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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 8,8x - 9,7x | 9,2x |
| Selected Fwd EBIT Multiple | 6,4x - 7,1x | 6,7x |
| Fair Value | $8,04 - $8,85 | $8,45 |
| Upside | -17,9% - -9,5% | -13,7% |
| Benchmarks | Ticker | Full Ticker |
| Konica Minolta, Inc. | 4902 | TSE:4902 |
| Seiko Epson Corporation | 6724 | TSE:6724 |
| Brother Industries, Ltd. | 6448 | TSE:6448 |
| HP Inc. | HPQ | NYSE:HPQ |
| Elecom Co., Ltd. | 6750 | TSE:6750 |
| Ricoh Company, Ltd. | RICO.F | OTCPK:RICO.F |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 4902 | 6724 | 6448 | HPQ | 6750 | RICO.F | ||
| TSE:4902 | TSE:6724 | TSE:6448 | NYSE:HPQ | TSE:6750 | OTCPK:RICO.F | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 6.5% | 13.2% | 0.7% | -0.3% | -0.8% | -2.2% | |
| 3Y CAGR | NM- | -6.0% | -6.2% | -9.5% | -1.0% | 37.2% | |
| Latest Twelve Months | 15.3% | 19.4% | -7.5% | -6.2% | 9.3% | 7.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 0.9% | 6.2% | 9.8% | 8.0% | 12.4% | 1.3% | |
| Prior Fiscal Year | 2.3% | 4.8% | 9.2% | 8.1% | 11.2% | 2.6% | |
| Latest Fiscal Year | 2.7% | 5.5% | 8.0% | 7.9% | 11.5% | 2.6% | |
| Latest Twelve Months | 2.7% | 5.5% | 8.0% | 7.6% | 11.5% | 2.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.52x | 0.41x | 0.52x | 0.64x | 0.63x | 0.32x | |
| EV / LTM EBITDA | 5.5x | 3.8x | 3.7x | 7.0x | 4.3x | 4.6x | |
| EV / LTM EBIT | 18.8x | 7.4x | 6.5x | 8.4x | 5.5x | 12.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 5.5x | 7.4x | 18.8x | ||||
| Historical EV / LTM EBIT | -23.2x | 16.0x | 60.0x | ||||
| Selected EV / LTM EBIT | 8.8x | 9.2x | 9.7x | ||||
| (x) LTM EBIT | 65,140 | 65,140 | 65,140 | ||||
| (=) Implied Enterprise Value | 572,338 | 602,461 | 632,585 | ||||
| (-) Non-shareholder Claims * | 21,770 | 21,770 | 21,770 | ||||
| (=) Equity Value | 594,108 | 624,231 | 654,355 | ||||
| (/) Shares Outstanding | 569.2 | 569.2 | 569.2 | ||||
| Implied Value Range | 1,043.85 | 1,096.78 | 1,149.70 | ||||
| FX Rate: JPY/USD | 142.5 | 142.5 | 142.5 | Market Price | |||
| Implied Value Range (Trading Cur) | 7.33 | 7.70 | 8.07 | 9.79 | |||
| Upside / (Downside) | -25.2% | -21.4% | -17.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 4902 | 6724 | 6448 | HPQ | 6750 | RICO.F | |
| Enterprise Value | 582,326 | 551,982 | 449,030 | 34,386 | 73,760 | 772,098 | |
| (+) Cash & Short Term Investments | 89,904 | 267,000 | 172,776 | 2,894 | 54,917 | 192,295 | |
| (+) Investments & Other | 1,019 | 2,185 | 2,461 | 0 | 2,639 | 370,335 | |
| (-) Debt | (438,169) | (224,708) | (600) | (10,903) | (500) | (516,217) | |
| (-) Other Liabilities | (10,924) | (139) | (81) | 0 | (16) | (24,643) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 224,156 | 596,320 | 623,586 | 26,377 | 130,800 | 793,868 | |
| (/) Shares Outstanding | 494.8 | 320.3 | 255.7 | 942.7 | 76.4 | 569.2 | |
| Implied Stock Price | 453.00 | 1,861.50 | 2,439.00 | 27.98 | 1,713.00 | 1,394.83 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 142.50 | |
| Implied Stock Price (Trading Cur) | 453.00 | 1,861.50 | 2,439.00 | 27.98 | 1,713.00 | 9.79 | |
| Trading Currency | JPY | JPY | JPY | USD | JPY | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 142.50 | |