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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 11,3x - 12,4x | 11,8x |
| Selected Fwd EBIT Multiple | 9,6x - 10,6x | 10,1x |
| Fair Value | ¥1.747 - ¥1.944 | ¥1.846 |
| Upside | -13,4% - -3,6% | -8,5% |
| Benchmarks | Ticker | Full Ticker |
| FreeBit Co., Ltd. | 3843 | TSE:3843 |
| Vision Inc. | 9416 | TSE:9416 |
| Broadmedia Corporation | 4347 | TSE:4347 |
| IPS, Inc. | 4390 | TSE:4390 |
| Toumei Co.,Ltd. | 4439 | TSE:4439 |
| U-NEXT HOLDINGS Co.,Ltd. | 9418 | TSE:9418 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 3843 | 9416 | 4347 | 4390 | 4439 | 9418 | ||
| TSE:3843 | TSE:9416 | TSE:4347 | TSE:4390 | TSE:4439 | TSE:9418 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 14.6% | 10.0% | 31.0% | 32.7% | 30.6% | 28.5% | |
| 3Y CAGR | 20.1% | 69.3% | 21.2% | 26.6% | 80.6% | 22.7% | |
| Latest Twelve Months | 7.2% | 25.4% | -54.0% | 131.7% | 69.7% | 8.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 8.3% | 8.8% | 6.1% | 23.4% | 6.0% | 7.5% | |
| Prior Fiscal Year | 8.6% | 13.5% | 8.1% | 26.8% | 8.0% | 7.8% | |
| Latest Fiscal Year | 11.1% | 15.1% | 6.2% | 27.6% | 9.7% | 8.8% | |
| Latest Twelve Months | 11.0% | 15.1% | 3.3% | 33.3% | 11.4% | 8.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.51x | 1.37x | 0.56x | 2.29x | 0.85x | 1.07x | |
| EV / LTM EBITDA | 4.1x | 7.7x | 10.1x | 5.9x | 7.0x | 9.4x | |
| EV / LTM EBIT | 4.6x | 9.1x | 16.7x | 6.9x | 7.4x | 12.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 4.6x | 7.4x | 16.7x | ||||
| Historical EV / LTM EBIT | 9.0x | 11.7x | 14.6x | ||||
| Selected EV / LTM EBIT | 11.3x | 11.8x | 12.4x | ||||
| (x) LTM EBIT | 30,070 | 30,070 | 30,070 | ||||
| (=) Implied Enterprise Value | 338,505 | 356,321 | 374,137 | ||||
| (-) Non-shareholder Claims * | (21,582) | (21,582) | (21,582) | ||||
| (=) Equity Value | 316,923 | 334,739 | 352,555 | ||||
| (/) Shares Outstanding | 180.4 | 180.4 | 180.4 | ||||
| Implied Value Range | 1,757.02 | 1,855.80 | 1,954.57 | ||||
| FX Rate: JPY/JPY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,757.02 | 1,855.80 | 1,954.57 | 2,017.00 | |||
| Upside / (Downside) | -12.9% | -8.0% | -3.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 3843 | 9416 | 4347 | 4390 | 4439 | 9418 | |
| Enterprise Value | 27,129 | 48,644 | 8,662 | 38,745 | 23,200 | 385,398 | |
| (+) Cash & Short Term Investments | 19,275 | 11,883 | 4,383 | 3,390 | 6,783 | 49,962 | |
| (+) Investments & Other | 1,091 | 1,140 | 1,154 | 109 | 859 | 9,644 | |
| (-) Debt | (13,027) | (599) | (1,139) | (10,768) | (1,826) | (70,393) | |
| (-) Other Liabilities | (4,135) | 0 | (1,146) | (4,656) | 0 | (10,795) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 30,333 | 61,068 | 11,914 | 26,820 | 29,016 | 363,816 | |
| (/) Shares Outstanding | 20.2 | 48.8 | 7.1 | 12.9 | 15.0 | 180.4 | |
| Implied Stock Price | 1,503.00 | 1,252.00 | 1,672.00 | 2,073.00 | 1,936.00 | 2,017.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,503.00 | 1,252.00 | 1,672.00 | 2,073.00 | 1,936.00 | 2,017.00 | |
| 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 | |