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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 3,9x - 4,3x | 4,1x |
| Selected Fwd EBITDA Multiple | 3,9x - 4,4x | 4,1x |
| Fair Value | $13,45 - $14,41 | $13,93 |
| Upside | 35,7% - 45,4% | 40,5% |
| Benchmarks | Ticker | Full Ticker |
| Seiko Epson Corporation | 6724 | TSE:6724 |
| Canon Inc. | 7751 | TSE:7751 |
| HP Inc. | HPQ | NYSE:HPQ |
| TSC Auto ID Technology Co., Ltd. | 3611 | TPEX:3611 |
| Xerox Holdings Corporation | XRX | NasdaqGS:XRX |
| Toshiba Tec Corporation | TSHT.Y | OTCPK:TSHT.Y |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 6724 | 7751 | HPQ | 3611 | XRX | TSHT.Y | ||
| TSE:6724 | TSE:7751 | NYSE:HPQ | TPEX:3611 | NasdaqGS:XRX | OTCPK:TSHT.Y | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 9.1% | 10.3% | 0.1% | -0.7% | -26.3% | 4.3% | |
| 3Y CAGR | 1.9% | 9.9% | -7.9% | -2.9% | -22.3% | 11.8% | |
| Latest Twelve Months | 23.9% | 14.3% | -10.5% | -8.1% | -27.4% | 13.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 10.8% | 14.1% | 9.4% | 16.9% | 8.1% | 6.1% | |
| Prior Fiscal Year | 8.9% | 15.0% | 9.7% | 16.3% | 7.9% | 6.1% | |
| Latest Fiscal Year | 10.6% | 15.4% | 9.4% | 12.5% | 5.2% | 6.5% | |
| Latest Twelve Months | 10.6% | 15.5% | 8.6% | 12.0% | 5.1% | 6.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.41x | 0.93x | 0.60x | 1.19x | 0.66x | 0.15x | |
| EV / LTM EBITDA | 3.8x | 6.0x | 6.9x | 9.9x | 13.0x | 2.3x | |
| EV / LTM EBIT | 7.4x | 9.0x | 8.4x | 12.3x | 63.7x | 4.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 3.8x | 6.9x | 13.0x | ||||
| Historical EV / LTM EBITDA | 2.3x | 4.2x | 6.5x | ||||
| Selected EV / LTM EBITDA | 3.9x | 4.1x | 4.3x | ||||
| (x) LTM EBITDA | 37,741 | 37,741 | 37,741 | ||||
| (=) Implied Enterprise Value | 146,701 | 154,423 | 162,144 | ||||
| (-) Non-shareholder Claims * | 68,876 | 68,876 | 68,876 | ||||
| (=) Equity Value | 215,577 | 223,299 | 231,020 | ||||
| (/) Shares Outstanding | 110.4 | 110.4 | 110.4 | ||||
| Implied Value Range | 1,951.99 | 2,021.90 | 2,091.82 | ||||
| FX Rate: JPY/USD | 144.5 | 144.5 | 144.5 | Market Price | |||
| Implied Value Range (Trading Cur) | 13.50 | 13.99 | 14.47 | 9.91 | |||
| Upside / (Downside) | 36.2% | 41.1% | 46.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 6724 | 7751 | HPQ | 3611 | XRX | TSHT.Y | |
| Enterprise Value | 552,259 | 4,205,465 | 32,395 | 11,607 | 4,074 | 89,362 | |
| (+) Cash & Short Term Investments | 267,000 | 701,916 | 2,730 | 1,522 | 336 | 47,945 | |
| (+) Investments & Other | 2,185 | 113,141 | 0 | 747 | 0 | 69,149 | |
| (-) Debt | (224,708) | (1,024,309) | (11,916) | (4,632) | (3,508) | (40,625) | |
| (-) Other Liabilities | (139) | (263,995) | 0 | (79) | (14) | (7,593) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | (214) | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 596,597 | 3,732,218 | 23,209 | 9,165 | 674 | 158,238 | |
| (/) Shares Outstanding | 320.2 | 901.5 | 939.3 | 47.5 | 125.8 | 110.4 | |
| Implied Stock Price | 1,863.00 | 4,140.00 | 24.71 | 193.00 | 5.36 | 1,432.80 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 144.55 | |
| Implied Stock Price (Trading Cur) | 1,863.00 | 4,140.00 | 24.71 | 193.00 | 5.36 | 9.91 | |
| Trading Currency | JPY | JPY | USD | TWD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 144.55 | |