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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 12,9x - 14,2x | 13,6x |
| Selected Fwd EBIT Multiple | 10,2x - 11,3x | 10,8x |
| Fair Value | ¥1.302 - ¥1.421 | ¥1.361 |
| Upside | -12,8% - -4,9% | -8,9% |
| Benchmarks | Ticker | Full Ticker |
| Konami Group Corporation | 9766 | TSE:9766 |
| COLOPL, Inc. | 3668 | TSE:3668 |
| DeNA Co., Ltd. | 2432 | TSE:2432 |
| GREE Holdings, Inc. | 3632 | TSE:3632 |
| Square Enix Holdings Co., Ltd. | 9684 | TSE:9684 |
| CyberAgent, Inc. | 4751 | TSE:4751 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 9766 | 3668 | 2432 | 3632 | 9684 | 4751 | ||
| TSE:9766 | TSE:3668 | TSE:2432 | TSE:3632 | TSE:9684 | TSE:4751 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 26.9% | NM- | 66.3% | 1.8% | 4.4% | 5.1% | |
| 3Y CAGR | 11.1% | NM- | 40.0% | 3.6% | -11.9% | -27.6% | |
| Latest Twelve Months | 27.0% | -111.5% | 4959.5% | -46.0% | 24.6% | 29.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 20.7% | 11.7% | 8.9% | 11.3% | 13.1% | 8.0% | |
| Prior Fiscal Year | 22.3% | 8.6% | 0.5% | 16.6% | 9.1% | 3.1% | |
| Latest Fiscal Year | 24.2% | -4.6% | 20.4% | 9.8% | 12.5% | 4.9% | |
| Latest Twelve Months | 24.2% | -0.5% | 20.4% | 9.0% | 12.5% | 5.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.75x | 0.25x | 0.41x | 0.56x | 2.85x | 0.80x | |
| EV / LTM EBITDA | 18.6x | 48.0x | 1.7x | 5.0x | 18.9x | 12.9x | |
| EV / LTM EBIT | 23.8x | -46.7x | 2.0x | 6.2x | 22.8x | 15.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -46.7x | 6.2x | 23.8x | ||||
| Historical EV / LTM EBIT | 6.2x | 12.2x | 21.8x | ||||
| Selected EV / LTM EBIT | 12.9x | 13.6x | 14.2x | ||||
| (x) LTM EBIT | 41,953 | 41,953 | 41,953 | ||||
| (=) Implied Enterprise Value | 540,099 | 568,525 | 596,951 | ||||
| (-) Non-shareholder Claims * | 88,529 | 88,529 | 88,529 | ||||
| (=) Equity Value | 628,628 | 657,054 | 685,480 | ||||
| (/) Shares Outstanding | 506.5 | 506.5 | 506.5 | ||||
| Implied Value Range | 1,241.12 | 1,297.24 | 1,353.36 | ||||
| FX Rate: JPY/JPY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,241.12 | 1,297.24 | 1,353.36 | 1,493.50 | |||
| Upside / (Downside) | -16.9% | -13.1% | -9.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 9766 | 3668 | 2432 | 3632 | 9684 | 4751 | |
| Enterprise Value | 2,422,564 | 6,821 | 67,317 | 31,819 | 925,904 | 667,932 | |
| (+) Cash & Short Term Investments | 294,216 | 60,004 | 92,803 | 62,068 | 247,760 | 199,171 | |
| (+) Investments & Other | 42,755 | 0 | 168,016 | 9,351 | 26,272 | 75,118 | |
| (-) Debt | (59,905) | (666) | (48,406) | (19,700) | 0 | (90,037) | |
| (-) Other Liabilities | (16) | (6) | (11,142) | (102) | (304) | (95,723) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,699,614 | 66,153 | 268,588 | 83,436 | 1,199,632 | 756,461 | |
| (/) Shares Outstanding | 135.6 | 128.5 | 111.4 | 171.3 | 120.1 | 506.5 | |
| Implied Stock Price | 19,915.00 | 515.00 | 2,410.50 | 487.00 | 9,986.00 | 1,493.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 19,915.00 | 515.00 | 2,410.50 | 487.00 | 9,986.00 | 1,493.50 | |
| 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 | |