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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 13,1x - 14,4x | 13,8x |
| Selected Fwd EBIT Multiple | 10,4x - 11,5x | 11,0x |
| Fair Value | €5,52 - €6,23 | €5,87 |
| Upside | -6,1% - 6,0% | 0,0% |
| Benchmarks | Ticker | Full Ticker |
| Teijin Limited | 3401 | TSE:3401 |
| Shin-Etsu Chemical Co., Ltd. | 4063 | TSE:4063 |
| Mitsubishi Gas Chemical Company, Inc. | 4182 | TSE:4182 |
| Daicel Corporation | 4202 | TSE:4202 |
| Solvay SA | SVYS.F | OTCPK:SVYS.F |
| Toray Industries, Inc. | TOR1 | DB:TOR1 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 3401 | 4063 | 4182 | 4202 | SVYS.F | TOR1 | ||
| TSE:3401 | TSE:4063 | TSE:4182 | TSE:4202 | OTCPK:SVYS.F | DB:TOR1 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 12.8% | 8.2% | 15.5% | -13.3% | -6.6% | |
| 3Y CAGR | NM- | 3.3% | -2.8% | 6.4% | -22.0% | 3.8% | |
| Latest Twelve Months | -630.5% | 5.9% | 7.4% | -2.2% | -25.1% | 104.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 2.4% | 30.4% | 6.8% | 9.6% | 8.7% | 4.8% | |
| Prior Fiscal Year | 1.3% | 29.0% | 5.8% | 11.2% | 13.6% | 3.7% | |
| Latest Fiscal Year | -7.1% | 29.0% | 6.6% | 10.4% | 11.2% | 4.1% | |
| Latest Twelve Months | -7.1% | 29.0% | 6.6% | 10.4% | 10.9% | 5.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.49x | 2.87x | 0.42x | 0.79x | 0.92x | 0.71x | |
| EV / LTM EBITDA | -618.2x | 7.5x | 3.7x | 4.9x | 5.9x | 6.9x | |
| EV / LTM EBIT | -6.9x | 9.9x | 6.3x | 7.6x | 8.5x | 13.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -6.9x | 7.6x | 9.9x | ||||
| Historical EV / LTM EBIT | 8.9x | 12.6x | 25.4x | ||||
| Selected EV / LTM EBIT | 13.1x | 13.8x | 14.4x | ||||
| (x) LTM EBIT | 133,255 | 133,255 | 133,255 | ||||
| (=) Implied Enterprise Value | 1,741,153 | 1,832,792 | 1,924,432 | ||||
| (-) Non-shareholder Claims * | (316,511) | (316,511) | (316,511) | ||||
| (=) Equity Value | 1,424,642 | 1,516,281 | 1,607,921 | ||||
| (/) Shares Outstanding | 1,545.9 | 1,545.9 | 1,545.9 | ||||
| Implied Value Range | 921.55 | 980.83 | 1,040.11 | ||||
| FX Rate: JPY/EUR | 162.8 | 162.8 | 162.8 | Market Price | |||
| Implied Value Range (Trading Cur) | 5.66 | 6.02 | 6.39 | 5.87 | |||
| Upside / (Downside) | -3.6% | 2.5% | 8.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 3401 | 4063 | 4182 | 4202 | SVYS.F | TOR1 | |
| Enterprise Value | 496,406 | 7,352,390 | 321,929 | 463,265 | 4,680 | 1,795,101 | |
| (+) Cash & Short Term Investments | 107,500 | 1,811,678 | 68,246 | 65,142 | 467 | 239,375 | |
| (+) Investments & Other | 0 | 134,632 | 255,226 | 85,059 | 311 | 484,116 | |
| (-) Debt | (387,100) | (16,841) | (202,976) | (280,919) | (2,220) | (925,822) | |
| (-) Other Liabilities | 0 | (175,112) | (29,153) | (15,052) | (66) | (114,180) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 216,806 | 9,106,747 | 413,272 | 317,495 | 3,172 | 1,478,590 | |
| (/) Shares Outstanding | 192.7 | 1,960.1 | 194.7 | 265.1 | 104.5 | 1,545.9 | |
| Implied Stock Price | 1,125.00 | 4,646.00 | 2,122.50 | 1,197.50 | 30.36 | 956.45 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.89 | 162.83 | |
| Implied Stock Price (Trading Cur) | 1,125.00 | 4,646.00 | 2,122.50 | 1,197.50 | 33.95 | 5.87 | |
| Trading Currency | JPY | JPY | JPY | JPY | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.89 | 162.83 | |