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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 4,3x - 4,8x | 4,6x |
| Selected Fwd EBITDA Multiple | 3,3x - 3,6x | 3,5x |
| Fair Value | $19,15 - $20,63 | $19,89 |
| Upside | -7,6% - -0,5% | -4,1% |
| Benchmarks | Ticker | Full Ticker |
| Jenoptik AG | JEN | DB:JEN |
| Corning Incorporated | GLW | NYSE:GLW |
| Sanshin Electronics Co., Ltd. | 8150 | TSE:8150 |
| SEMITEC Corporation | 6626 | TSE:6626 |
| Hosiden Corporation | 6804 | TSE:6804 |
| Nippon Electric Glass Co., Ltd. | NPEG.F | OTCPK:NPEG.F |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| JEN | GLW | 8150 | 6626 | 6804 | NPEG.F | ||
| DB:JEN | NYSE:GLW | TSE:8150 | TSE:6626 | TSE:6804 | OTCPK:NPEG.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 10.3% | -2.9% | 22.9% | 20.6% | 1.8% | -4.8% | |
| 3Y CAGR | 19.2% | -10.2% | 36.1% | 8.8% | 1.2% | -16.5% | |
| Latest Twelve Months | 2.9% | 7.1% | 8.6% | 10.4% | -6.8% | 35.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 17.6% | 24.0% | 3.4% | 19.6% | 7.1% | 15.4% | |
| Prior Fiscal Year | 18.7% | 20.3% | 4.5% | 20.4% | 6.9% | 9.1% | |
| Latest Fiscal Year | 18.3% | 20.9% | 4.3% | 20.6% | 7.3% | 11.5% | |
| Latest Twelve Months | 18.3% | 20.9% | 4.2% | 20.6% | 7.2% | 11.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.16x | 3.21x | 0.24x | 0.24x | 0.08x | 0.65x | |
| EV / LTM EBITDA | 6.3x | 15.4x | 5.8x | 1.1x | 1.1x | 5.6x | |
| EV / LTM EBIT | 8.8x | 30.3x | 6.1x | 1.5x | 1.4x | 35.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 1.1x | 5.8x | 15.4x | ||||
| Historical EV / LTM EBITDA | 2.8x | 4.0x | 10.4x | ||||
| Selected EV / LTM EBITDA | 4.3x | 4.6x | 4.8x | ||||
| (x) LTM EBITDA | 34,414 | 34,414 | 34,414 | ||||
| (=) Implied Enterprise Value | 148,916 | 156,753 | 164,591 | ||||
| (-) Non-shareholder Claims * | 59,229 | 59,229 | 59,229 | ||||
| (=) Equity Value | 208,145 | 215,982 | 223,820 | ||||
| (/) Shares Outstanding | 79.9 | 79.9 | 79.9 | ||||
| Implied Value Range | 2,606.59 | 2,704.74 | 2,802.89 | ||||
| FX Rate: JPY/USD | 143.6 | 143.6 | 143.6 | Market Price | |||
| Implied Value Range (Trading Cur) | 18.15 | 18.83 | 19.52 | 20.73 | |||
| Upside / (Downside) | -12.4% | -9.1% | -5.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | JEN | GLW | 8150 | 6626 | 6804 | NPEG.F | |
| Enterprise Value | 1,319 | 41,664 | 35,162 | 5,841 | 17,143 | 178,488 | |
| (+) Cash & Short Term Investments | 86 | 1,768 | 9,198 | 12,126 | 70,165 | 123,964 | |
| (+) Investments & Other | 1 | 394 | 2,697 | 637 | 12,179 | 50,069 | |
| (-) Debt | (481) | (8,091) | (25,197) | (2,971) | (11,247) | (111,265) | |
| (-) Other Liabilities | (7) | (384) | (77) | 0 | 0 | (3,539) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 918 | 35,351 | 21,783 | 15,633 | 88,240 | 237,717 | |
| (/) Shares Outstanding | 57.2 | 856.8 | 12.2 | 10.6 | 50.9 | 79.9 | |
| Implied Stock Price | 16.03 | 41.26 | 1,781.00 | 1,469.00 | 1,734.00 | 2,976.93 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 143.61 | |
| Implied Stock Price (Trading Cur) | 16.03 | 41.26 | 1,781.00 | 1,469.00 | 1,734.00 | 20.73 | |
| Trading Currency | EUR | USD | JPY | JPY | JPY | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 143.61 | |