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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 6,1x - 6,7x | 6,4x |
| Selected Fwd EBIT Multiple | 5,4x - 6,0x | 5,7x |
| Fair Value | ¥1.332 - ¥1.417 | ¥1.375 |
| Upside | -5,0% - 1,0% | -2,0% |
| Benchmarks | Ticker | Full Ticker |
| Toyobo Co., Ltd. | 3101 | TSE:3101 |
| Tensho Electric Industries Co., Ltd. | 6776 | TSE:6776 |
| Nippon Shokubai Co., Ltd. | 4114 | TSE:4114 |
| Okamoto Industries, Inc. | 5122 | TSE:5122 |
| DIC Corporation | 4631 | TSE:4631 |
| Toagosei Co., Ltd. | 4045 | TSE:4045 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 3101 | 6776 | 4114 | 5122 | 4631 | 4045 | ||
| TSE:3101 | TSE:6776 | TSE:4114 | TSE:5122 | TSE:4631 | TSE:4045 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -6.1% | -2.4% | 10.5% | 3.4% | 1.5% | 0.6% | |
| 3Y CAGR | -16.3% | 60.1% | -12.4% | 4.9% | 1.2% | -7.0% | |
| Latest Twelve Months | 85.1% | -13.9% | 9.1% | -13.3% | 140.3% | 4.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 5.0% | 2.7% | 4.7% | 8.5% | 4.1% | 9.2% | |
| Prior Fiscal Year | 2.2% | 4.0% | 4.5% | 9.5% | 1.7% | 7.8% | |
| Latest Fiscal Year | 3.9% | 3.3% | 4.7% | 8.0% | 4.2% | 8.5% | |
| Latest Twelve Months | 3.9% | 3.3% | 4.7% | 8.0% | 4.6% | 8.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.80x | 0.05x | 0.53x | 0.17x | 0.61x | 0.57x | |
| EV / LTM EBITDA | 8.5x | 0.5x | 4.3x | 1.7x | 6.4x | 3.8x | |
| EV / LTM EBIT | 20.2x | 1.6x | 11.4x | 2.2x | 13.3x | 6.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 1.6x | 11.4x | 20.2x | ||||
| Historical EV / LTM EBIT | 3.0x | 6.1x | 7.2x | ||||
| Selected EV / LTM EBIT | 6.1x | 6.4x | 6.7x | ||||
| (x) LTM EBIT | 14,048 | 14,048 | 14,048 | ||||
| (=) Implied Enterprise Value | 85,510 | 90,011 | 94,512 | ||||
| (-) Non-shareholder Claims * | 57,528 | 57,528 | 57,528 | ||||
| (=) Equity Value | 143,038 | 147,539 | 152,040 | ||||
| (/) Shares Outstanding | 109.7 | 109.7 | 109.7 | ||||
| Implied Value Range | 1,303.66 | 1,344.68 | 1,385.70 | ||||
| FX Rate: JPY/JPY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,303.66 | 1,344.68 | 1,385.70 | 1,402.50 | |||
| Upside / (Downside) | -7.0% | -4.1% | -1.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 3101 | 6776 | 4114 | 5122 | 4631 | 4045 | |
| Enterprise Value | 336,302 | 1,458 | 217,665 | 18,999 | 654,907 | 96,355 | |
| (+) Cash & Short Term Investments | 28,581 | 3,298 | 54,565 | 41,337 | 61,718 | 28,505 | |
| (+) Investments & Other | 12,274 | 4,085 | 30,040 | 32,217 | 57,002 | 41,079 | |
| (-) Debt | (261,070) | (4,485) | (41,391) | (3,338) | (472,466) | (11,030) | |
| (-) Other Liabilities | (36,732) | 0 | (9,505) | (107) | (18,916) | (1,026) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 79,355 | 4,356 | 251,374 | 89,108 | 282,245 | 153,883 | |
| (/) Shares Outstanding | 88.2 | 17.0 | 151.3 | 17.3 | 94.7 | 109.7 | |
| Implied Stock Price | 900.00 | 256.00 | 1,661.00 | 5,140.00 | 2,981.00 | 1,402.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 900.00 | 256.00 | 1,661.00 | 5,140.00 | 2,981.00 | 1,402.50 | |
| 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 | |