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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 14,4x - 15,9x | 15,1x |
| Selected Fwd EBITDA Multiple | 12,8x - 14,2x | 13,5x |
| Fair Value | ¥2.050 - ¥2.214 | ¥2.132 |
| Upside | 19,4% - 28,9% | 24,2% |
| Benchmarks | Ticker | Full Ticker |
| Kyushu Leasing Service Co., Ltd. | 8596 | TSE:8596 |
| ZENKOKU HOSHO Co.,Ltd. | 7164 | TSE:7164 |
| Mortgage Service Japan Limited | 7192 | TSE:7192 |
| Wellnet Corporation | 2428 | TSE:2428 |
| Financial Partners Group Co.,Ltd. | 7148 | TSE:7148 |
| eGuarantee, Inc. | 8771 | TSE:8771 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 8596 | 7164 | 7192 | 2428 | 7148 | 8771 | ||
| TSE:8596 | TSE:7164 | TSE:7192 | TSE:2428 | TSE:7148 | TSE:8771 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 4.3% | NM- | 4.0% | 11.0% | 14.8% | 13.8% | |
| 3Y CAGR | 5.6% | 0.8% | -0.1% | 18.1% | 75.3% | 16.1% | |
| Latest Twelve Months | 21.7% | NM | -8.8% | 35.3% | 44.9% | 7.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 17.4% | 60.7% | 21.8% | 12.7% | 26.2% | 48.9% | |
| Prior Fiscal Year | 18.3% | 85.7% | 21.7% | 14.3% | 25.9% | 49.9% | |
| Latest Fiscal Year | 17.3% | 76.5% | 21.4% | 15.2% | 27.0% | 53.9% | |
| Latest Twelve Months | 16.0% | 81.6% | 18.8% | 16.4% | 25.6% | 51.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.40x | 5.79x | 0.73x | 0.84x | 2.83x | 5.96x | |
| EV / LTM EBITDA | 21.3x | 7.1x | 3.9x | 5.2x | 11.0x | 11.6x | |
| EV / LTM EBIT | 25.5x | 7.2x | 4.3x | 6.2x | 11.2x | 11.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 3.9x | 7.1x | 21.3x | ||||
| Historical EV / LTM EBITDA | 13.4x | 20.3x | 25.1x | ||||
| Selected EV / LTM EBITDA | 14.4x | 15.1x | 15.9x | ||||
| (x) LTM EBITDA | 5,046 | 5,046 | 5,046 | ||||
| (=) Implied Enterprise Value | 72,579 | 76,399 | 80,219 | ||||
| (-) Non-shareholder Claims * | 23,444 | 23,444 | 23,444 | ||||
| (=) Equity Value | 96,023 | 99,843 | 103,663 | ||||
| (/) Shares Outstanding | 47.8 | 47.8 | 47.8 | ||||
| Implied Value Range | 2,008.96 | 2,088.88 | 2,168.80 | ||||
| FX Rate: JPY/JPY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2,008.96 | 2,088.88 | 2,168.80 | 1,717.00 | |||
| Upside / (Downside) | 17.0% | 21.7% | 26.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 8596 | 7164 | 7192 | 2428 | 7148 | 8771 | |
| Enterprise Value | 140,842 | (1,593) | 5,433 | 9,128 | 312,011 | 58,624 | |
| (+) Cash & Short Term Investments | 5,849 | 117,089 | 5,222 | 3,161 | 17,924 | 14,150 | |
| (+) Investments & Other | 11,050 | 309,701 | 1,310 | 2,281 | 2,855 | 11,287 | |
| (-) Debt | (135,263) | (30,000) | (5,743) | (1,675) | (156,064) | 0 | |
| (-) Other Liabilities | (560) | 0 | (3) | 0 | (162) | (1,992) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 21,918 | 395,197 | 6,219 | 12,895 | 176,564 | 82,068 | |
| (/) Shares Outstanding | 22.6 | 135.0 | 14.7 | 18.7 | 83.8 | 47.8 | |
| Implied Stock Price | 971.00 | 2,927.50 | 423.00 | 690.00 | 2,106.00 | 1,717.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 971.00 | 2,927.50 | 423.00 | 690.00 | 2,106.00 | 1,717.00 | |
| 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 | |