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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 3.4x - 3.7x | 3.6x |
| Selected Fwd EBITDA Multiple | 3.3x - 3.6x | 3.4x |
| Fair Value | €11.73 - €13.13 | €12.43 |
| Upside | 26.8% - 42.0% | 34.4% |
| Benchmarks | Ticker | Full Ticker |
| The Yokohama Rubber Company, Limited | 5101 | TSE:5101 |
| Toyo Tire Corporation | 5105 | TSE:5105 |
| Bridgestone Corporation | 5108 | TSE:5108 |
| Nokian Renkaat Oyj | NKRK.F | OTCPK:NKRK.F |
| Nexen Tire Corporation | A002350 | KOSE:A002350 |
| Sumitomo Rubber Industries, Ltd. | 108 | DB:108 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 5101 | 5105 | 5108 | NKRK.F | A002350 | 108 | ||
| TSE:5101 | TSE:5105 | TSE:5108 | OTCPK:NKRK.F | KOSE:A002350 | DB:108 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 15.3% | 15.2% | 8.2% | -27.9% | 1.8% | 7.0% | |
| 3Y CAGR | 21.3% | 20.1% | 8.5% | -40.9% | 29.1% | 12.4% | |
| Latest Twelve Months | 22.7% | 19.9% | 3.9% | -24.2% | 6.3% | 8.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 15.4% | 16.9% | 17.8% | 14.8% | 11.7% | 12.5% | |
| Prior Fiscal Year | 16.1% | 19.5% | 18.4% | 9.0% | 14.2% | 13.1% | |
| Latest Fiscal Year | 17.8% | 22.8% | 18.6% | 6.2% | 14.3% | 13.8% | |
| Latest Twelve Months | 17.8% | 22.8% | 18.6% | 6.2% | 14.3% | 13.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.61x | 0.64x | 0.83x | 1.15x | 0.66x | 0.39x | |
| EV / LTM EBITDA | 3.4x | 2.8x | 4.5x | 18.6x | 4.6x | 2.8x | |
| EV / LTM EBIT | 5.2x | 3.8x | 7.7x | 1239.3x | 10.9x | 5.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 2.8x | 4.5x | 18.6x | ||||
| Historical EV / LTM EBITDA | 2.8x | 3.7x | 4.6x | ||||
| Selected EV / LTM EBITDA | 3.4x | 3.6x | 3.7x | ||||
| (x) LTM EBITDA | 167,489 | 167,489 | 167,489 | ||||
| (=) Implied Enterprise Value | 566,875 | 596,711 | 626,546 | ||||
| (-) Non-shareholder Claims * | (67,653) | (67,653) | (67,653) | ||||
| (=) Equity Value | 499,222 | 529,058 | 558,893 | ||||
| (/) Shares Outstanding | 263.0 | 263.0 | 263.0 | ||||
| Implied Value Range | 1,897.99 | 2,011.42 | 2,124.85 | ||||
| FX Rate: JPY/EUR | 162.4 | 162.4 | 162.4 | Market Price | |||
| Implied Value Range (Trading Cur) | 11.68 | 12.38 | 13.08 | 9.25 | |||
| Upside / (Downside) | 26.3% | 33.9% | 41.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 5101 | 5105 | 5108 | NKRK.F | A002350 | 108 | |
| Enterprise Value | 664,971 | 357,095 | 3,681,941 | 1,633 | 1,887,485 | 462,894 | |
| (+) Cash & Short Term Investments | 136,215 | 86,636 | 706,732 | 176 | 284,563 | 100,382 | |
| (+) Investments & Other | 90,769 | 31,711 | 231,099 | 3 | 42,542 | 104,083 | |
| (-) Debt | (438,021) | (102,053) | (727,720) | (789) | (1,681,604) | (252,442) | |
| (-) Other Liabilities | (10,042) | 0 | (54,882) | 0 | (9,403) | (19,676) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 443,892 | 373,389 | 3,837,170 | 1,023 | 523,583 | 395,241 | |
| (/) Shares Outstanding | 159.1 | 154.0 | 684.8 | 167.1 | 102.7 | 263.0 | |
| Implied Stock Price | 2,789.50 | 2,425.00 | 5,603.00 | 6.12 | 5,100.00 | 1,502.66 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.88 | 1.00 | 162.45 | |
| Implied Stock Price (Trading Cur) | 2,789.50 | 2,425.00 | 5,603.00 | 6.96 | 5,100.00 | 9.25 | |
| Trading Currency | JPY | JPY | JPY | USD | KRW | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.88 | 1.00 | 162.45 | |