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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 15,5x - 17,1x | 16,3x |
| Selected Fwd EBITDA Multiple | 15,5x - 17,1x | 16,3x |
| Fair Value | ¥28.895 - ¥31.741 | ¥30.318 |
| Upside | -11,9% - -3,2% | -7,5% |
| Benchmarks | Ticker | Full Ticker |
| Renesas Electronics Corporation | 6723 | TSE:6723 |
| SCREEN Holdings Co., Ltd. | 7735 | TSE:7735 |
| Tazmo Co., Ltd. | 6266 | TSE:6266 |
| Tokyo Seimitsu Co., Ltd. | 7729 | TSE:7729 |
| Japan Electronic Materials Corporation | 6855 | TSE:6855 |
| Tokyo Electron Limited | 8035 | TSE:8035 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 6723 | 7735 | 6266 | 7729 | 6855 | 8035 | ||
| TSE:6723 | TSE:7735 | TSE:6266 | TSE:7729 | TSE:6855 | TSE:8035 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 22.1% | 47.3% | 36.8% | 17.2% | 28.5% | 23.3% | |
| 3Y CAGR | 3.5% | 28.0% | 36.6% | 2.7% | -1.1% | 6.1% | |
| Latest Twelve Months | -43.5% | 9.1% | 2.0% | 12.1% | 62.5% | 16.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 29.8% | 18.4% | 14.9% | 23.1% | 20.4% | 29.3% | |
| Prior Fiscal Year | 31.3% | 20.8% | 15.7% | 22.3% | 11.1% | 27.8% | |
| Latest Fiscal Year | 25.3% | 23.8% | 19.1% | 23.2% | 24.3% | 31.2% | |
| Latest Twelve Months | 22.0% | 22.1% | 17.7% | 23.3% | 24.8% | 30.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.43x | 1.73x | 0.60x | 2.46x | 1.38x | 5.69x | |
| EV / LTM EBITDA | 15.6x | 7.8x | 3.4x | 10.6x | 5.6x | 18.7x | |
| EV / LTM EBIT | 22.8x | 8.7x | 4.0x | 12.4x | 7.0x | 20.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 3.4x | 7.8x | 15.6x | ||||
| Historical EV / LTM EBITDA | 10.2x | 15.9x | 34.4x | ||||
| Selected EV / LTM EBITDA | 15.5x | 16.3x | 17.1x | ||||
| (x) LTM EBITDA | 757,534 | 757,534 | 757,534 | ||||
| (=) Implied Enterprise Value | 11,732,006 | 12,349,480 | 12,966,954 | ||||
| (-) Non-shareholder Claims * | 852,679 | 852,679 | 852,679 | ||||
| (=) Equity Value | 12,584,685 | 13,202,159 | 13,819,633 | ||||
| (/) Shares Outstanding | 458.4 | 458.4 | 458.4 | ||||
| Implied Value Range | 27,453.34 | 28,800.35 | 30,147.36 | ||||
| FX Rate: JPY/JPY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 27,453.34 | 28,800.35 | 30,147.36 | 32,780.00 | |||
| Upside / (Downside) | -16.2% | -12.1% | -8.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 6723 | 7735 | 6266 | 7729 | 6855 | 8035 | |
| Enterprise Value | 4,335,873 | 1,078,032 | 23,031 | 384,892 | 37,839 | 14,173,764 | |
| (+) Cash & Short Term Investments | 241,149 | 189,068 | 15,988 | 55,384 | 15,385 | 455,239 | |
| (+) Investments & Other | 235,884 | 63,922 | 420 | 11,541 | 449 | 397,440 | |
| (-) Debt | (1,307,548) | (4,015) | (8,561) | (16,800) | (6,360) | 0 | |
| (-) Other Liabilities | (4,984) | (111) | (432) | (1,044) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,500,374 | 1,326,896 | 30,446 | 433,973 | 47,313 | 15,026,443 | |
| (/) Shares Outstanding | 1,812.3 | 94.5 | 14.5 | 40.6 | 12.7 | 458.4 | |
| Implied Stock Price | 1,931.50 | 14,035.00 | 2,104.00 | 10,695.00 | 3,740.00 | 32,780.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,931.50 | 14,035.00 | 2,104.00 | 10,695.00 | 3,740.00 | 32,780.00 | |
| 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 | |