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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 8.8x - 9.8x | 9.3x |
Selected Fwd EBIT Multiple | 7.6x - 8.4x | 8.0x |
Fair Value | €38.35 - €42.83 | €40.59 |
Upside | -21.1% - -11.9% | -16.5% |
Benchmarks | Ticker | Full Ticker |
Loginet Japan Co., Ltd. | 9027 | SPSE:9027 |
Chuo Warehouse Co.,Ltd. | 9319 | TSE:9319 |
Being Holdings Co., Ltd. | 9145 | TSE:9145 |
The Keihin Co., Ltd. | 9312 | TSE:9312 |
Takase Corporation | 9087 | TSE:9087 |
Sankyu Inc. | SNK | DB:SNK |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
9027 | 9319 | 9145 | 9312 | 9087 | SNK | ||
SPSE:9027 | TSE:9319 | TSE:9145 | TSE:9312 | TSE:9087 | DB:SNK | ||
Historical EBIT Growth | |||||||
5Y CAGR | 1.9% | 6.6% | 32.9% | 8.8% | -13.9% | 1.7% | |
3Y CAGR | 2.1% | 5.5% | 26.1% | -2.6% | -34.0% | 8.4% | |
Latest Twelve Months | 14.8% | 8.9% | 27.0% | 8.8% | -44.5% | 27.4% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 4.9% | 7.6% | 6.3% | 5.7% | 2.5% | 6.5% | |
Prior Fiscal Year | 4.3% | 7.3% | 6.8% | 5.7% | 2.1% | 6.2% | |
Latest Fiscal Year | 4.7% | 7.9% | 7.4% | 5.7% | 1.0% | 7.2% | |
Latest Twelve Months | 4.7% | NA | 7.9% | 5.9% | 1.0% | NA | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.28x | 0.51x | 0.95x | 0.13x | 0.07x | 0.76x | |
EV / LTM EBITDA | 3.9x | 3.6x | 9.3x | 1.3x | 1.3x | 7.3x | |
EV / LTM EBIT | 5.8x | 6.6x | 12.0x | 2.3x | 6.9x | 10.5x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 2.3x | 6.6x | 12.0x | ||||
Historical EV / LTM EBIT | 6.0x | 7.4x | 7.7x | ||||
Selected EV / LTM EBIT | 8.8x | 9.3x | 9.8x | ||||
(x) LTM EBIT | 44,815 | 44,815 | 44,815 | ||||
(=) Implied Enterprise Value | 395,490 | 416,305 | 437,120 | ||||
(-) Non-shareholder Claims * | (37,049) | (37,049) | (37,049) | ||||
(=) Equity Value | 358,441 | 379,256 | 400,071 | ||||
(/) Shares Outstanding | 51.8 | 51.8 | 51.8 | ||||
Implied Value Range | 6,922.64 | 7,324.65 | 7,726.66 | ||||
FX Rate: JPY/EUR | 172.2 | 172.2 | 172.2 | Market Price | |||
Implied Value Range (Trading Cur) | 40.20 | 42.54 | 44.87 | 48.60 | |||
Upside / (Downside) | -17.3% | -12.5% | -7.7% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 9027 | 9319 | 9145 | 9312 | 9087 | SNK | |
Enterprise Value | 22,806 | 14,210 | 29,945 | 6,732 | 541 | 470,358 | |
(+) Cash & Short Term Investments | 1,048 | 7,136 | 3,818 | 9,711 | 1,889 | 44,472 | |
(+) Investments & Other | 4,134 | 12,607 | 608 | 9,581 | 987 | 33,174 | |
(-) Debt | (7,767) | (7,081) | (6,916) | (8,260) | (898) | (111,029) | |
(-) Other Liabilities | 0 | (289) | (434) | 0 | 0 | (3,666) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 20,221 | 26,582 | 27,021 | 17,764 | 2,519 | 433,309 | |
(/) Shares Outstanding | 5.3 | 18.4 | 6.0 | 6.5 | 2.0 | 51.8 | |
Implied Stock Price | 3,785.00 | 1,448.00 | 4,485.00 | 2,721.00 | 1,248.00 | 8,368.60 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 172.19 | |
Implied Stock Price (Trading Cur) | 3,785.00 | 1,448.00 | 4,485.00 | 2,721.00 | 1,248.00 | 48.60 | |
Trading Currency | JPY | JPY | JPY | JPY | JPY | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 172.19 |