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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 17.0x - 18.7x | 17.8x |
Selected Fwd EBIT Multiple | 10.5x - 11.7x | 11.1x |
Fair Value | €14.44 - €18.30 | €16.37 |
Upside | -31.9% - -13.7% | -22.8% |
Benchmarks | Ticker | Full Ticker |
Tokai Carbon Co., Ltd. | 5301 | TSE:5301 |
Asahi Kasei Corporation | 3407 | TSE:3407 |
Daicel Corporation | 4202 | TSE:4202 |
Kuraray Co., Ltd. | 3405 | TSE:3405 |
Arkema S.A. | AKE | ENXTPA:AKE |
Resonac Holdings Corporation | SWD | DB:SWD |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
5301 | 3407 | 4202 | 3405 | AKE | SWD | ||
TSE:5301 | TSE:3407 | TSE:4202 | TSE:3405 | ENXTPA:AKE | DB:SWD | ||
Historical EBIT Growth | |||||||
5Y CAGR | -18.6% | 3.6% | 15.5% | 9.4% | -4.3% | -11.2% | |
3Y CAGR | -7.7% | 1.5% | 6.4% | 5.6% | -14.8% | -8.5% | |
Latest Twelve Months | -25.0% | 50.6% | -2.2% | -9.7% | -4.3% | 346.1% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 8.5% | 6.7% | 9.6% | 10.3% | 9.3% | 2.8% | |
Prior Fiscal Year | 10.6% | 5.1% | 11.2% | 9.7% | 7.6% | -0.3% | |
Latest Fiscal Year | 5.5% | 7.0% | 10.4% | 10.3% | 7.1% | 4.8% | |
Latest Twelve Months | 6.6% | 7.0% | 10.4% | NA | 6.7% | 4.6% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.98x | 0.64x | 0.84x | 0.88x | 0.80x | 0.97x | |
EV / LTM EBITDA | 5.1x | 4.9x | 4.8x | 4.5x | 5.7x | 7.6x | |
EV / LTM EBIT | 14.8x | 9.2x | 8.0x | 9.8x | 12.0x | 20.9x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 8.0x | 9.8x | 14.8x | ||||
Historical EV / LTM EBIT | -328.6x | 18.7x | 798.1x | ||||
Selected EV / LTM EBIT | 17.0x | 17.8x | 18.7x | ||||
(x) LTM EBIT | 64,190 | 64,190 | 64,190 | ||||
(=) Implied Enterprise Value | 1,088,350 | 1,145,631 | 1,202,913 | ||||
(-) Non-shareholder Claims * | (687,917) | (687,917) | (687,917) | ||||
(=) Equity Value | 400,433 | 457,714 | 514,996 | ||||
(/) Shares Outstanding | 180.7 | 180.7 | 180.7 | ||||
Implied Value Range | 2,215.70 | 2,532.66 | 2,849.61 | ||||
FX Rate: JPY/EUR | 171.1 | 171.1 | 171.1 | Market Price | |||
Implied Value Range (Trading Cur) | 12.95 | 14.80 | 16.65 | 21.20 | |||
Upside / (Downside) | -38.9% | -30.2% | -21.5% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 5301 | 3407 | 4202 | 3405 | AKE | SWD | |
Enterprise Value | 341,542 | 1,943,162 | 491,097 | 732,617 | 7,595 | 1,343,636 | |
(+) Cash & Short Term Investments | 80,459 | 393,467 | 65,142 | 111,256 | 1,118 | 280,306 | |
(+) Investments & Other | 34,733 | 315,824 | 85,059 | 28,485 | 59 | 72,548 | |
(-) Debt | (202,979) | (1,195,045) | (280,919) | (256,757) | (3,843) | (1,015,327) | |
(-) Other Liabilities | (33,665) | (54,523) | (15,052) | (16,998) | (220) | (25,444) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 220,090 | 1,402,885 | 345,327 | 598,603 | 4,709 | 655,719 | |
(/) Shares Outstanding | 213.5 | 1,358.1 | 265.1 | 321.5 | 75.1 | 180.7 | |
Implied Stock Price | 1,031.00 | 1,033.00 | 1,302.50 | 1,862.00 | 62.70 | 3,628.27 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 171.14 | |
Implied Stock Price (Trading Cur) | 1,031.00 | 1,033.00 | 1,302.50 | 1,862.00 | 62.70 | 21.20 | |
Trading Currency | JPY | JPY | JPY | JPY | EUR | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 171.14 |