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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6,1x - 6,8x | 6,4x |
| Selected Fwd EBITDA Multiple | 4,1x - 4,5x | 4,3x |
| Fair Value | ¥1.530 - ¥1.653 | ¥1.591 |
| Upside | -13,7% - -6,8% | -10,3% |
| Benchmarks | Ticker | Full Ticker |
| Universal Entertainment Corporation | 6425 | TSE:6425 |
| Yamaha Corporation | 7951 | TSE:7951 |
| Mizuno Corporation | 8022 | TSE:8022 |
| Sega Sammy Holdings Inc. | 6460 | TSE:6460 |
| SK Japan Co.,Ltd. | 7608 | TSE:7608 |
| Tsuburaya Fields Holdings Inc. | 2767 | TSE:2767 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 6425 | 7951 | 8022 | 6460 | 7608 | 2767 | ||
| TSE:6425 | TSE:7951 | TSE:8022 | TSE:6460 | TSE:7608 | TSE:2767 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 2.9% | -6.2% | 14.3% | 16.5% | 5.2% | 76.9% | |
| 3Y CAGR | 2.8% | -4.0% | 45.3% | 46.3% | 58.0% | NM- | |
| Latest Twelve Months | -55.9% | 14.6% | NM | -15.2% | 33.1% | -31.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 21.1% | 13.5% | 7.1% | 13.6% | 8.0% | 7.1% | |
| Prior Fiscal Year | 26.6% | 14.4% | 7.5% | 15.3% | 6.4% | 10.9% | |
| Latest Fiscal Year | 16.6% | 11.7% | 9.0% | 15.6% | 10.0% | 9.7% | |
| Latest Twelve Months | 16.6% | NA | NA | 14.5% | 9.9% | 9.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.23x | 0.74x | 0.74x | 1.17x | 0.22x | 0.77x | |
| EV / LTM EBITDA | 7.4x | 6.4x | 7.8x | 8.1x | 2.2x | 8.4x | |
| EV / LTM EBIT | 52.1x | 8.9x | 8.9x | 11.4x | 2.3x | 10.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 2.2x | 7.4x | 8.1x | ||||
| Historical EV / LTM EBITDA | -0.4x | 4.7x | 9.2x | ||||
| Selected EV / LTM EBITDA | 6.1x | 6.4x | 6.8x | ||||
| (x) LTM EBITDA | 10,760 | 10,760 | 10,760 | ||||
| (=) Implied Enterprise Value | 65,753 | 69,214 | 72,675 | ||||
| (-) Non-shareholder Claims * | 22,738 | 22,738 | 22,738 | ||||
| (=) Equity Value | 88,491 | 91,952 | 95,413 | ||||
| (/) Shares Outstanding | 62.2 | 62.2 | 62.2 | ||||
| Implied Value Range | 1,422.55 | 1,478.18 | 1,533.81 | ||||
| FX Rate: JPY/JPY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,422.55 | 1,478.18 | 1,533.81 | 1,773.00 | |||
| Upside / (Downside) | -19.8% | -16.6% | -13.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 6425 | 7951 | 8022 | 6460 | 7608 | 2767 | |
| Enterprise Value | 155,963 | 350,518 | 174,905 | 515,400 | 2,698 | 87,553 | |
| (+) Cash & Short Term Investments | 24,074 | 120,489 | 33,044 | 202,348 | 3,265 | 25,235 | |
| (+) Investments & Other | 89,614 | 70,784 | 9,607 | 50,522 | 261 | 16,338 | |
| (-) Debt | (187,433) | (16,248) | (13,470) | (153,250) | 0 | (14,023) | |
| (-) Other Liabilities | 0 | (1,326) | (726) | (36) | 0 | (4,812) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 82,218 | 524,217 | 203,360 | 614,984 | 6,224 | 110,291 | |
| (/) Shares Outstanding | 77.5 | 455.2 | 76.7 | 213.6 | 8.3 | 62.2 | |
| Implied Stock Price | 1,061.00 | 1,151.50 | 2,650.00 | 2,879.00 | 747.00 | 1,773.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,061.00 | 1,151.50 | 2,650.00 | 2,879.00 | 747.00 | 1,773.00 | |
| 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 | |