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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6,9x - 7,7x | 7,3x |
| Selected Fwd EBITDA Multiple | 4,7x - 5,2x | 4,9x |
| Fair Value | $8,70 - $9,24 | $8,97 |
| Upside | 6,0% - 12,5% | 9,2% |
| Benchmarks | Ticker | Full Ticker |
| JVCKENWOOD Corporation | 6632 | TSE:6632 |
| Kawai Musical Instruments Manufacturing Co., Ltd. | 7952 | TSE:7952 |
| Garmin Ltd. | GRMN | NYSE:GRMN |
| Roland Corporation | 7944 | TSE:7944 |
| Yamaha Corporation | 7951 | TSE:7951 |
| Casio Computer Co.,Ltd. | CSIO.F | OTCPK:CSIO.F |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 6632 | 7952 | GRMN | 7944 | 7951 | CSIO.F | ||
| TSE:6632 | TSE:7952 | NYSE:GRMN | TSE:7944 | TSE:7951 | OTCPK:CSIO.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 10.0% | -13.8% | 11.0% | NM- | -3.4% | -9.4% | |
| 3Y CAGR | 19.4% | -35.9% | 8.9% | 0.4% | -5.0% | -9.3% | |
| Latest Twelve Months | 9.8% | -55.6% | 31.8% | -10.2% | 7.1% | -4.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 10.0% | 6.8% | 26.4% | 13.1% | 13.5% | 10.8% | |
| Prior Fiscal Year | 10.6% | 6.1% | 24.3% | 14.3% | 10.6% | 9.7% | |
| Latest Fiscal Year | 11.3% | 3.0% | 28.2% | 12.9% | 11.4% | 9.5% | |
| Latest Twelve Months | 11.3% | 3.0% | 28.1% | 12.8% | 11.4% | 9.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.41x | 0.12x | 6.17x | 0.90x | 0.70x | 0.55x | |
| EV / LTM EBITDA | 3.6x | 4.0x | 22.0x | 7.0x | 6.2x | 5.8x | |
| EV / LTM EBIT | 6.2x | 27.2x | 24.5x | 9.1x | 8.8x | 10.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 3.6x | 6.2x | 22.0x | ||||
| Historical EV / LTM EBITDA | 5.8x | 6.5x | 13.7x | ||||
| Selected EV / LTM EBITDA | 6.9x | 7.3x | 7.7x | ||||
| (x) LTM EBITDA | 24,946 | 24,946 | 24,946 | ||||
| (=) Implied Enterprise Value | 172,989 | 182,094 | 191,198 | ||||
| (-) Non-shareholder Claims * | 120,708 | 120,708 | 120,708 | ||||
| (=) Equity Value | 293,697 | 302,802 | 311,906 | ||||
| (/) Shares Outstanding | 228.0 | 228.0 | 228.0 | ||||
| Implied Value Range | 1,287.89 | 1,327.81 | 1,367.74 | ||||
| FX Rate: JPY/USD | 147.4 | 147.4 | 147.4 | Market Price | |||
| Implied Value Range (Trading Cur) | 8.74 | 9.01 | 9.28 | 8.21 | |||
| Upside / (Downside) | 6.4% | 9.7% | 13.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 6632 | 7952 | GRMN | 7944 | 7951 | CSIO.F | |
| Enterprise Value | 150,197 | 8,626 | 39,821 | 88,972 | 325,689 | 155,218 | |
| (+) Cash & Short Term Investments | 48,597 | 13,300 | 2,675 | 17,116 | 105,016 | 141,127 | |
| (+) Investments & Other | 21,874 | 8,792 | 1,226 | 683 | 54,037 | 26,393 | |
| (-) Debt | (50,374) | (8,446) | (178) | (26,692) | (19,957) | (46,761) | |
| (-) Other Liabilities | (6,295) | 0 | 0 | (247) | (1,278) | (51) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 163,999 | 22,272 | 43,543 | 79,832 | 463,507 | 275,926 | |
| (/) Shares Outstanding | 146.4 | 8.6 | 192.5 | 26.1 | 453.1 | 228.0 | |
| Implied Stock Price | 1,120.50 | 2,590.00 | 226.15 | 3,055.00 | 1,023.00 | 1,209.96 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 147.36 | |
| Implied Stock Price (Trading Cur) | 1,120.50 | 2,590.00 | 226.15 | 3,055.00 | 1,023.00 | 8.21 | |
| Trading Currency | JPY | JPY | USD | JPY | JPY | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 147.36 | |