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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 3,6x - 4,0x | 3,8x |
| Selected Fwd Revenue Multiple | 3,4x - 3,7x | 3,6x |
| Fair Value | ¥19.725 - ¥21.672 | ¥20.699 |
| Upside | 2,8% - 13,0% | 7,9% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Disco Corporation | 6146 | TSE:6146 |
| SCREEN Holdings Co., Ltd. | 7735 | TSE:7735 |
| Tokyo Seimitsu Co., Ltd. | 7729 | TSE:7729 |
| Japan Electronic Materials Corporation | 6855 | TSE:6855 |
| Micronics Japan Co., Ltd. | 6871 | TSE:6871 |
| Tokyo Electron Limited | 8035 | TSE:8035 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| 6146 | 7735 | 7729 | 6855 | 6871 | 8035 | |||
| TSE:6146 | TSE:7735 | TSE:7729 | TSE:6855 | TSE:6871 | TSE:8035 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 22.8% | 6.7% | 5.8% | 3.9% | 14.8% | 7.4% | ||
| 3Y CAGR | 15.7% | 16.4% | 11.5% | -1.9% | 11.6% | 9.4% | ||
| Latest Twelve Months | 27.9% | 30.3% | 12.3% | 15.9% | 45.3% | 26.2% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 35.9% | 13.7% | 19.1% | 13.7% | 15.4% | 26.0% | ||
| Prior Fiscal Year | 39.5% | 16.6% | 23.5% | 15.4% | 13.9% | 28.0% | ||
| Latest Fiscal Year | 42.4% | 18.6% | 18.8% | 5.0% | 22.6% | 24.9% | ||
| Latest Twelve Months | 42.4% | 21.2% | 20.1% | 18.2% | 22.6% | 28.4% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 6.84x | 0.99x | 1.82x | 0.68x | 1.51x | 3.53x | ||
| EV / LTM EBIT | 16.1x | 4.7x | 9.0x | 3.7x | 6.7x | 12.5x | ||
| Price / LTM Sales | 7.42x | 1.38x | 2.03x | 1.02x | 1.99x | 3.78x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.68x | 1.51x | 6.84x | |||||
| Historical EV / LTM Revenue | 2.44x | 4.89x | 9.57x | |||||
| Selected EV / LTM Revenue | 3.61x | 3.80x | 3.98x | |||||
| (x) LTM Revenue | 2,323,459 | 2,323,459 | 2,323,459 | |||||
| (=) Implied Enterprise Value | 8,377,066 | 8,817,964 | 9,258,862 | |||||
| (-) Non-shareholder Claims * | 561,053 | 561,053 | 561,053 | |||||
| (=) Equity Value | 8,938,119 | 9,379,017 | 9,819,915 | |||||
| (/) Shares Outstanding | 458.1 | 458.1 | 458.1 | |||||
| Implied Value Range | 19,512.76 | 20,475.28 | 21,437.81 | |||||
| FX Rate: JPY/JPY | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 19,512.76 | 20,475.28 | 21,437.81 | 19,180.00 | ||||
| Upside / (Downside) | 1.7% | 6.8% | 11.8% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 6146 | 7735 | 7729 | 6855 | 6871 | 8035 | |
| Enterprise Value | 2,693,988 | 611,137 | 272,215 | 13,850 | 84,071 | 8,224,640 | |
| (+) Cash & Short Term Investments | 229,167 | 198,724 | 53,023 | 11,282 | 23,949 | 295,529 | |
| (+) Investments & Other | 7,372 | 49,574 | 0 | 531 | 3,914 | 265,524 | |
| (-) Debt | 0 | (5,049) | (20,300) | (4,846) | (1,175) | 0 | |
| (-) Other Liabilities | (348) | (50) | (885) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,930,179 | 854,336 | 304,053 | 20,817 | 110,759 | 8,785,693 | |
| (/) Shares Outstanding | 108.4 | 94.4 | 40.5 | 12.6 | 38.7 | 458.1 | |
| Implied Stock Price | 27,030.00 | 9,051.00 | 7,514.00 | 1,648.00 | 2,859.00 | 19,180.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 27,030.00 | 9,051.00 | 7,514.00 | 1,648.00 | 2,859.00 | 19,180.00 | |
| 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 | |