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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 4,7x - 5,2x | 4,9x |
| Selected Fwd EBITDA Multiple | 7,2x - 8,0x | 7,6x |
| Fair Value | ¥3.241 - ¥3.522 | ¥3.381 |
| Upside | 1,1% - 9,9% | 5,5% |
| Benchmarks | Ticker | Full Ticker |
| Imuraya Group Co., Ltd. | 2209 | TSE:2209 |
| Shinobu Foods Products Co., Ltd. | 2903 | TSE:2903 |
| Ichimasa Kamaboko Co., Ltd. | 2904 | TSE:2904 |
| Kameda Seika Co.,Ltd. | 2220 | TSE:2220 |
| Maruha Nichiro Corporation | 1333 | TSE:1333 |
| Mitsui DM Sugar Co.,Ltd. | 2109 | TSE:2109 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 2209 | 2903 | 2904 | 2220 | 1333 | 2109 | ||
| TSE:2209 | TSE:2903 | TSE:2904 | TSE:2220 | TSE:1333 | TSE:2109 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 7.9% | 12.2% | 1.4% | 2.5% | 3.3% | 4.6% | |
| 3Y CAGR | 20.7% | 13.7% | -1.7% | 1.0% | 10.0% | 4.0% | |
| Latest Twelve Months | 34.2% | -4.3% | 49.2% | 19.1% | 10.0% | 125.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 7.9% | 6.3% | 7.2% | 10.8% | 4.3% | 7.4% | |
| Prior Fiscal Year | 8.3% | 6.7% | 4.0% | 10.2% | 4.5% | 4.7% | |
| Latest Fiscal Year | 9.5% | 7.1% | 8.3% | 11.1% | 4.3% | 6.5% | |
| Latest Twelve Months | 10.5% | 6.7% | 8.9% | 11.7% | 4.5% | 11.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.57x | 0.18x | 0.63x | 0.98x | 0.36x | 0.50x | |
| EV / LTM EBITDA | 5.4x | 2.6x | 7.0x | 8.3x | 8.0x | 4.4x | |
| EV / LTM EBIT | 9.5x | 4.4x | 15.7x | 17.2x | 13.2x | 6.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 2.6x | 7.0x | 8.3x | ||||
| Historical EV / LTM EBITDA | 3.9x | 4.1x | 10.8x | ||||
| Selected EV / LTM EBITDA | 4.7x | 4.9x | 5.2x | ||||
| (x) LTM EBITDA | 20,316 | 20,316 | 20,316 | ||||
| (=) Implied Enterprise Value | 94,742 | 99,729 | 104,715 | ||||
| (-) Non-shareholder Claims * | 18,187 | 18,187 | 18,187 | ||||
| (=) Equity Value | 112,929 | 117,916 | 122,902 | ||||
| (/) Shares Outstanding | 32.3 | 32.3 | 32.3 | ||||
| Implied Value Range | 3,498.46 | 3,652.94 | 3,807.41 | ||||
| FX Rate: JPY/JPY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 3,498.46 | 3,652.94 | 3,807.41 | 3,205.00 | |||
| Upside / (Downside) | 9.2% | 14.0% | 18.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2209 | 2903 | 2904 | 2220 | 1333 | 2109 | |
| Enterprise Value | 27,030 | 9,420 | 21,730 | 94,013 | 380,556 | 85,269 | |
| (+) Cash & Short Term Investments | 1,844 | 6,380 | 1,201 | 9,562 | 45,697 | 39,847 | |
| (+) Investments & Other | 4,150 | 630 | 2,117 | 0 | 75,093 | 32,560 | |
| (-) Debt | (2,600) | (6,458) | (11,360) | (21,561) | (304,489) | (49,259) | |
| (-) Other Liabilities | (5) | (6) | (103) | 0 | (43,282) | (4,961) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 30,419 | 9,966 | 13,585 | 82,014 | 153,575 | 103,456 | |
| (/) Shares Outstanding | 13.1 | 11.9 | 18.4 | 21.1 | 50.4 | 32.3 | |
| Implied Stock Price | 2,325.00 | 838.00 | 738.00 | 3,890.00 | 3,049.00 | 3,205.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 2,325.00 | 838.00 | 738.00 | 3,890.00 | 3,049.00 | 3,205.00 | |
| 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 | |