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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 6,8x - 7,5x | 7,1x |
| Selected Fwd EBIT Multiple | 6,2x - 6,8x | 6,5x |
| Fair Value | ¥1.408 - ¥1.501 | ¥1.454 |
| Upside | -4,7% - 1,6% | -1,5% |
| Benchmarks | Ticker | Full Ticker |
| Atomix Co.,Ltd. | 4625 | TSE:4625 |
| Harima Chemicals Group, Inc. | 4410 | TSE:4410 |
| Okamoto Industries, Inc. | 5122 | TSE:5122 |
| Natoco Co., Ltd. | 4627 | TSE:4627 |
| Kansai Paint Co., Ltd. | 4613 | TSE:4613 |
| Toagosei Co., Ltd. | 4045 | TSE:4045 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 4625 | 4410 | 5122 | 4627 | 4613 | 4045 | ||
| TSE:4625 | TSE:4410 | TSE:5122 | TSE:4627 | TSE:4613 | TSE:4045 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -3.3% | -11.1% | 3.4% | -4.4% | 10.6% | 0.6% | |
| 3Y CAGR | -5.9% | -13.8% | 4.9% | -15.2% | 20.0% | -7.0% | |
| Latest Twelve Months | -2.5% | 1087.7% | -13.3% | 30.5% | 0.9% | 4.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 3.5% | 2.3% | 8.5% | 8.0% | 7.9% | 9.2% | |
| Prior Fiscal Year | 3.0% | -0.2% | 9.5% | 6.2% | 9.2% | 7.8% | |
| Latest Fiscal Year | 2.8% | 2.1% | 8.0% | 5.9% | 8.8% | 8.5% | |
| Latest Twelve Months | 2.8% | 2.1% | 8.0% | 6.7% | 8.8% | 8.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.05x | 0.48x | 0.15x | -0.03x | 0.76x | 0.62x | |
| EV / LTM EBITDA | 0.9x | 9.8x | 1.5x | -0.3x | 5.7x | 4.1x | |
| EV / LTM EBIT | 1.9x | 23.2x | 1.9x | -0.4x | 8.6x | 7.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -0.4x | 1.9x | 23.2x | ||||
| Historical EV / LTM EBIT | 3.0x | 6.1x | 7.2x | ||||
| Selected EV / LTM EBIT | 6.8x | 7.1x | 7.5x | ||||
| (x) LTM EBIT | 14,048 | 14,048 | 14,048 | ||||
| (=) Implied Enterprise Value | 95,044 | 100,046 | 105,048 | ||||
| (-) Non-shareholder Claims * | 57,528 | 57,528 | 57,528 | ||||
| (=) Equity Value | 152,572 | 157,574 | 162,576 | ||||
| (/) Shares Outstanding | 109.4 | 109.4 | 109.4 | ||||
| Implied Value Range | 1,395.14 | 1,440.88 | 1,486.62 | ||||
| FX Rate: JPY/JPY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,395.14 | 1,440.88 | 1,486.62 | 1,477.00 | |||
| Upside / (Downside) | -5.5% | -2.4% | 0.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 4625 | 4410 | 5122 | 4627 | 4613 | 4045 | |
| Enterprise Value | (44) | 48,285 | 16,116 | (2,823) | 445,412 | 103,996 | |
| (+) Cash & Short Term Investments | 2,831 | 4,746 | 41,337 | 11,189 | 109,145 | 28,505 | |
| (+) Investments & Other | 719 | 10,324 | 32,217 | 2,256 | 121,308 | 41,079 | |
| (-) Debt | (100) | (42,562) | (3,338) | 0 | (218,417) | (11,030) | |
| (-) Other Liabilities | 0 | (677) | (107) | 0 | (80,595) | (1,026) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,406 | 20,116 | 86,225 | 10,622 | 376,853 | 161,524 | |
| (/) Shares Outstanding | 5.3 | 24.3 | 17.2 | 7.6 | 176.2 | 109.4 | |
| Implied Stock Price | 640.00 | 829.00 | 5,020.00 | 1,406.00 | 2,138.50 | 1,477.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 640.00 | 829.00 | 5,020.00 | 1,406.00 | 2,138.50 | 1,477.00 | |
| 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 | |