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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 20,6x - 22,7x | 21,7x |
| Selected Fwd EBIT Multiple | 17,3x - 19,1x | 18,2x |
| Fair Value | $52,66 - $57,90 | $55,28 |
| Upside | -3,7% - 5,9% | 1,1% |
| Benchmarks | Ticker | Full Ticker |
| Persol Holdings Co.,Ltd. | 2181 | TSE:2181 |
| PageGroup plc | PAGE | LSE:PAGE |
| Equifax Inc. | EFX | NYSE:EFX |
| Hays plc | HAYP.F | OTCPK:HAYP.F |
| Randstad N.V. | RANJ.F | OTCPK:RANJ.F |
| Recruit Holdings Co., Ltd. | RCRR.F | OTCPK:RCRR.F |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 2181 | PAGE | EFX | HAYP.F | RANJ.F | RCRR.F | ||
| TSE:2181 | LSE:PAGE | NYSE:EFX | OTCPK:HAYP.F | OTCPK:RANJ.F | OTCPK:RCRR.F | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 8.0% | -18.6% | 17.1% | -23.1% | -9.9% | 14.6% | |
| 3Y CAGR | 6.1% | -32.2% | -1.8% | -10.7% | -20.2% | 7.2% | |
| Latest Twelve Months | 5.5% | -55.9% | 10.4% | -79.8% | -33.0% | 9.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 4.0% | 6.6% | 19.6% | 2.1% | 3.3% | 11.7% | |
| Prior Fiscal Year | 4.1% | 5.9% | 18.4% | 2.6% | 3.4% | 13.1% | |
| Latest Fiscal Year | 4.0% | 3.0% | 19.0% | 1.0% | 2.2% | 13.8% | |
| Latest Twelve Months | 4.0% | 3.0% | 19.0% | 0.5% | 2.2% | 13.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.41x | 0.51x | 6.58x | 0.19x | 0.35x | 3.08x | |
| EV / LTM EBITDA | 6.6x | 13.7x | 21.2x | 24.5x | 13.5x | 18.3x | |
| EV / LTM EBIT | 10.4x | 17.0x | 34.7x | 39.5x | 16.1x | 22.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 10.4x | 17.0x | 39.5x | ||||
| Historical EV / LTM EBIT | 14.1x | 22.9x | 48.9x | ||||
| Selected EV / LTM EBIT | 20.6x | 21.7x | 22.7x | ||||
| (x) LTM EBIT | 490,543 | 490,543 | 490,543 | ||||
| (=) Implied Enterprise Value | 10,091,357 | 10,622,481 | 11,153,605 | ||||
| (-) Non-shareholder Claims * | 607,384 | 607,384 | 607,384 | ||||
| (=) Equity Value | 10,698,741 | 11,229,865 | 11,760,989 | ||||
| (/) Shares Outstanding | 1,453.8 | 1,453.8 | 1,453.8 | ||||
| Implied Value Range | 7,359.36 | 7,724.70 | 8,090.05 | ||||
| FX Rate: JPY/USD | 143.9 | 143.9 | 143.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 51.13 | 53.67 | 56.21 | 54.67 | |||
| Upside / (Downside) | -6.5% | -1.8% | 2.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2181 | PAGE | EFX | HAYP.F | RANJ.F | RCRR.F | |
| Enterprise Value | 598,852 | 892 | 37,725 | 1,181 | 7,522 | 10,832,151 | |
| (+) Cash & Short Term Investments | 82,930 | 95 | 195 | 154 | 286 | 808,625 | |
| (+) Investments & Other | 27,231 | 0 | 0 | 0 | 0 | 17,476 | |
| (-) Debt | (77,280) | (137) | (4,964) | (291) | (2,123) | (208,940) | |
| (-) Other Liabilities | (16,749) | 0 | (131) | 0 | (1) | (9,777) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | (8) | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 614,984 | 851 | 32,825 | 1,044 | 5,677 | 11,439,535 | |
| (/) Shares Outstanding | 2,218.6 | 312.0 | 124.2 | 1,591.9 | 175.2 | 1,453.8 | |
| Implied Stock Price | 277.20 | 2.73 | 264.29 | 0.66 | 32.40 | 7,868.93 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.74 | 0.87 | 143.94 | |
| Implied Stock Price (Trading Cur) | 277.20 | 2.73 | 264.29 | 0.89 | 37.40 | 54.67 | |
| Trading Currency | JPY | GBP | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.74 | 0.87 | 143.94 | |