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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 15,1x - 16,7x | 15,9x |
| Selected Fwd EBIT Multiple | 13,5x - 14,9x | 14,2x |
| Fair Value | ¥25.292 - ¥27.795 | ¥26.544 |
| Upside | 7,8% - 18,5% | 13,1% |
| Benchmarks | Ticker | Full Ticker |
| Disco Corporation | 6146 | TSE:6146 |
| SCREEN Holdings Co., Ltd. | 7735 | TSE:7735 |
| Tokyo Seimitsu Co., Ltd. | 7729 | TSE:7729 |
| Micronics Japan Co., Ltd. | 6871 | TSE:6871 |
| Tazmo Co., Ltd. | 6266 | TSE:6266 |
| Tokyo Electron Limited | 8035 | TSE:8035 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 6146 | 7735 | 7729 | 6871 | 6266 | 8035 | ||
| TSE:6146 | TSE:7735 | TSE:7729 | TSE:6871 | TSE:6266 | TSE:8035 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 35.6% | 60.9% | 19.3% | 53.7% | 44.1% | 24.1% | |
| 3Y CAGR | 22.2% | 30.3% | 1.3% | 15.1% | 41.4% | 5.2% | |
| Latest Twelve Months | 37.3% | 43.8% | 17.4% | 121.1% | 61.9% | 52.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 35.9% | 14.6% | 19.4% | 16.5% | 11.0% | 26.4% | |
| Prior Fiscal Year | 39.5% | 18.6% | 18.8% | 13.9% | 13.0% | 24.9% | |
| Latest Fiscal Year | 42.4% | 21.7% | 19.7% | 22.6% | 16.5% | 28.7% | |
| Latest Twelve Months | 42.4% | 21.7% | 19.7% | 22.3% | 16.5% | 28.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 9.11x | 1.21x | 2.01x | 2.11x | 0.73x | 4.13x | |
| EV / LTM EBITDA | 20.0x | 5.1x | 8.7x | 7.7x | 3.8x | 13.2x | |
| EV / LTM EBIT | 21.5x | 5.6x | 10.2x | 9.5x | 4.4x | 14.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 4.4x | 9.5x | 21.5x | ||||
| Historical EV / LTM EBIT | 10.9x | 17.0x | 38.0x | ||||
| Selected EV / LTM EBIT | 15.1x | 15.9x | 16.7x | ||||
| (x) LTM EBIT | 697,321 | 697,321 | 697,321 | ||||
| (=) Implied Enterprise Value | 10,549,552 | 11,104,791 | 11,660,031 | ||||
| (-) Non-shareholder Claims * | 696,251 | 696,251 | 696,251 | ||||
| (=) Equity Value | 11,245,803 | 11,801,042 | 12,356,282 | ||||
| (/) Shares Outstanding | 458.1 | 458.1 | 458.1 | ||||
| Implied Value Range | 24,548.23 | 25,760.26 | 26,972.28 | ||||
| FX Rate: JPY/JPY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 24,548.23 | 25,760.26 | 26,972.28 | 23,465.00 | |||
| Upside / (Downside) | 4.6% | 9.8% | 14.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 6146 | 7735 | 7729 | 6871 | 6266 | 8035 | |
| Enterprise Value | 3,574,234 | 758,928 | 302,892 | 122,512 | 26,324 | 10,053,311 | |
| (+) Cash & Short Term Investments | 229,167 | 200,397 | 54,541 | 20,697 | 10,343 | 496,238 | |
| (+) Investments & Other | 7,372 | 45,365 | 3,246 | 4,681 | 461 | 200,013 | |
| (-) Debt | 0 | (4,562) | (20,083) | (6,875) | (8,813) | 0 | |
| (-) Other Liabilities | (348) | (53) | (1,056) | 0 | (466) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,810,425 | 1,000,075 | 339,540 | 141,015 | 27,849 | 10,749,562 | |
| (/) Shares Outstanding | 108.4 | 94.4 | 40.5 | 38.7 | 14.4 | 458.1 | |
| Implied Stock Price | 35,150.00 | 10,595.00 | 8,391.00 | 3,640.00 | 1,928.00 | 23,465.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 35,150.00 | 10,595.00 | 8,391.00 | 3,640.00 | 1,928.00 | 23,465.00 | |
| 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 | |