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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 10,9x - 12,1x | 11,5x |
| Selected Fwd EBITDA Multiple | 8,6x - 9,5x | 9,0x |
| Fair Value | ¥1.310 - ¥1.430 | ¥1.370 |
| Upside | -20,3% - -13,0% | -16,7% |
| Benchmarks | Ticker | Full Ticker |
| Konami Group Corporation | 9766 | TSE:9766 |
| COLOPL, Inc. | 3668 | TSE:3668 |
| Koei Tecmo Holdings Co., Ltd. | 3635 | TSE:3635 |
| DeNA Co., Ltd. | 2432 | TSE:2432 |
| Square Enix Holdings Co., Ltd. | 9684 | TSE:9684 |
| CyberAgent, Inc. | 4751 | TSE:4751 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 9766 | 3668 | 3635 | 2432 | 9684 | 4751 | ||
| TSE:9766 | TSE:3668 | TSE:3635 | TSE:2432 | TSE:9684 | TSE:4751 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 18.8% | NM- | 18.0% | 22.0% | 4.1% | 4.7% | |
| 3Y CAGR | 13.8% | NM- | -1.9% | 29.2% | -9.8% | -24.1% | |
| Latest Twelve Months | 31.5% | -91.0% | 12.3% | 436.0% | 22.3% | 19.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 27.7% | 12.9% | 43.8% | 13.6% | 15.3% | 9.4% | |
| Prior Fiscal Year | 28.7% | 9.7% | 35.8% | 5.3% | 11.3% | 4.2% | |
| Latest Fiscal Year | 32.3% | -3.6% | 40.9% | 23.5% | 15.1% | 6.2% | |
| Latest Twelve Months | 32.3% | 0.5% | 40.9% | 23.5% | 15.1% | 6.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 6.68x | 0.33x | 7.10x | 0.60x | 3.20x | 0.89x | |
| EV / LTM EBITDA | 20.7x | 64.3x | 17.4x | 2.6x | 21.2x | 14.4x | |
| EV / LTM EBIT | 26.1x | -62.6x | 18.4x | 3.0x | 25.6x | 17.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 2.6x | 20.7x | 64.3x | ||||
| Historical EV / LTM EBITDA | 5.5x | 10.4x | 17.4x | ||||
| Selected EV / LTM EBITDA | 10.9x | 11.5x | 12.1x | ||||
| (x) LTM EBITDA | 50,479 | 50,479 | 50,479 | ||||
| (=) Implied Enterprise Value | 550,743 | 579,730 | 608,716 | ||||
| (-) Non-shareholder Claims * | 88,529 | 88,529 | 88,529 | ||||
| (=) Equity Value | 639,272 | 668,259 | 697,245 | ||||
| (/) Shares Outstanding | 506.5 | 506.5 | 506.5 | ||||
| Implied Value Range | 1,262.13 | 1,319.36 | 1,376.59 | ||||
| FX Rate: JPY/JPY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,262.13 | 1,319.36 | 1,376.59 | 1,643.50 | |||
| Upside / (Downside) | -23.2% | -19.7% | -16.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 9766 | 3668 | 3635 | 2432 | 9684 | 4751 | |
| Enterprise Value | 2,808,256 | 9,133 | 590,709 | 99,240 | 1,033,263 | 743,907 | |
| (+) Cash & Short Term Investments | 294,216 | 60,004 | 44,488 | 92,803 | 247,760 | 199,171 | |
| (+) Investments & Other | 6,155 | 0 | 107,527 | 168,016 | 5,553 | 75,118 | |
| (-) Debt | (75,527) | (666) | 0 | (48,406) | 0 | (90,037) | |
| (-) Other Liabilities | (16) | (6) | 0 | (11,142) | (304) | (95,723) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,033,084 | 68,465 | 742,724 | 300,511 | 1,286,272 | 832,436 | |
| (/) Shares Outstanding | 135.6 | 128.5 | 315.9 | 111.4 | 120.1 | 506.5 | |
| Implied Stock Price | 22,375.00 | 533.00 | 2,351.50 | 2,697.00 | 10,710.00 | 1,643.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 22,375.00 | 533.00 | 2,351.50 | 2,697.00 | 10,710.00 | 1,643.50 | |
| 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 | |