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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 1,7x - 1,8x | 1,8x |
Selected Fwd EBITDA Multiple | 1,0x - 1,1x | 1,0x |
Fair Value | ¥1.157 - ¥1.187 | ¥1.172 |
Upside | 8,9% - 11,8% | 10,4% |
Benchmarks | Ticker | Full Ticker |
Solekia Limited | 9867 | TSE:9867 |
Daido Signal Co., Ltd. | 6743 | TSE:6743 |
TOYO Corporation | 8151 | TSE:8151 |
Techno Alpha Co., Ltd. | 3089 | TSE:3089 |
HYPER Inc. | 3054 | TSE:3054 |
DAIKO XTECH, Ltd. | 8023 | TSE:8023 |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
9867 | 6743 | 8151 | 3089 | 3054 | 8023 | ||
TSE:9867 | TSE:6743 | TSE:8151 | TSE:3089 | TSE:3054 | TSE:8023 | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 9.5% | -6.0% | 10.0% | 1.1% | -10.6% | 2.0% | |
3Y CAGR | 30.9% | -4.8% | 18.8% | 27.0% | 30.8% | 12.6% | |
Latest Twelve Months | 7.5% | -6.2% | -38.7% | 89.8% | 45.2% | -17.6% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 5.1% | 8.4% | 10.4% | 5.0% | 1.6% | 5.7% | |
Prior Fiscal Year | 6.6% | 8.3% | 8.3% | 5.1% | 1.9% | 7.6% | |
Latest Fiscal Year | 6.4% | 7.3% | 12.9% | 7.7% | 3.0% | 6.4% | |
Latest Twelve Months | 6.4% | 7.3% | 8.2% | 8.1% | 3.2% | 6.4% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | -0.06x | 0.42x | 0.82x | 0.32x | 0.08x | 0.06x | |
EV / LTM EBITDA | -1.0x | 5.7x | 10.0x | 4.0x | 2.5x | 0.9x | |
EV / LTM EBIT | -1.0x | 7.9x | 18.5x | 4.4x | 3.5x | 1.0x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | -1.0x | 4.0x | 10.0x | ||||
Historical EV / LTM EBITDA | -0.8x | 0.9x | 1.6x | ||||
Selected EV / LTM EBITDA | 1.7x | 1.8x | 1.8x | ||||
(x) LTM EBITDA | 2,715 | 2,715 | 2,715 | ||||
(=) Implied Enterprise Value | 4,538 | 4,777 | 5,016 | ||||
(-) Non-shareholder Claims * | 10,964 | 10,964 | 10,964 | ||||
(=) Equity Value | 15,502 | 15,741 | 15,980 | ||||
(/) Shares Outstanding | 12.6 | 12.6 | 12.6 | ||||
Implied Value Range | 1,228.42 | 1,247.35 | 1,266.27 | ||||
FX Rate: JPY/JPY | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 1,228.42 | 1,247.35 | 1,266.27 | 1,062.00 | |||
Upside / (Downside) | 15.7% | 17.5% | 19.2% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 9867 | 6743 | 8151 | 3089 | 3054 | 8023 | |
Enterprise Value | (2,792) | 9,116 | 26,415 | 1,193 | 1,019 | 2,438 | |
(+) Cash & Short Term Investments | 10,447 | 3,646 | 5,664 | 693 | 2,345 | 10,463 | |
(+) Investments & Other | 1,079 | 6,442 | 4,577 | 163 | 194 | 2,914 | |
(-) Debt | (2,980) | (6,321) | (4,000) | (451) | (628) | (2,359) | |
(-) Other Liabilities | 0 | (4,624) | (45) | 0 | 0 | (54) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 5,754 | 8,259 | 32,611 | 1,598 | 2,930 | 13,402 | |
(/) Shares Outstanding | 0.9 | 15.8 | 21.5 | 1.8 | 9.6 | 12.6 | |
Implied Stock Price | 6,660.00 | 522.00 | 1,514.00 | 905.00 | 304.00 | 1,062.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 6,660.00 | 522.00 | 1,514.00 | 905.00 | 304.00 | 1,062.00 | |
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 |