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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6,4x - 7,1x | 6,7x |
| Selected Fwd EBITDA Multiple | 5,9x - 6,5x | 6,2x |
| Fair Value | €5,62 - €6,31 | €5,97 |
| Upside | -5,0% - 6,8% | 0,9% |
| 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 |
| Anhui Jinhe Industrial Co.,Ltd. | 2597 | SZSE:002597 |
| Toray Industries, Inc. | TOR1 | DB:TOR1 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 3401 | 4063 | 4182 | 4202 | 2597 | TOR1 | ||
| TSE:3401 | TSE:4063 | TSE:4182 | TSE:4202 | SZSE:002597 | DB:TOR1 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | 12.8% | 6.3% | 11.4% | -3.1% | 1.6% | |
| 3Y CAGR | NM- | 5.2% | -0.2% | 9.1% | -15.0% | 2.3% | |
| Latest Twelve Months | -109.8% | 5.6% | 2.0% | 6.5% | 13.9% | 17.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 9.4% | 39.1% | 11.6% | 15.9% | 24.2% | 10.2% | |
| Prior Fiscal Year | 8.9% | 38.5% | 10.5% | 17.2% | 19.2% | 9.3% | |
| Latest Fiscal Year | -0.9% | 38.3% | 11.3% | 17.5% | 17.4% | 10.5% | |
| Latest Twelve Months | -0.9% | 38.3% | 11.3% | 17.5% | 19.3% | 10.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.44x | 2.93x | 0.54x | 0.84x | 2.01x | 0.73x | |
| EV / LTM EBITDA | -49.2x | 7.7x | 4.8x | 4.8x | 10.4x | 6.9x | |
| EV / LTM EBIT | -5.6x | 10.1x | 8.2x | 8.1x | 17.2x | 13.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -49.2x | 4.8x | 10.4x | ||||
| Historical EV / LTM EBITDA | 5.2x | 6.9x | 8.8x | ||||
| Selected EV / LTM EBITDA | 6.4x | 6.7x | 7.1x | ||||
| (x) LTM EBITDA | 269,908 | 269,908 | 269,908 | ||||
| (=) Implied Enterprise Value | 1,726,173 | 1,817,024 | 1,907,875 | ||||
| (-) Non-shareholder Claims * | (268,949) | (268,949) | (268,949) | ||||
| (=) Equity Value | 1,457,224 | 1,548,075 | 1,638,926 | ||||
| (/) Shares Outstanding | 1,556.6 | 1,556.6 | 1,556.6 | ||||
| Implied Value Range | 936.18 | 994.54 | 1,052.91 | ||||
| FX Rate: JPY/EUR | 172.8 | 172.8 | 172.8 | Market Price | |||
| Implied Value Range (Trading Cur) | 5.42 | 5.76 | 6.09 | 5.91 | |||
| Upside / (Downside) | -8.4% | -2.7% | 3.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 3401 | 4063 | 4182 | 4202 | 2597 | TOR1 | |
| Enterprise Value | 445,255 | 7,515,919 | 417,627 | 493,351 | 10,812 | 1,859,304 | |
| (+) Cash & Short Term Investments | 107,538 | 1,811,678 | 68,246 | 65,142 | 2,885 | 237,295 | |
| (+) Investments & Other | 88,288 | 233,942 | 255,226 | 85,059 | 514 | 448,003 | |
| (-) Debt | (387,127) | (16,841) | (202,976) | (280,919) | (1,648) | (842,659) | |
| (-) Other Liabilities | (7,164) | (175,112) | (29,153) | (15,052) | (2) | (111,588) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 246,790 | 9,369,586 | 508,970 | 347,581 | 12,561 | 1,590,355 | |
| (/) Shares Outstanding | 192.7 | 1,872.8 | 194.7 | 265.1 | 547.1 | 1,556.6 | |
| Implied Stock Price | 1,280.50 | 5,003.00 | 2,614.00 | 1,311.00 | 22.96 | 1,021.70 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 172.76 | |
| Implied Stock Price (Trading Cur) | 1,280.50 | 5,003.00 | 2,614.00 | 1,311.00 | 22.96 | 5.91 | |
| Trading Currency | JPY | JPY | JPY | JPY | CNY | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 172.76 | |