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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 20,6x - 22,8x | 21,7x |
| Selected Fwd EBIT Multiple | 18,2x - 20,1x | 19,2x |
| Fair Value | ¥1.165 - ¥1.392 | ¥1.278 |
| Upside | -24,2% - -9,5% | -16,8% |
| Benchmarks | Ticker | Full Ticker |
| Land Business Co.,Ltd. | 8944 | TSE:8944 |
| Mitsubishi Estate Co., Ltd. | 8802 | TSE:8802 |
| property technologies Inc. | 5527 | TSE:5527 |
| LA Holdings Co., Ltd. | 2986 | TSE:2986 |
| J.S.B.Co.,Ltd. | 3480 | TSE:3480 |
| Keihanshin Building Co., Ltd. | 8818 | TSE:8818 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 8944 | 8802 | 5527 | 2986 | 3480 | 8818 | ||
| TSE:8944 | TSE:8802 | TSE:5527 | TSE:2986 | TSE:3480 | TSE:8818 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 5.1% | NM- | 27.5% | 18.7% | -1.6% | |
| 3Y CAGR | NM- | 3.5% | -6.9% | 33.8% | 15.0% | -0.9% | |
| Latest Twelve Months | 32.6% | 11.0% | 35.2% | 32.2% | 11.1% | -2.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -4.2% | 19.6% | 4.0% | 17.7% | 10.8% | 29.5% | |
| Prior Fiscal Year | -0.9% | 18.5% | 3.6% | 17.6% | 11.3% | 26.3% | |
| Latest Fiscal Year | -15.6% | 19.6% | 3.3% | 17.2% | 11.7% | 25.4% | |
| Latest Twelve Months | -2.8% | 19.6% | 4.1% | 17.7% | 12.2% | 25.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.69x | 3.70x | 0.67x | 1.89x | 1.10x | 6.26x | |
| EV / LTM EBITDA | 43.3x | 14.3x | 14.1x | 10.4x | 7.5x | 13.8x | |
| EV / LTM EBIT | -60.0x | 18.9x | 16.2x | 10.7x | 9.0x | 24.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -60.0x | 10.7x | 18.9x | ||||
| Historical EV / LTM EBIT | 19.0x | 24.4x | 25.2x | ||||
| Selected EV / LTM EBIT | 20.6x | 21.7x | 22.8x | ||||
| (x) LTM EBIT | 4,984 | 4,984 | 4,984 | ||||
| (=) Implied Enterprise Value | 102,666 | 108,069 | 113,473 | ||||
| (-) Non-shareholder Claims * | (47,893) | (47,893) | (47,893) | ||||
| (=) Equity Value | 54,772 | 60,176 | 65,579 | ||||
| (/) Shares Outstanding | 48.6 | 48.6 | 48.6 | ||||
| Implied Value Range | 1,127.70 | 1,238.96 | 1,350.21 | ||||
| FX Rate: JPY/JPY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,127.70 | 1,238.96 | 1,350.21 | 1,537.00 | |||
| Upside / (Downside) | -26.6% | -19.4% | -12.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 8944 | 8802 | 5527 | 2986 | 3480 | 8818 | |
| Enterprise Value | 27,081 | 5,838,870 | 29,718 | 85,229 | 80,683 | 122,545 | |
| (+) Cash & Short Term Investments | 7,209 | 259,754 | 3,711 | 9,733 | 19,010 | 14,061 | |
| (+) Investments & Other | 2,058 | 871,078 | 600 | 1,264 | 7,107 | 22,399 | |
| (-) Debt | (32,418) | (3,336,986) | (29,060) | (56,311) | (29,248) | (84,353) | |
| (-) Other Liabilities | 0 | (177,226) | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,930 | 3,455,490 | 4,969 | 39,915 | 77,552 | 74,652 | |
| (/) Shares Outstanding | 19.8 | 1,241.0 | 4.1 | 6.3 | 21.1 | 48.6 | |
| Implied Stock Price | 198.00 | 2,784.50 | 1,213.00 | 6,330.00 | 3,675.00 | 1,537.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 198.00 | 2,784.50 | 1,213.00 | 6,330.00 | 3,675.00 | 1,537.00 | |
| 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 | |