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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 7,7x - 8,5x | 8,1x |
| Selected Fwd EBIT Multiple | 6,6x - 7,3x | 6,9x |
| Fair Value | $14,18 - $15,58 | $14,88 |
| Upside | 19,2% - 30,9% | 25,0% |
| Benchmarks | Ticker | Full Ticker |
| Brother Industries, Ltd. | 6448 | TSE:6448 |
| Toshiba Tec Corporation | 6588 | TSE:6588 |
| Ricoh Company, Ltd. | 7752 | TSE:7752 |
| Canon Inc. | 7751 | TSE:7751 |
| Kinpo Electronics, Inc. | 2312 | TWSE:2312 |
| Seiko Epson Corporation | SEKE.F | OTCPK:SEKE.F |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 6448 | 6588 | 7752 | 7751 | 2312 | SEKE.F | ||
| TSE:6448 | TSE:6588 | TSE:7752 | TSE:7751 | TWSE:2312 | OTCPK:SEKE.F | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 0.7% | 7.7% | -2.4% | 19.6% | 28.5% | 13.2% | |
| 3Y CAGR | -6.2% | 20.5% | 36.8% | 15.0% | 52.1% | -6.0% | |
| Latest Twelve Months | 1.5% | 27.7% | 43.2% | 25.1% | 39.4% | 38.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 10.1% | 2.7% | 1.4% | 8.1% | 1.5% | 6.2% | |
| Prior Fiscal Year | 9.2% | 2.9% | 2.6% | 9.2% | 1.9% | 4.8% | |
| Latest Fiscal Year | 8.7% | 3.5% | 3.5% | 10.2% | 2.7% | 6.4% | |
| Latest Twelve Months | 8.7% | 3.5% | 3.5% | 10.4% | 2.6% | 6.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.52x | 0.15x | 0.39x | 0.93x | 0.33x | 0.41x | |
| EV / LTM EBITDA | 3.7x | 2.3x | 7.0x | 6.0x | 8.1x | 3.8x | |
| EV / LTM EBIT | 6.5x | 4.2x | 11.1x | 9.0x | 13.0x | 7.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 4.2x | 9.0x | 13.0x | ||||
| Historical EV / LTM EBIT | 5.3x | 7.4x | 16.8x | ||||
| Selected EV / LTM EBIT | 7.7x | 8.1x | 8.5x | ||||
| (x) LTM EBIT | 87,328 | 87,328 | 87,328 | ||||
| (=) Implied Enterprise Value | 668,571 | 703,759 | 738,947 | ||||
| (-) Non-shareholder Claims * | 44,338 | 44,338 | 44,338 | ||||
| (=) Equity Value | 712,909 | 748,097 | 783,285 | ||||
| (/) Shares Outstanding | 320.2 | 320.2 | 320.2 | ||||
| Implied Value Range | 2,226.21 | 2,336.09 | 2,445.97 | ||||
| FX Rate: JPY/USD | 144.5 | 144.5 | 144.5 | Market Price | |||
| Implied Value Range (Trading Cur) | 15.40 | 16.16 | 16.92 | 11.90 | |||
| Upside / (Downside) | 29.4% | 35.8% | 42.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 6448 | 6588 | 7752 | 7751 | 2312 | SEKE.F | |
| Enterprise Value | 426,993 | 85,161 | 982,548 | 4,205,465 | 58,437 | 506,493 | |
| (+) Cash & Short Term Investments | 172,776 | 47,945 | 192,295 | 701,916 | 18,400 | 267,000 | |
| (+) Investments & Other | 59,786 | 69,149 | 111,888 | 113,141 | 11,277 | 2,185 | |
| (-) Debt | (33,257) | (40,625) | (516,217) | (1,024,309) | (42,916) | (224,708) | |
| (-) Other Liabilities | (81) | (7,593) | (24,643) | (263,995) | (14,578) | (139) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 626,217 | 154,037 | 745,871 | 3,732,218 | 30,620 | 550,831 | |
| (/) Shares Outstanding | 254.8 | 53.0 | 569.1 | 901.5 | 1,504.7 | 320.2 | |
| Implied Stock Price | 2,457.50 | 2,909.00 | 1,310.50 | 4,140.00 | 20.35 | 1,720.09 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 144.55 | |
| Implied Stock Price (Trading Cur) | 2,457.50 | 2,909.00 | 1,310.50 | 4,140.00 | 20.35 | 11.90 | |
| Trading Currency | JPY | JPY | JPY | JPY | TWD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 144.55 | |