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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 13,3x - 14,7x | 14,0x |
| Selected Fwd EBIT Multiple | 10,8x - 11,9x | 11,3x |
| Fair Value | €8,44 - €9,55 | €9 |
| Upside | -0,5% - 12,6% | 6,0% |
| Benchmarks | Ticker | Full Ticker |
| Daiichi Sankyo Company, Limited | 4568 | TSE:4568 |
| Takeda Pharmaceutical Company Limited | 4502 | TSE:4502 |
| Kubota Pharmaceutical Holdings Co., Ltd. | 4596 | TSE:4596 |
| Novartis AG | NVSE.F | OTCPK:NVSE.F |
| GSK plc | GLAX.F | OTCPK:GLAX.F |
| Astellas Pharma Inc. | YPH | DB:YPH |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 4568 | 4502 | 4596 | NVSE.F | GLAX.F | YPH | ||
| TSE:4568 | TSE:4502 | TSE:4596 | OTCPK:NVSE.F | OTCPK:GLAX.F | DB:YPH | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 19.0% | 8.6% | NM- | 12.4% | -5.5% | -2.8% | |
| 3Y CAGR | 65.6% | -9.2% | NM- | 14.2% | 3.2% | 2.2% | |
| Latest Twelve Months | 57.0% | -8.9% | 13.3% | 27.3% | -28.4% | 86.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 10.2% | 13.0% | -15102.6% | 26.2% | 24.6% | 14.4% | |
| Prior Fiscal Year | 13.2% | 11.6% | -3856.4% | 27.1% | 27.7% | 7.8% | |
| Latest Fiscal Year | 17.6% | 9.8% | -4566.7% | 31.6% | 19.7% | 12.2% | |
| Latest Twelve Months | 17.6% | 9.8% | -4117.0% | 33.4% | 19.8% | 12.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.52x | 2.49x | 43.48x | 4.67x | 2.33x | 1.67x | |
| EV / LTM EBITDA | 16.6x | 9.4x | -1.1x | 11.3x | 8.5x | 7.4x | |
| EV / LTM EBIT | 20.0x | 25.4x | -1.1x | 14.0x | 11.8x | 13.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -1.1x | 14.0x | 25.4x | ||||
| Historical EV / LTM EBIT | 11.8x | 13.8x | 30.5x | ||||
| Selected EV / LTM EBIT | 13.3x | 14.0x | 14.7x | ||||
| (x) LTM EBIT | 232,548 | 232,548 | 232,548 | ||||
| (=) Implied Enterprise Value | 3,090,706 | 3,253,375 | 3,416,044 | ||||
| (-) Non-shareholder Claims * | (624,065) | (624,065) | (624,065) | ||||
| (=) Equity Value | 2,466,641 | 2,629,310 | 2,791,979 | ||||
| (/) Shares Outstanding | 1,790.1 | 1,790.1 | 1,790.1 | ||||
| Implied Value Range | 1,377.93 | 1,468.80 | 1,559.67 | ||||
| FX Rate: JPY/EUR | 163.4 | 163.4 | 163.4 | Market Price | |||
| Implied Value Range (Trading Cur) | 8.44 | 8.99 | 9.55 | 8.49 | |||
| Upside / (Downside) | -0.6% | 6.0% | 12.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 4568 | 4502 | 4596 | NVSE.F | GLAX.F | YPH | |
| Enterprise Value | 6,627,576 | 11,408,915 | 1,278 | 238,815 | 72,349 | 3,105,496 | |
| (+) Cash & Short Term Investments | 639,838 | 385,113 | 1,264 | 7,137 | 4,485 | 188,372 | |
| (+) Investments & Other | 5,600 | 10,802 | 0 | 1,409 | 1,032 | 18,989 | |
| (-) Debt | (101,332) | (5,066,165) | (31) | (31,270) | (18,432) | (831,426) | |
| (-) Other Liabilities | 0 | (895) | 0 | (83) | 503 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 7,171,682 | 6,737,770 | 2,511 | 216,008 | 59,937 | 2,481,431 | |
| (/) Shares Outstanding | 1,866.7 | 1,561.8 | 58.4 | 1,959.3 | 4,055.0 | 1,790.1 | |
| Implied Stock Price | 3,842.00 | 4,314.00 | 43.00 | 110.25 | 14.78 | 1,386.19 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.74 | 163.35 | |
| Implied Stock Price (Trading Cur) | 3,842.00 | 4,314.00 | 43.00 | 110.25 | 19.92 | 8.49 | |
| Trading Currency | JPY | JPY | JPY | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.74 | 163.35 | |