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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 4,8x - 5,3x | 5,1x |
| Selected Fwd EBITDA Multiple | 4,9x - 5,5x | 5,2x |
| Fair Value | $20,20 - $21,55 | $20,87 |
| Upside | -17,1% - -11,6% | -14,3% |
| Benchmarks | Ticker | Full Ticker |
| Takasago International Corporation | 4914 | TSE:4914 |
| Sensient Technologies Corporation | SXT | NYSE:SXT |
| International Flavors & Fragrances Inc. | IFF | NYSE:IFF |
| DSM-Firmenich AG | DSFIR | ENXTAM:DSFIR |
| Robertet SA | ROBF | ENXTPA:ROBF |
| T. Hasegawa Co., Ltd. | HASG.F | PINC:HASG.F |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 4914 | SXT | IFF | DSFIR | ROBF | HASG.F | ||
| TSE:4914 | NYSE:SXT | NYSE:IFF | ENXTAM:DSFIR | ENXTPA:ROBF | PINC:HASG.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -3.3% | 4.1% | 10.9% | 4.5% | 9.4% | 12.3% | |
| 3Y CAGR | -7.5% | 5.5% | -1.4% | 7.0% | 13.0% | 10.6% | |
| Latest Twelve Months | 96.1% | 9.9% | -0.9% | 363.5% | 20.3% | 14.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 7.7% | 16.4% | 17.4% | 12.5% | 17.7% | 18.6% | |
| Prior Fiscal Year | 7.1% | 16.3% | 15.3% | 3.2% | 17.2% | 18.7% | |
| Latest Fiscal Year | 5.2% | 16.6% | 15.1% | 12.5% | 18.4% | 20.0% | |
| Latest Twelve Months | NA | 16.8% | 15.1% | 12.5% | 19.2% | 19.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.70x | 2.97x | 2.56x | 2.13x | 2.26x | 1.00x | |
| EV / LTM EBITDA | 7.4x | 17.7x | 16.9x | 17.1x | 11.7x | 5.1x | |
| EV / LTM EBIT | 12.2x | 23.0x | 40.7x | 53.6x | 14.1x | 7.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.4x | 16.9x | 17.7x | ||||
| Historical EV / LTM EBITDA | 4.5x | 6.6x | 7.8x | ||||
| Selected EV / LTM EBITDA | 4.8x | 5.1x | 5.3x | ||||
| (x) LTM EBITDA | 14,307 | 14,307 | 14,307 | ||||
| (=) Implied Enterprise Value | 68,883 | 72,508 | 76,133 | ||||
| (-) Non-shareholder Claims * | 43,971 | 43,971 | 43,971 | ||||
| (=) Equity Value | 112,854 | 116,479 | 120,104 | ||||
| (/) Shares Outstanding | 40.8 | 40.8 | 40.8 | ||||
| Implied Value Range | 2,762.67 | 2,851.42 | 2,940.17 | ||||
| FX Rate: JPY/USD | 145.0 | 145.0 | 145.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 19.05 | 19.67 | 20.28 | 24.37 | |||
| Upside / (Downside) | -21.8% | -19.3% | -16.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 4914 | SXT | IFF | DSFIR | ROBF | HASG.F | |
| Enterprise Value | 156,417 | 4,647 | 29,395 | 27,292 | 1,722 | 100,370 | |
| (+) Cash & Short Term Investments | 14,104 | 33 | 469 | 2,717 | 195 | 32,587 | |
| (+) Investments & Other | 24,998 | 0 | 10 | 568 | 4 | 11,384 | |
| (-) Debt | (64,820) | (702) | (9,621) | (5,280) | (334) | 0 | |
| (-) Other Liabilities | (2,056) | 0 | (35) | (186) | (1) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 128,643 | 3,978 | 20,218 | 25,111 | 1,586 | 144,341 | |
| (/) Shares Outstanding | 19.5 | 42.4 | 255.7 | 264.3 | 2.0 | 40.8 | |
| Implied Stock Price | 6,600.00 | 93.73 | 79.06 | 95.02 | 812.00 | 3,533.48 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 144.99 | |
| Implied Stock Price (Trading Cur) | 6,600.00 | 93.73 | 79.06 | 95.02 | 812.00 | 24.37 | |
| Trading Currency | JPY | USD | USD | EUR | EUR | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 144.99 | |