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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 20,2x - 22,3x | 21,2x |
| Selected Fwd EBIT Multiple | 18,5x - 20,4x | 19,5x |
| Fair Value | ¥1.186 - ¥1.409 | ¥1.297 |
| Upside | -20,9% - -6,0% | -13,4% |
| Benchmarks | Ticker | Full Ticker |
| AMG Holdings Co.,Ltd. | 8891 | TSE:8891 |
| Land Business Co.,Ltd. | 8944 | TSE:8944 |
| Mitsubishi Estate Co., Ltd. | 8802 | TSE:8802 |
| A.D.Works Group Co.,Ltd. | 2982 | TSE:2982 |
| property technologies Inc. | 5527 | TSE:5527 |
| Keihanshin Building Co., Ltd. | 8818 | TSE:8818 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 8891 | 8944 | 8802 | 2982 | 5527 | 8818 | ||
| TSE:8891 | TSE:8944 | TSE:8802 | TSE:2982 | TSE:5527 | TSE:8818 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 16.1% | NM- | 5.1% | NM- | NM- | -1.4% | |
| 3Y CAGR | 22.7% | NM- | 3.5% | 51.3% | -6.9% | -1.4% | |
| Latest Twelve Months | -14.6% | 32.6% | 11.0% | 43.0% | 35.2% | -2.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 6.5% | -4.2% | 19.6% | 5.4% | 4.0% | 29.5% | |
| Prior Fiscal Year | 6.2% | -0.9% | 18.5% | 5.9% | 3.6% | 26.3% | |
| Latest Fiscal Year | 5.1% | -15.6% | 19.6% | 6.4% | 3.3% | 25.4% | |
| Latest Twelve Months | 5.1% | -2.8% | 19.6% | 7.0% | 4.1% | 25.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.52x | 1.69x | 3.52x | 0.72x | 0.66x | 6.03x | |
| EV / LTM EBITDA | 9.3x | 43.3x | 13.6x | 9.8x | 13.8x | 13.3x | |
| EV / LTM EBIT | 10.2x | -60.1x | 18.0x | 10.3x | 16.0x | 23.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -60.1x | 10.3x | 18.0x | ||||
| Historical EV / LTM EBIT | 19.0x | 23.7x | 25.2x | ||||
| Selected EV / LTM EBIT | 20.2x | 21.2x | 22.3x | ||||
| (x) LTM EBIT | 4,983 | 4,983 | 4,983 | ||||
| (=) Implied Enterprise Value | 100,503 | 105,793 | 111,082 | ||||
| (-) Non-shareholder Claims * | (45,374) | (45,374) | (45,374) | ||||
| (=) Equity Value | 55,129 | 60,419 | 65,708 | ||||
| (/) Shares Outstanding | 48.6 | 48.6 | 48.6 | ||||
| Implied Value Range | 1,135.05 | 1,243.95 | 1,352.86 | ||||
| FX Rate: JPY/JPY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,135.05 | 1,243.95 | 1,352.86 | 1,498.00 | |||
| Upside / (Downside) | -24.2% | -17.0% | -9.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 8891 | 8944 | 8802 | 2982 | 5527 | 8818 | |
| Enterprise Value | 15,745 | 27,120 | 5,563,754 | 40,656 | 29,193 | 118,132 | |
| (+) Cash & Short Term Investments | 3,109 | 7,209 | 259,754 | 8,813 | 3,711 | 14,060 | |
| (+) Investments & Other | 478 | 2,058 | 871,078 | 906 | 600 | 24,919 | |
| (-) Debt | (13,413) | (32,418) | (3,336,986) | (36,392) | (29,060) | (84,353) | |
| (-) Other Liabilities | 0 | 0 | (177,226) | (10) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 5,919 | 3,969 | 3,180,374 | 13,973 | 4,444 | 72,758 | |
| (/) Shares Outstanding | 2.8 | 19.8 | 1,246.0 | 48.0 | 4.1 | 48.6 | |
| Implied Stock Price | 2,113.00 | 200.00 | 2,552.50 | 291.00 | 1,085.00 | 1,498.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 2,113.00 | 200.00 | 2,552.50 | 291.00 | 1,085.00 | 1,498.00 | |
| 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 | |