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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 12,1x - 13,4x | 12,8x |
| Selected Fwd EBIT Multiple | 3,1x - 3,5x | 3,3x |
| Fair Value | ¥222,42 - ¥238,31 | ¥230,36 |
| Upside | 32,4% - 41,9% | 37,1% |
| Benchmarks | Ticker | Full Ticker |
| CRE, Inc. | 3458 | TSE:3458 |
| Good Com Asset Co., Ltd. | 3475 | TSE:3475 |
| Nomura Real Estate Holdings, Inc. | 3231 | TSE:3231 |
| Mitsubishi Estate Co., Ltd. | 8802 | TSE:8802 |
| Mitsui Fudosan Co., Ltd. | 8801 | TSE:8801 |
| Robot Home, Inc. | 1435 | TSE:1435 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 3458 | 3475 | 3231 | 8802 | 8801 | 1435 | ||
| TSE:3458 | TSE:3475 | TSE:3231 | TSE:8802 | TSE:8801 | TSE:1435 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 35.5% | 25.4% | 7.2% | 4.0% | 5.3% | NM- | |
| 3Y CAGR | 11.7% | 16.6% | 13.7% | 7.5% | 18.6% | 51.5% | |
| Latest Twelve Months | 23.2% | 133.6% | 13.3% | 34.0% | -6.6% | 39.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 12.4% | 10.0% | 14.6% | 19.5% | 12.9% | -0.4% | |
| Prior Fiscal Year | 13.7% | 9.6% | 15.2% | 21.5% | 13.5% | 8.7% | |
| Latest Fiscal Year | 12.0% | 9.1% | 15.3% | 18.5% | 14.3% | 7.9% | |
| Latest Twelve Months | 14.8% | 8.9% | 16.8% | 20.1% | 13.3% | 7.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.60x | 0.79x | 2.28x | 3.49x | 2.96x | 0.66x | |
| EV / LTM EBITDA | 10.2x | 8.7x | 11.8x | 13.5x | 15.3x | 7.0x | |
| EV / LTM EBIT | 10.8x | 8.9x | 13.6x | 17.4x | 22.2x | 8.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 8.9x | 13.6x | 22.2x | ||||
| Historical EV / LTM EBIT | -3.2x | 12.9x | 82.4x | ||||
| Selected EV / LTM EBIT | 12.1x | 12.8x | 13.4x | ||||
| (x) LTM EBIT | 1,044 | 1,044 | 1,044 | ||||
| (=) Implied Enterprise Value | 12,677 | 13,344 | 14,011 | ||||
| (-) Non-shareholder Claims * | 6,422 | 6,422 | 6,422 | ||||
| (=) Equity Value | 19,099 | 19,766 | 20,433 | ||||
| (/) Shares Outstanding | 89.9 | 89.9 | 89.9 | ||||
| Implied Value Range | 212.49 | 219.91 | 227.33 | ||||
| FX Rate: JPY/JPY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 212.49 | 219.91 | 227.33 | 168.00 | |||
| Upside / (Downside) | 26.5% | 30.9% | 35.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 3458 | 3475 | 3231 | 8802 | 8801 | 1435 | |
| Enterprise Value | 105,304 | 46,831 | 1,795,546 | 5,672,643 | 6,980,758 | 8,679 | |
| (+) Cash & Short Term Investments | 17,664 | 9,427 | 130,262 | 306,149 | 239,692 | 6,501 | |
| (+) Investments & Other | 21,649 | 1,099 | 182,019 | 866,455 | 1,878,479 | 1,242 | |
| (-) Debt | (94,594) | (23,357) | (1,345,588) | (3,446,547) | (4,935,544) | (1,320) | |
| (-) Other Liabilities | (244) | 0 | (1,176) | (222,688) | (121,597) | (1) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 49,779 | 34,000 | 761,063 | 3,176,012 | 4,041,788 | 15,101 | |
| (/) Shares Outstanding | 29.4 | 28.3 | 858.9 | 1,246.0 | 2,772.1 | 89.9 | |
| Implied Stock Price | 1,694.00 | 1,203.00 | 886.10 | 2,549.00 | 1,458.00 | 168.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,694.00 | 1,203.00 | 886.10 | 2,549.00 | 1,458.00 | 168.00 | |
| 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 | |