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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 7,8x - 8,6x | 8,2x |
| Selected Fwd EBIT Multiple | 5,9x - 6,5x | 6,2x |
| Fair Value | ¥1.128 - ¥1.293 | ¥1.210 |
| Upside | 57,8% - 80,8% | 69,3% |
| Benchmarks | Ticker | Full Ticker |
| Daishinku Corp. | 6962 | TSE:6962 |
| Kyocera Corporation | 6971 | TSE:6971 |
| Murata Manufacturing Co., Ltd. | 6981 | TSE:6981 |
| Harmony Electronics Co. Ltd | 8182 | TPEX:8182 |
| TXC Corporation | 3042 | TWSE:3042 |
| Nihon Dempa Kogyo Co., Ltd. | 6779 | TSE:6779 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 6962 | 6971 | 6981 | 8182 | 3042 | 6779 | ||
| TSE:6962 | TSE:6971 | TSE:6981 | TPEX:8182 | TWSE:3042 | TSE:6779 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 27.0% | -22.9% | 3.5% | 15.4% | 27.6% | NM- | |
| 3Y CAGR | -43.9% | -43.2% | -11.1% | -18.7% | -15.0% | -2.1% | |
| Latest Twelve Months | -57.1% | -70.6% | 15.1% | 40.7% | 9.9% | 5.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 7.6% | 5.6% | 18.6% | 10.9% | 18.4% | 7.8% | |
| Prior Fiscal Year | 5.4% | 4.6% | 15.9% | 5.7% | 17.2% | 8.8% | |
| Latest Fiscal Year | 2.4% | 1.4% | 17.2% | 12.0% | 16.9% | 8.9% | |
| Latest Twelve Months | 2.4% | 1.4% | 17.2% | 11.3% | 16.7% | 8.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.94x | 0.25x | 1.93x | 0.60x | 2.06x | 0.50x | |
| EV / LTM EBITDA | 7.4x | 2.7x | 7.1x | 2.9x | 8.0x | 3.3x | |
| EV / LTM EBIT | 39.9x | 18.4x | 11.2x | 5.3x | 12.3x | 5.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 5.3x | 12.3x | 39.9x | ||||
| Historical EV / LTM EBIT | 5.5x | 7.2x | 268.5x | ||||
| Selected EV / LTM EBIT | 7.8x | 8.2x | 8.6x | ||||
| (x) LTM EBIT | 4,700 | 4,700 | 4,700 | ||||
| (=) Implied Enterprise Value | 36,742 | 38,676 | 40,610 | ||||
| (-) Non-shareholder Claims * | (10,111) | (10,111) | (10,111) | ||||
| (=) Equity Value | 26,631 | 28,565 | 30,499 | ||||
| (/) Shares Outstanding | 23.1 | 23.1 | 23.1 | ||||
| Implied Value Range | 1,154.89 | 1,238.75 | 1,322.61 | ||||
| FX Rate: JPY/JPY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,154.89 | 1,238.75 | 1,322.61 | 715.00 | |||
| Upside / (Downside) | 61.5% | 73.3% | 85.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 6962 | 6971 | 6981 | 8182 | 3042 | 6779 | |
| Enterprise Value | 37,028 | 540,093 | 3,459,293 | 1,756 | 27,805 | 26,599 | |
| (+) Cash & Short Term Investments | 18,708 | 444,744 | 625,148 | 2,005 | 6,043 | 15,881 | |
| (+) Investments & Other | 2,759 | 1,873,658 | 215 | 378 | 975 | 3,558 | |
| (-) Debt | (33,647) | (342,382) | (59,993) | (896) | (2,352) | (29,550) | |
| (-) Other Liabilities | (8,165) | (25,446) | 830 | (9) | (126) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 16,683 | 2,490,667 | 4,025,493 | 3,233 | 32,344 | 16,488 | |
| (/) Shares Outstanding | 31.8 | 1,408.7 | 1,862.4 | 107.0 | 343.0 | 23.1 | |
| Implied Stock Price | 525.00 | 1,768.00 | 2,161.50 | 30.20 | 94.30 | 715.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 525.00 | 1,768.00 | 2,161.50 | 30.20 | 94.30 | 715.00 | |
| Trading Currency | JPY | JPY | JPY | TWD | TWD | JPY | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |