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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 24,5x - 27,1x | 25,8x |
| Selected Fwd EBITDA Multiple | 24,6x - 27,2x | 25,9x |
| Fair Value | $1,10 - $2,12 | $1,61 |
| Upside | -46,2% - 3,5% | -21,3% |
| Benchmarks | Ticker | Full Ticker |
| Lead Real Estate Co., Ltd | LRE | NasdaqCM:LRE |
| MEDIROM Healthcare Technologies Inc. | MRM | NasdaqCM:MRM |
| Yatra Online, Inc. | YTRA | NasdaqCM:YTRA |
| Tokyo Tatemono Co., Ltd. | TYTM.F | OTCPK:TYTM.F |
| AEON Mall Co., Ltd. | AMLL.F | OTCPK:AMLL.F |
| SYLA Technologies Co., Ltd. | SYT | NasdaqCM:SYT |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| LRE | MRM | YTRA | TYTM.F | AMLL.F | SYT | ||
| NasdaqCM:LRE | NasdaqCM:MRM | NasdaqCM:YTRA | OTCPK:TYTM.F | OTCPK:AMLL.F | NasdaqCM:SYT | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | 7.5% | 4.6% | NM- | |
| 3Y CAGR | 28.4% | NM- | NM- | 9.6% | 8.8% | 19.1% | |
| Latest Twelve Months | -2.0% | -555.8% | 27.3% | 12.2% | 6.7% | -5.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 4.9% | -4.7% | -17.5% | 22.6% | 31.3% | 6.2% | |
| Prior Fiscal Year | 5.9% | 4.0% | -1.0% | 24.3% | 28.7% | 4.9% | |
| Latest Fiscal Year | 5.3% | -2.0% | -5.5% | 22.1% | 28.3% | 7.7% | |
| Latest Twelve Months | 5.3% | -4.2% | -1.4% | 22.1% | 28.5% | 6.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.61x | 0.61x | 0.59x | 3.03x | 2.96x | 1.54x | |
| EV / LTM EBITDA | 11.6x | -14.6x | -41.5x | 13.7x | 10.4x | 24.7x | |
| EV / LTM EBIT | 12.9x | -6.8x | -20.9x | 17.6x | 25.9x | 30.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -41.5x | 10.4x | 13.7x | ||||
| Historical EV / LTM EBITDA | 27.1x | 27.1x | 27.1x | ||||
| Selected EV / LTM EBITDA | 24.5x | 25.8x | 27.1x | ||||
| (x) LTM EBITDA | 1,498 | 1,498 | 1,498 | ||||
| (=) Implied Enterprise Value | 36,780 | 38,716 | 40,651 | ||||
| (-) Non-shareholder Claims * | (32,589) | (32,589) | (32,589) | ||||
| (=) Equity Value | 4,190 | 6,126 | 8,062 | ||||
| (/) Shares Outstanding | 26.5 | 26.5 | 26.5 | ||||
| Implied Value Range | 158.01 | 231.01 | 304.01 | ||||
| FX Rate: JPY/USD | 143.6 | 143.6 | 143.6 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.10 | 1.61 | 2.12 | 2.05 | |||
| Upside / (Downside) | -46.2% | -21.3% | 3.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | LRE | MRM | YTRA | TYTM.F | AMLL.F | SYT | |
| Enterprise Value | 12,747 | 4,760 | 3,943 | 1,375,805 | 1,290,424 | 40,376 | |
| (+) Cash & Short Term Investments | 1,301 | 145 | 1,883 | 111,141 | 90,115 | 2,670 | |
| (+) Investments & Other | 67 | 82 | 12 | 227,265 | 0 | 2,643 | |
| (-) Debt | (11,596) | (3,569) | (264) | (1,210,519) | (827,882) | (34,876) | |
| (-) Other Liabilities | 8 | 1 | (2,447) | (11,458) | (12,052) | (3,026) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,527 | 1,418 | 3,127 | 492,234 | 540,605 | 7,787 | |
| (/) Shares Outstanding | 13.6 | 7.9 | 58.5 | 208.7 | 275.6 | 26.5 | |
| Implied Stock Price | 185.22 | 179.48 | 53.48 | 2,359.05 | 1,961.33 | 293.63 | |
| FX Conversion Rate to Trading Currency | 143.58 | 143.58 | 86.17 | 143.58 | 143.58 | 143.58 | |
| Implied Stock Price (Trading Cur) | 1.29 | 1.25 | 0.62 | 16.43 | 13.66 | 2.05 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 143.58 | 143.58 | 86.17 | 143.58 | 143.58 | 143.58 | |