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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 15,9x - 17,6x | 16,7x |
| Selected Fwd EBIT Multiple | 13,7x - 15,1x | 14,4x |
| Fair Value | €7,49 - €8,22 | €7,85 |
| Upside | 23,8% - 35,8% | 29,8% |
| Benchmarks | Ticker | Full Ticker |
| KNH Enterprise Co., Ltd. | 9919 | TWSE:9919 |
| Kao Corporation | 4452 | TSE:4452 |
| Spectrum Brands Holdings, Inc. | SPB | NYSE:SPB |
| The Procter & Gamble Company | PG | NYSE:PG |
| Essity AB (publ) | ESSITY A | OM:ESSITYA |
| Unicharm Corporation | UN4 | DB:UN4 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 9919 | 4452 | SPB | PG | ESSITY A | UN4 | ||
| TWSE:9919 | TSE:4452 | NYSE:SPB | NYSE:PG | OM:ESSITYA | DB:UN4 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | -7.7% | 17.6% | 8.1% | 5.0% | 8.7% | |
| 3Y CAGR | NM- | -1.7% | 10.3% | 4.3% | 22.0% | 3.3% | |
| Latest Twelve Months | 32.7% | 35.6% | 11.7% | 2.3% | -3.4% | -9.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -2.6% | 9.4% | 4.2% | 24.1% | 11.5% | 14.4% | |
| Prior Fiscal Year | -16.5% | 6.5% | 2.8% | 23.2% | 12.1% | 14.3% | |
| Latest Fiscal Year | -9.3% | 8.9% | 6.2% | 24.9% | 13.2% | 13.7% | |
| Latest Twelve Months | -10.6% | 9.4% | 6.2% | 25.4% | 12.9% | 13.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.69x | 1.92x | 0.71x | 4.75x | 1.44x | 1.66x | |
| EV / LTM EBITDA | -36.9x | 13.0x | 7.4x | 16.5x | 8.5x | 9.2x | |
| EV / LTM EBIT | -15.9x | 20.4x | 11.5x | 18.7x | 11.2x | 12.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -15.9x | 11.5x | 20.4x | ||||
| Historical EV / LTM EBIT | 15.6x | 22.1x | 30.0x | ||||
| Selected EV / LTM EBIT | 15.9x | 16.7x | 17.6x | ||||
| (x) LTM EBIT | 129,938 | 129,938 | 129,938 | ||||
| (=) Implied Enterprise Value | 2,067,198 | 2,175,997 | 2,284,797 | ||||
| (-) Non-shareholder Claims * | 188,827 | 188,827 | 188,827 | ||||
| (=) Equity Value | 2,256,025 | 2,364,824 | 2,473,624 | ||||
| (/) Shares Outstanding | 1,749.0 | 1,749.0 | 1,749.0 | ||||
| Implied Value Range | 1,289.90 | 1,352.11 | 1,414.32 | ||||
| FX Rate: JPY/EUR | 172.8 | 172.8 | 172.8 | Market Price | |||
| Implied Value Range (Trading Cur) | 7.47 | 7.83 | 8.19 | 6.05 | |||
| Upside / (Downside) | 23.4% | 29.4% | 35.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 9919 | 4452 | SPB | PG | ESSITY A | UN4 | |
| Enterprise Value | 4,982 | 3,165,395 | 2,081 | 398,416 | 203,366 | 1,639,213 | |
| (+) Cash & Short Term Investments | 1,420 | 278,717 | 96 | 9,116 | 6,704 | 287,793 | |
| (+) Investments & Other | 0 | 12,490 | 0 | 0 | 439 | 19,615 | |
| (-) Debt | (2,998) | (246,141) | (716) | (34,141) | (41,341) | (24,922) | |
| (-) Other Liabilities | 0 | (29,208) | (1) | (273) | (409) | (93,659) | |
| (-) Preferred Stock | 0 | 0 | 0 | (781) | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,404 | 3,181,253 | 1,460 | 372,337 | 168,759 | 1,828,040 | |
| (/) Shares Outstanding | 197.3 | 464.5 | 24.5 | 2,344.5 | 688.8 | 1,749.0 | |
| Implied Stock Price | 17.25 | 6,849.00 | 59.52 | 158.81 | 245.00 | 1,045.20 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 172.76 | |
| Implied Stock Price (Trading Cur) | 17.25 | 6,849.00 | 59.52 | 158.81 | 245.00 | 6.05 | |
| Trading Currency | TWD | JPY | USD | USD | SEK | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 172.76 | |