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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 12,1x - 13,4x | 12,7x |
| Selected Fwd EBIT Multiple | 12,7x - 14,1x | 13,4x |
| Fair Value | $3,42 - $7,53 | $5,47 |
| Upside | -56,1% - -3,2% | -29,6% |
| Benchmarks | Ticker | Full Ticker |
| Kyushu Electric Power Company, Incorporated | 9508 | TSE:9508 |
| The Chugoku Electric Power Co., Inc. | 9504 | TSE:9504 |
| Chubu Electric Power Company, Incorporated | 9502 | TSE:9502 |
| Hokuriku Electric Power Company | 9505 | TSE:9505 |
| The Kansai Electric Power Company, Incorporated | 9503 | TSE:9503 |
| Tohoku Electric Power Company, Incorporated | TEPC.Y | OTCPK:TEPC.Y |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 9508 | 9504 | 9502 | 9505 | 9503 | TEPC.Y | ||
| TSE:9508 | TSE:9504 | TSE:9502 | TSE:9505 | TSE:9503 | OTCPK:TEPC.Y | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 24.1% | 60.3% | 22.2% | 55.0% | 28.9% | 31.0% | |
| 3Y CAGR | 48.8% | 82.0% | 33.1% | 86.1% | 71.0% | 54.2% | |
| Latest Twelve Months | -53.2% | -43.5% | -31.7% | 22.5% | -33.8% | -29.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 4.0% | 2.2% | 4.2% | 2.6% | 6.6% | 3.0% | |
| Prior Fiscal Year | -3.3% | -4.1% | 2.7% | -9.0% | -1.3% | -6.0% | |
| Latest Fiscal Year | 11.9% | 12.7% | 9.5% | 14.2% | 18.0% | 11.4% | |
| Latest Twelve Months | 6.3% | 7.9% | 6.7% | 12.2% | 12.2% | 8.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.52x | 1.82x | 0.51x | 1.14x | 0.96x | 1.14x | |
| EV / LTM EBITDA | 8.3x | 11.6x | 4.3x | 5.8x | 4.4x | 7.2x | |
| EV / LTM EBIT | 24.0x | 22.8x | 7.6x | 9.3x | 7.8x | 13.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 7.6x | 9.3x | 24.0x | ||||
| Historical EV / LTM EBIT | -11.4x | 19.7x | 109.8x | ||||
| Selected EV / LTM EBIT | 12.1x | 12.7x | 13.4x | ||||
| (x) LTM EBIT | 230,548 | 230,548 | 230,548 | ||||
| (=) Implied Enterprise Value | 2,787,813 | 2,934,540 | 3,081,267 | ||||
| (-) Non-shareholder Claims * | (2,550,540) | (2,550,540) | (2,550,540) | ||||
| (=) Equity Value | 237,273 | 384,000 | 530,727 | ||||
| (/) Shares Outstanding | 500.2 | 500.2 | 500.2 | ||||
| Implied Value Range | 474.39 | 767.75 | 1,061.10 | ||||
| FX Rate: JPY/USD | 143.0 | 143.0 | 143.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 3.32 | 5.37 | 7.42 | 7.78 | |||
| Upside / (Downside) | -57.3% | -30.9% | -4.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 9508 | 9504 | 9502 | 9505 | 9503 | TEPC.Y | |
| Enterprise Value | 3,455,805 | 2,754,035 | 1,785,377 | 955,781 | 3,989,914 | 3,106,580 | |
| (+) Cash & Short Term Investments | 290,872 | 234,181 | 280,984 | 197,453 | 848,759 | 514,709 | |
| (+) Investments & Other | 255,399 | 419,677 | 2,306,504 | 182,300 | 1,525,905 | 361,313 | |
| (-) Debt | (3,387,358) | (3,118,374) | (3,077,557) | (1,158,240) | (4,462,009) | (3,403,185) | |
| (-) Other Liabilities | (30,884) | 1,624 | (67,307) | (19,485) | (101,154) | (23,377) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 583,834 | 291,143 | 1,228,001 | 157,809 | 1,801,415 | 556,040 | |
| (/) Shares Outstanding | 472.5 | 359.6 | 755.2 | 208.9 | 1,114.0 | 500.2 | |
| Implied Stock Price | 1,235.50 | 809.70 | 1,626.00 | 755.60 | 1,617.00 | 1,111.71 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 142.98 | |
| Implied Stock Price (Trading Cur) | 1,235.50 | 809.70 | 1,626.00 | 755.60 | 1,617.00 | 7.78 | |
| Trading Currency | JPY | JPY | JPY | JPY | JPY | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 142.98 | |