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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 7,0x - 7,7x | 7,3x |
| Selected Fwd EBIT Multiple | 6,9x - 7,6x | 7,2x |
| Fair Value | ¥4.355 - ¥4.865 | ¥4.610 |
| Upside | 15,2% - 28,7% | 22,0% |
| Benchmarks | Ticker | Full Ticker |
| The Keihin Co., Ltd. | 9312 | TSE:9312 |
| SBS Holdings, Inc. | 2384 | TSE:2384 |
| Being Holdings Co., Ltd. | 9145 | TSE:9145 |
| AZ-COM MARUWA Holdings Inc. | 9090 | TSE:9090 |
| Nippon Express Holdings, Inc. | 9147 | TSE:9147 |
| Loginet Japan Co., Ltd. | 9027 | SPSE:9027 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 9312 | 2384 | 9145 | 9090 | 9147 | 9027 | ||
| TSE:9312 | TSE:2384 | TSE:9145 | TSE:9090 | TSE:9147 | SPSE:9027 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 8.8% | 11.7% | 32.9% | 8.8% | -5.2% | 1.9% | |
| 3Y CAGR | -2.6% | -5.1% | 26.1% | 8.2% | -8.0% | 2.1% | |
| Latest Twelve Months | 8.8% | -20.1% | 27.0% | 2.0% | 37.8% | 14.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 5.7% | 4.5% | 6.3% | 6.5% | 3.3% | 4.9% | |
| Prior Fiscal Year | 5.7% | 4.6% | 6.8% | 7.0% | 3.3% | 4.3% | |
| Latest Fiscal Year | 5.7% | 4.0% | 7.4% | 5.3% | 2.4% | 4.7% | |
| Latest Twelve Months | 5.9% | 2.9% | 7.9% | 5.7% | 2.8% | 4.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.12x | 0.50x | 0.83x | 0.65x | 0.50x | 0.29x | |
| EV / LTM EBITDA | 1.2x | 8.9x | 8.2x | 8.9x | 5.0x | 4.1x | |
| EV / LTM EBIT | 2.0x | 17.2x | 10.5x | 11.5x | 18.2x | 6.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 2.0x | 11.5x | 18.2x | ||||
| Historical EV / LTM EBIT | 5.3x | 6.1x | 7.7x | ||||
| Selected EV / LTM EBIT | 7.0x | 7.3x | 7.7x | ||||
| (x) LTM EBIT | 3,660 | 3,660 | 3,660 | ||||
| (=) Implied Enterprise Value | 25,539 | 26,883 | 28,227 | ||||
| (-) Non-shareholder Claims * | (2,585) | (2,585) | (2,585) | ||||
| (=) Equity Value | 22,954 | 24,298 | 25,642 | ||||
| (/) Shares Outstanding | 5.3 | 5.3 | 5.3 | ||||
| Implied Value Range | 4,296.57 | 4,548.17 | 4,799.77 | ||||
| FX Rate: JPY/JPY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 4,296.57 | 4,548.17 | 4,799.77 | 3,780.00 | |||
| Upside / (Downside) | 13.7% | 20.3% | 27.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 9312 | 2384 | 9145 | 9090 | 9147 | 9027 | |
| Enterprise Value | 6,080 | 224,809 | 26,240 | 140,762 | 1,316,776 | 22,779 | |
| (+) Cash & Short Term Investments | 9,711 | 26,466 | 3,818 | 42,396 | 193,721 | 1,048 | |
| (+) Investments & Other | 9,581 | 30,468 | 608 | 13,249 | 221,961 | 4,134 | |
| (-) Debt | (8,260) | (108,056) | (6,916) | (44,385) | (869,179) | (7,767) | |
| (-) Other Liabilities | 0 | (25,343) | (434) | (2,676) | (18,343) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 17,112 | 148,344 | 23,316 | 149,346 | 844,936 | 20,194 | |
| (/) Shares Outstanding | 6.5 | 39.7 | 6.0 | 134.7 | 245.5 | 5.3 | |
| Implied Stock Price | 2,621.00 | 3,735.00 | 3,870.00 | 1,109.00 | 3,442.00 | 3,780.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 2,621.00 | 3,735.00 | 3,870.00 | 1,109.00 | 3,442.00 | 3,780.00 | |
| Trading Currency | JPY | JPY | JPY | JPY | JPY | JPY | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |