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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 11,2x - 12,4x | 11,8x |
| Selected Fwd EBIT Multiple | 9,9x - 11,0x | 10,4x |
| Fair Value | ¥996,20 - ¥1.097 | ¥1.047 |
| Upside | -9,9% - -0,8% | -5,3% |
| Benchmarks | Ticker | Full Ticker |
| Koei Tecmo Holdings Co., Ltd. | 3635 | TSE:3635 |
| COLOPL, Inc. | 3668 | TSE:3668 |
| GREE Holdings, Inc. | 3632 | TSE:3632 |
| Konami Group Corporation | 9766 | TSE:9766 |
| DeNA Co., Ltd. | 2432 | TSE:2432 |
| CyberAgent, Inc. | 4751 | TSE:4751 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 3635 | 3668 | 3632 | 9766 | 2432 | 4751 | ||
| TSE:3635 | TSE:3668 | TSE:3632 | TSE:9766 | TSE:2432 | TSE:4751 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 18.7% | NM- | 1.8% | 9.7% | -44.1% | 6.0% | |
| 3Y CAGR | 5.3% | NM- | 3.6% | 30.0% | -67.8% | -26.6% | |
| Latest Twelve Months | -36.2% | -166.3% | -46.0% | 64.7% | 259.9% | 35.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 41.3% | 12.9% | 11.2% | 20.0% | 8.0% | 8.3% | |
| Prior Fiscal Year | 49.9% | 8.6% | 16.6% | 14.7% | 3.7% | 3.4% | |
| Latest Fiscal Year | 33.7% | -4.6% | 9.8% | 22.3% | 0.5% | 5.1% | |
| Latest Twelve Months | 30.6% | -6.3% | 10.1% | 26.9% | 29.7% | 5.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 7.12x | -0.06x | 0.56x | 5.61x | 2.02x | 0.67x | |
| EV / LTM EBITDA | 21.5x | 1.1x | 5.2x | 16.6x | 6.1x | 10.1x | |
| EV / LTM EBIT | 23.3x | 0.9x | 5.5x | 20.8x | 6.8x | 12.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 0.9x | 6.8x | 23.3x | ||||
| Historical EV / LTM EBIT | 6.7x | 12.4x | 22.3x | ||||
| Selected EV / LTM EBIT | 11.2x | 11.8x | 12.4x | ||||
| (x) LTM EBIT | 43,262 | 43,262 | 43,262 | ||||
| (=) Implied Enterprise Value | 484,753 | 510,266 | 535,779 | ||||
| (-) Non-shareholder Claims * | 18,893 | 18,893 | 18,893 | ||||
| (=) Equity Value | 503,646 | 529,159 | 554,672 | ||||
| (/) Shares Outstanding | 506.5 | 506.5 | 506.5 | ||||
| Implied Value Range | 994.44 | 1,044.81 | 1,095.19 | ||||
| FX Rate: JPY/JPY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 994.44 | 1,044.81 | 1,095.19 | 1,105.50 | |||
| Upside / (Downside) | -10.0% | -5.5% | -0.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 3635 | 3668 | 3632 | 9766 | 2432 | 4751 | |
| Enterprise Value | 539,649 | (955) | 54,670 | 2,264,890 | 307,278 | 541,001 | |
| (+) Cash & Short Term Investments | 35,947 | 59,598 | 39,811 | 285,694 | 73,677 | 225,140 | |
| (+) Investments & Other | 151,618 | 0 | 11,707 | 6,445 | 57,351 | 0 | |
| (-) Debt | (9,000) | (833) | (16,700) | (76,316) | (46,584) | (113,562) | |
| (-) Other Liabilities | 0 | (7) | (89) | (16) | (9,952) | (92,685) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 718,214 | 57,803 | 89,399 | 2,480,697 | 381,770 | 559,894 | |
| (/) Shares Outstanding | 315.8 | 128.5 | 171.3 | 135.6 | 111.4 | 506.5 | |
| Implied Stock Price | 2,274.00 | 450.00 | 522.00 | 18,300.00 | 3,428.00 | 1,105.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 2,274.00 | 450.00 | 522.00 | 18,300.00 | 3,428.00 | 1,105.50 | |
| 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 | |