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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 28.2x - 31.1x | 29.6x |
| Selected Fwd EBIT Multiple | 15.3x - 16.9x | 16.1x |
| Fair Value | €53.75 - €58.14 | €55.95 |
| Upside | -35.4% - -30.1% | -32.8% |
| Benchmarks | Ticker | Full Ticker |
| COLOPL, Inc. | 3668 | TSE:3668 |
| NEXON Co., Ltd. | 3659 | TSE:3659 |
| GREE Holdings, Inc. | 3632 | TSE:3632 |
| DeNA Co., Ltd. | 2432 | TSE:2432 |
| GungHo Online Entertainment, Inc. | 3765 | TSE:3765 |
| Nintendo Co., Ltd. | NTO | DB:NTO |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 3668 | 3659 | 3632 | 2432 | 3765 | NTO | ||
| TSE:3668 | TSE:3659 | TSE:3632 | TSE:2432 | TSE:3765 | DB:NTO | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 5.6% | 1.8% | 66.3% | -9.2% | -4.3% | |
| 3Y CAGR | NM- | 13.6% | 3.6% | 40.0% | -18.9% | -21.9% | |
| Latest Twelve Months | -8.6% | 37.0% | -18.8% | 1217.2% | -55.2% | -28.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 10.4% | 34.1% | 11.5% | 9.7% | 24.9% | 31.6% | |
| Prior Fiscal Year | 8.6% | 31.2% | 9.8% | 0.5% | 22.2% | 31.6% | |
| Latest Fiscal Year | -4.6% | 31.0% | 8.5% | 20.4% | 16.9% | 24.3% | |
| Latest Twelve Months | 0.4% | 31.9% | 8.5% | 26.2% | 10.3% | 19.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.22x | 3.99x | 0.40x | 0.95x | 0.36x | 9.59x | |
| EV / LTM EBITDA | 17.4x | 11.7x | 4.5x | 3.2x | 3.3x | 47.7x | |
| EV / LTM EBIT | 61.7x | 12.5x | 4.7x | 3.6x | 3.5x | 50.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 3.5x | 4.7x | 61.7x | ||||
| Historical EV / LTM EBIT | 7.2x | 9.0x | 29.3x | ||||
| Selected EV / LTM EBIT | 28.2x | 29.6x | 31.1x | ||||
| (x) LTM EBIT | 284,973 | 284,973 | 284,973 | ||||
| (=) Implied Enterprise Value | 8,025,505 | 8,447,900 | 8,870,295 | ||||
| (-) Non-shareholder Claims * | 2,424,327 | 2,424,327 | 2,424,327 | ||||
| (=) Equity Value | 10,449,832 | 10,872,227 | 11,294,622 | ||||
| (/) Shares Outstanding | 1,164.2 | 1,164.2 | 1,164.2 | ||||
| Implied Value Range | 8,975.60 | 9,338.41 | 9,701.21 | ||||
| FX Rate: JPY/EUR | 172.2 | 172.2 | 172.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 52.14 | 54.24 | 56.35 | 83.20 | |||
| Upside / (Downside) | -37.3% | -34.8% | -32.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 3668 | 3659 | 3632 | 2432 | 3765 | NTO | |
| Enterprise Value | (8,902) | 1,802,075 | 43,745 | 162,470 | 36,531 | 14,251,410 | |
| (+) Cash & Short Term Investments | 58,678 | 585,846 | 48,901 | 89,114 | 136,832 | 1,909,164 | |
| (+) Investments & Other | 14,827 | 61,277 | 12,506 | 59,892 | 13,277 | 516,284 | |
| (-) Debt | (499) | (37,923) | (25,700) | (49,044) | 0 | 0 | |
| (-) Other Liabilities | (7) | (10,834) | (118) | (9,395) | (25,905) | (1,121) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 64,097 | 2,400,441 | 79,334 | 253,037 | 160,735 | 16,675,737 | |
| (/) Shares Outstanding | 128.5 | 798.0 | 171.3 | 111.5 | 54.2 | 1,164.2 | |
| Implied Stock Price | 499.00 | 3,008.00 | 463.00 | 2,270.00 | 2,967.50 | 14,323.18 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 172.15 | |
| Implied Stock Price (Trading Cur) | 499.00 | 3,008.00 | 463.00 | 2,270.00 | 2,967.50 | 83.20 | |
| Trading Currency | JPY | JPY | JPY | JPY | JPY | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 172.15 | |