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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 12,2x - 13,5x | 12,8x |
| Selected Fwd EBIT Multiple | 14,8x - 16,4x | 15,6x |
| Fair Value | ¥3.034 - ¥3.326 | ¥3.180 |
| Upside | 25,9% - 38,0% | 31,9% |
| Benchmarks | Ticker | Full Ticker |
| 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 |
| Key Coffee Inc. | 2594 | TSE:2594 |
| Imuraya Group Co., Ltd. | 2209 | TSE:2209 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 2903 | 2904 | 2220 | 1333 | 2594 | 2209 | ||
| TSE:2903 | TSE:2904 | TSE:2220 | TSE:1333 | TSE:2594 | TSE:2209 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 16.9% | -1.1% | -3.6% | 4.0% | 8.7% | 12.4% | |
| 3Y CAGR | 29.3% | -10.2% | -7.5% | 17.9% | NM- | 49.9% | |
| Latest Twelve Months | -7.1% | 249.6% | 75.9% | 5.3% | 22.4% | 26.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 3.3% | 2.9% | 5.1% | 2.5% | -0.3% | 3.6% | |
| Prior Fiscal Year | 3.7% | -0.7% | 3.8% | 2.9% | 0.4% | 4.5% | |
| Latest Fiscal Year | 4.3% | 3.6% | 4.7% | 2.6% | 1.0% | 5.3% | |
| Latest Twelve Months | 4.0% | 4.0% | 5.7% | 2.7% | 1.1% | 5.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.18x | 0.63x | 0.95x | 0.37x | 0.59x | 0.55x | |
| EV / LTM EBITDA | 2.7x | 7.1x | 8.1x | 8.2x | 24.2x | 5.3x | |
| EV / LTM EBIT | 4.5x | 15.9x | 16.6x | 13.5x | 51.2x | 9.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 4.5x | 15.9x | 51.2x | ||||
| Historical EV / LTM EBIT | 13.7x | 21.1x | 60.4x | ||||
| Selected EV / LTM EBIT | 12.2x | 12.8x | 13.5x | ||||
| (x) LTM EBIT | 3,011 | 3,011 | 3,011 | ||||
| (=) Implied Enterprise Value | 36,644 | 38,573 | 40,501 | ||||
| (-) Non-shareholder Claims * | 3,389 | 3,389 | 3,389 | ||||
| (=) Equity Value | 40,033 | 41,962 | 43,890 | ||||
| (/) Shares Outstanding | 13.1 | 13.1 | 13.1 | ||||
| Implied Value Range | 3,059.84 | 3,207.25 | 3,354.66 | ||||
| FX Rate: JPY/JPY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 3,059.84 | 3,207.25 | 3,354.66 | 2,410.00 | |||
| Upside / (Downside) | 27.0% | 33.1% | 39.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2903 | 2904 | 2220 | 1333 | 2594 | 2209 | |
| Enterprise Value | 10,241 | 21,933 | 93,802 | 391,385 | 45,310 | 28,142 | |
| (+) Cash & Short Term Investments | 6,380 | 1,201 | 9,562 | 45,697 | 5,222 | 1,844 | |
| (+) Investments & Other | 630 | 2,117 | 0 | 75,093 | 3,877 | 4,150 | |
| (-) Debt | (6,458) | (11,360) | (21,561) | (304,489) | (10,344) | (2,600) | |
| (-) Other Liabilities | (6) | (103) | 0 | (43,282) | (318) | (5) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 10,787 | 13,788 | 81,803 | 164,404 | 43,747 | 31,531 | |
| (/) Shares Outstanding | 11.9 | 18.4 | 21.1 | 50.4 | 21.4 | 13.1 | |
| Implied Stock Price | 907.00 | 749.00 | 3,880.00 | 3,264.00 | 2,043.00 | 2,410.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 907.00 | 749.00 | 3,880.00 | 3,264.00 | 2,043.00 | 2,410.00 | |
| 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 | |