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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 15.3x - 16.9x | 16.1x |
| Selected Fwd EBIT Multiple | 11.2x - 12.4x | 11.8x |
| Fair Value | €4.17 - €5.50 | €4.84 |
| Upside | -8.0% - 21.3% | 6.6% |
| Benchmarks | Ticker | Full Ticker |
| Teijin Limited | 3401 | TSE:3401 |
| Kaneka Corporation | 4118 | TSE:4118 |
| Nippon Shokubai Co., Ltd. | 4114 | TSE:4114 |
| Nitto Denko Corporation | 6988 | TSE:6988 |
| Shin-Etsu Chemical Co., Ltd. | 4063 | TSE:4063 |
| Mitsubishi Chemical Group Corporation | M3C | DB:M3C |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 3401 | 4118 | 4114 | 6988 | 4063 | M3C | ||
| TSE:3401 | TSE:4118 | TSE:4114 | TSE:6988 | TSE:4063 | DB:M3C | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 9.3% | 8.9% | 22.2% | 12.8% | 10.5% | |
| 3Y CAGR | NM- | -3.6% | -14.6% | 12.8% | 3.3% | 6.5% | |
| Latest Twelve Months | -37.3% | 2.3% | 20.9% | 8.3% | 2.4% | -32.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 2.1% | 4.9% | 4.8% | 14.9% | 30.5% | 5.9% | |
| Prior Fiscal Year | 1.3% | 4.1% | 4.5% | 14.8% | 29.0% | 5.6% | |
| Latest Fiscal Year | -8.0% | 4.8% | 4.3% | 18.0% | 29.0% | 6.9% | |
| Latest Twelve Months | 1.1% | 4.6% | 4.5% | 17.6% | 27.7% | 4.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.46x | 0.49x | 0.63x | 1.92x | 2.81x | 0.72x | |
| EV / LTM EBITDA | 5.9x | 4.9x | 5.2x | 7.9x | 7.6x | 6.7x | |
| EV / LTM EBIT | 42.8x | 10.8x | 14.1x | 10.9x | 10.1x | 16.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 10.1x | 10.9x | 42.8x | ||||
| Historical EV / LTM EBIT | 6.7x | 13.1x | 116.4x | ||||
| Selected EV / LTM EBIT | 15.3x | 16.1x | 16.9x | ||||
| (x) LTM EBIT | 182,815 | 182,815 | 182,815 | ||||
| (=) Implied Enterprise Value | 2,797,460 | 2,944,695 | 3,091,930 | ||||
| (-) Non-shareholder Claims * | (1,965,677) | (1,965,677) | (1,965,677) | ||||
| (=) Equity Value | 831,783 | 979,018 | 1,126,253 | ||||
| (/) Shares Outstanding | 1,358.5 | 1,358.5 | 1,358.5 | ||||
| Implied Value Range | 612.28 | 720.66 | 829.04 | ||||
| FX Rate: JPY/EUR | 171.7 | 171.7 | 171.7 | Market Price | |||
| Implied Value Range (Trading Cur) | 3.57 | 4.20 | 4.83 | 4.54 | |||
| Upside / (Downside) | -21.4% | -7.5% | 6.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 3401 | 4118 | 4114 | 6988 | 4063 | M3C | |
| Enterprise Value | 455,439 | 396,984 | 256,739 | 1,931,162 | 7,279,646 | 3,023,674 | |
| (+) Cash & Short Term Investments | 215,598 | 44,349 | 43,508 | 290,957 | 1,472,758 | 339,911 | |
| (+) Investments & Other | 73,254 | 59,736 | 27,992 | 6,391 | 325,861 | 337,389 | |
| (-) Debt | (492,197) | (212,313) | (43,012) | (468) | (244,777) | (2,084,680) | |
| (-) Other Liabilities | (4,244) | (20,876) | (8,711) | (1,029) | (168,073) | (558,297) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 247,850 | 267,880 | 276,516 | 2,227,013 | 8,665,415 | 1,057,997 | |
| (/) Shares Outstanding | 192.7 | 61.8 | 151.5 | 678.3 | 1,872.8 | 1,358.5 | |
| Implied Stock Price | 1,286.00 | 4,332.00 | 1,825.00 | 3,283.00 | 4,627.00 | 778.80 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 171.73 | |
| Implied Stock Price (Trading Cur) | 1,286.00 | 4,332.00 | 1,825.00 | 3,283.00 | 4,627.00 | 4.54 | |
| Trading Currency | JPY | JPY | JPY | JPY | JPY | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 171.73 | |