 | |