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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 9.3x - 10.3x | 9.8x |
| Selected Fwd EBIT Multiple | 12.6x - 14.0x | 13.3x |
| Fair Value | €22.86 - €25.55 | €24.21 |
| Upside | -5.5% - 5.6% | 0.0% |
| Benchmarks | Ticker | Full Ticker |
| Chubu Electric Power Company, Incorporated | 9502 | TSE:9502 |
| Tokyo Gas Co.,Ltd. | 9531 | TSE:9531 |
| Toho Gas Co., Ltd. | 9533 | TSE:9533 |
| Shizuoka Gas Co., Ltd. | 9543 | TSE:9543 |
| Keiyo Gas Co., Ltd. | 9539 | TSE:9539 |
| Osaka Gas Co., Ltd. | OSA | DB:OSA |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 9502 | 9531 | 9533 | 9543 | 9539 | OSA | ||
| TSE:9502 | TSE:9531 | TSE:9533 | TSE:9543 | TSE:9539 | DB:OSA | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 13.1% | 5.6% | 7.7% | 5.6% | -27.2% | 13.9% | |
| 3Y CAGR | NM- | 4.2% | 20.0% | 27.3% | -10.5% | 19.2% | |
| Latest Twelve Months | -17.6% | 11.5% | 40.9% | 0.1% | 371.9% | 40.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 4.4% | 7.2% | 4.5% | 5.6% | 2.1% | 6.4% | |
| Prior Fiscal Year | 9.5% | 8.3% | 5.3% | 8.6% | 1.4% | 8.3% | |
| Latest Fiscal Year | 6.6% | 5.0% | 4.7% | 5.1% | 1.2% | 7.8% | |
| Latest Twelve Months | 6.1% | 6.3% | 5.3% | 5.2% | 3.0% | 8.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.55x | 0.93x | 0.50x | 0.27x | 0.08x | 0.89x | |
| EV / LTM EBITDA | 4.8x | 6.2x | 4.8x | 2.8x | 0.7x | 6.0x | |
| EV / LTM EBIT | 8.9x | 14.8x | 9.4x | 5.2x | 2.8x | 10.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 2.8x | 8.9x | 14.8x | ||||
| Historical EV / LTM EBIT | 6.1x | 11.1x | 22.1x | ||||
| Selected EV / LTM EBIT | 9.3x | 9.8x | 10.3x | ||||
| (x) LTM EBIT | 179,662 | 179,662 | 179,662 | ||||
| (=) Implied Enterprise Value | 1,669,357 | 1,757,218 | 1,845,079 | ||||
| (-) Non-shareholder Claims * | (182,948) | (182,948) | (182,948) | ||||
| (=) Equity Value | 1,486,409 | 1,574,270 | 1,662,131 | ||||
| (/) Shares Outstanding | 393.1 | 393.1 | 393.1 | ||||
| Implied Value Range | 3,781.30 | 4,004.81 | 4,228.32 | ||||
| FX Rate: JPY/EUR | 174.3 | 174.3 | 174.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 21.69 | 22.97 | 24.26 | 24.20 | |||
| Upside / (Downside) | -10.4% | -5.1% | 0.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 9502 | 9531 | 9533 | 9543 | 9539 | OSA | |
| Enterprise Value | 1,986,537 | 2,503,077 | 331,196 | 54,332 | 9,985 | 1,841,245 | |
| (+) Cash & Short Term Investments | 237,439 | 156,177 | 31,940 | 26,592 | 19,069 | 155,980 | |
| (+) Investments & Other | 2,270,640 | 497,335 | 170,200 | 30,319 | 38,429 | 543,059 | |
| (-) Debt | (2,871,125) | (1,243,623) | (132,863) | (18,345) | (26,527) | (835,136) | |
| (-) Other Liabilities | (69,251) | (68,830) | 0 | (7,326) | (3,400) | (46,851) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,554,240 | 1,844,136 | 400,473 | 85,572 | 37,556 | 1,658,297 | |
| (/) Shares Outstanding | 755.2 | 345.5 | 94.5 | 75.3 | 32.2 | 393.1 | |
| Implied Stock Price | 2,058.00 | 5,338.00 | 4,237.00 | 1,136.00 | 1,168.00 | 4,218.57 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 174.32 | |
| Implied Stock Price (Trading Cur) | 2,058.00 | 5,338.00 | 4,237.00 | 1,136.00 | 1,168.00 | 24.20 | |
| Trading Currency | JPY | JPY | JPY | JPY | JPY | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 174.32 | |