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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 4,4x - 4,9x | 4,7x |
| Selected Fwd EBITDA Multiple | 3,9x - 4,3x | 4,1x |
| Fair Value | €23 - €25,20 | €24,10 |
| Upside | 5,5% - 15,6% | 10,5% |
| Benchmarks | Ticker | Full Ticker |
| The Yokohama Rubber Company, Limited | 5101 | TSE:5101 |
| Sumitomo Rubber Industries, Ltd. | 5110 | TSE:5110 |
| Bridgestone Corporation | 5108 | TSE:5108 |
| Kenda Rubber Industrial Co. Ltd. | 2106 | TWSE:2106 |
| TVS Srichakra Limited | 509243 | BSE:509243 |
| Toyo Tire Corporation | TYR | DB:TYR |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 5101 | 5110 | 5108 | 2106 | 509243 | TYR | ||
| TSE:5101 | TSE:5110 | TSE:5108 | TWSE:2106 | BSE:509243 | DB:TYR | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 15.3% | 7.0% | 8.2% | 3.2% | 1.4% | 15.2% | |
| 3Y CAGR | 21.3% | 12.4% | 8.5% | -1.6% | 11.6% | 20.1% | |
| Latest Twelve Months | 2.5% | -18.4% | -16.1% | -39.5% | -23.2% | -0.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 15.8% | 12.5% | 18.1% | 8.5% | 8.5% | 17.5% | |
| Prior Fiscal Year | 16.1% | 13.1% | 18.4% | 8.5% | 10.1% | 19.5% | |
| Latest Fiscal Year | 17.8% | 13.8% | 18.6% | 8.9% | 6.8% | 22.8% | |
| Latest Twelve Months | 17.1% | 12.4% | 16.3% | 6.7% | 6.7% | 22.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.12x | 0.55x | 1.01x | 0.84x | 0.93x | 0.91x | |
| EV / LTM EBITDA | 6.5x | 4.4x | 6.2x | 12.5x | 13.9x | 4.0x | |
| EV / LTM EBIT | 10.1x | 9.4x | 12.3x | 40.0x | 36.0x | 5.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.4x | 6.5x | 13.9x | ||||
| Historical EV / LTM EBITDA | 4.1x | 4.3x | 4.6x | ||||
| Selected EV / LTM EBITDA | 4.4x | 4.7x | 4.9x | ||||
| (x) LTM EBITDA | 130,227 | 130,227 | 130,227 | ||||
| (=) Implied Enterprise Value | 578,176 | 608,606 | 639,037 | ||||
| (-) Non-shareholder Claims * | 53,860 | 53,860 | 53,860 | ||||
| (=) Equity Value | 632,036 | 662,466 | 692,897 | ||||
| (/) Shares Outstanding | 154.0 | 154.0 | 154.0 | ||||
| Implied Value Range | 4,104.21 | 4,301.81 | 4,499.41 | ||||
| FX Rate: JPY/EUR | 171.7 | 171.7 | 171.7 | Market Price | |||
| Implied Value Range (Trading Cur) | 23.91 | 25.06 | 26.21 | 21.80 | |||
| Upside / (Downside) | 9.7% | 15.0% | 20.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 5101 | 5110 | 5108 | 2106 | 509243 | TYR | |
| Enterprise Value | 1,286,474 | 654,563 | 4,417,231 | 28,918 | 30,671 | 522,408 | |
| (+) Cash & Short Term Investments | 96,014 | 85,984 | 690,874 | 9,059 | 172 | 93,370 | |
| (+) Investments & Other | 81,555 | 63,573 | 209,330 | 492 | 0 | 37,211 | |
| (-) Debt | (589,541) | (326,884) | (795,451) | (18,656) | (8,860) | (76,721) | |
| (-) Other Liabilities | (8,076) | (17,797) | (51,832) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 866,426 | 459,439 | 4,470,152 | 19,814 | 21,983 | 576,268 | |
| (/) Shares Outstanding | 157.7 | 262.8 | 667.0 | 954.9 | 7.7 | 154.0 | |
| Implied Stock Price | 5,494.00 | 1,748.00 | 6,702.00 | 20.75 | 2,870.95 | 3,742.07 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 171.65 | |
| Implied Stock Price (Trading Cur) | 5,494.00 | 1,748.00 | 6,702.00 | 20.75 | 2,870.95 | 21.80 | |
| Trading Currency | JPY | JPY | JPY | TWD | INR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 171.65 | |