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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 15,2x - 16,8x | 16,0x |
| Selected Fwd EBIT Multiple | 13,6x - 15,1x | 14,3x |
| Fair Value | ¥3.369 - ¥3.731 | ¥3.550 |
| Upside | 4,6% - 15,9% | 10,3% |
| Benchmarks | Ticker | Full Ticker |
| AIMECHATEC, Ltd. | 6227 | TSE:6227 |
| TOWA Corporation | 6315 | TSE:6315 |
| Abalance Corporation | 3856 | TSE:3856 |
| Shibaura Mechatronics Corporation | 6590 | TSE:6590 |
| ULVAC, Inc. | 6728 | TSE:6728 |
| Kokusai Electric Corporation | 6525 | TSE:6525 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 6227 | 6315 | 3856 | 6590 | 6728 | 6525 | ||
| TSE:6227 | TSE:6315 | TSE:3856 | TSE:6590 | TSE:6728 | TSE:6525 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -27.6% | 61.2% | 107.3% | 35.3% | 4.6% | NM- | |
| 3Y CAGR | -36.3% | -8.3% | 157.5% | 40.9% | 20.1% | -10.1% | |
| Latest Twelve Months | 45.6% | 2.5% | -27.2% | 21.0% | 9.1% | 66.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 3.6% | 16.8% | 6.2% | 12.9% | 10.2% | 21.4% | |
| Prior Fiscal Year | 3.8% | 17.1% | 5.9% | 17.3% | 8.8% | 17.1% | |
| Latest Fiscal Year | 1.7% | 16.5% | 11.1% | 17.5% | 11.4% | 21.5% | |
| Latest Twelve Months | 5.2% | 16.5% | 10.2% | 17.5% | 11.4% | 21.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.49x | 2.18x | 0.29x | 1.29x | 0.74x | 3.11x | |
| EV / LTM EBITDA | 22.8x | 10.0x | 1.6x | 6.2x | 4.8x | 11.6x | |
| EV / LTM EBIT | 28.4x | 13.2x | 2.8x | 7.4x | 6.5x | 14.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 2.8x | 7.4x | 28.4x | ||||
| Historical EV / LTM EBIT | 14.5x | 21.2x | 27.9x | ||||
| Selected EV / LTM EBIT | 15.2x | 16.0x | 16.8x | ||||
| (x) LTM EBIT | 51,320 | 51,320 | 51,320 | ||||
| (=) Implied Enterprise Value | 779,943 | 820,993 | 862,042 | ||||
| (-) Non-shareholder Claims * | (15,429) | (15,429) | (15,429) | ||||
| (=) Equity Value | 764,514 | 805,564 | 846,613 | ||||
| (/) Shares Outstanding | 232.9 | 232.9 | 232.9 | ||||
| Implied Value Range | 3,281.96 | 3,458.18 | 3,634.40 | ||||
| FX Rate: JPY/JPY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 3,281.96 | 3,458.18 | 3,634.40 | 3,220.00 | |||
| Upside / (Downside) | 1.9% | 7.4% | 12.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 6227 | 6315 | 3856 | 6590 | 6728 | 6525 | |
| Enterprise Value | 25,891 | 116,741 | 26,888 | 104,301 | 194,602 | 765,511 | |
| (+) Cash & Short Term Investments | 2,729 | 21,339 | 46,484 | 28,478 | 107,293 | 44,755 | |
| (+) Investments & Other | 86 | 4,446 | 3,218 | 290 | 8,064 | 0 | |
| (-) Debt | (9,451) | (10,065) | (45,978) | (8,736) | (56,345) | (60,184) | |
| (-) Other Liabilities | 0 | 0 | (18,892) | 0 | (7,450) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 19,255 | 132,461 | 11,720 | 124,333 | 246,164 | 750,082 | |
| (/) Shares Outstanding | 6.2 | 75.0 | 18.9 | 13.1 | 49.2 | 232.9 | |
| Implied Stock Price | 3,110.00 | 1,766.00 | 620.00 | 9,480.00 | 4,999.00 | 3,220.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 3,110.00 | 1,766.00 | 620.00 | 9,480.00 | 4,999.00 | 3,220.00 | |
| 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 | |