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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6.7x - 7.4x | 7.0x |
| Selected Fwd EBITDA Multiple | 7.8x - 8.6x | 8.2x |
| Fair Value | ¥2,960 - ¥3,244 | ¥3,102 |
| Upside | 24.7% - 36.7% | 30.7% |
| Benchmarks | Ticker | Full Ticker |
| Shinobu Foods Products Co., Ltd. | 2903 | TSE:2903 |
| Ichimasa Kamaboko Co., Ltd. | 2904 | TSE:2904 |
| Kameda Seika Co.,Ltd. | 2220 | TSE:2220 |
| Maruha Nichiro Corporation | 1333 | TSE:1333 |
| Key Coffee Inc. | 2594 | TSE:2594 |
| Imuraya Group Co., Ltd. | 2209 | TSE:2209 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 2903 | 2904 | 2220 | 1333 | 2594 | 2209 | ||
| TSE:2903 | TSE:2904 | TSE:2220 | TSE:1333 | TSE:2594 | TSE:2209 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 12.2% | 1.4% | 2.5% | 3.3% | 0.8% | 7.9% | |
| 3Y CAGR | 13.7% | -1.7% | 1.0% | 10.0% | NM- | 20.7% | |
| Latest Twelve Months | -4.3% | 49.2% | 19.1% | 10.0% | 12.1% | 34.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 6.3% | 7.2% | 10.8% | 4.3% | 1.4% | 7.9% | |
| Prior Fiscal Year | 6.7% | 4.0% | 10.2% | 4.5% | 1.9% | 8.3% | |
| Latest Fiscal Year | 7.1% | 8.3% | 11.1% | 4.3% | 2.4% | 9.5% | |
| Latest Twelve Months | 6.7% | 8.9% | 11.7% | 4.5% | 2.4% | 10.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.17x | 0.63x | 0.97x | 0.36x | 0.60x | 0.55x | |
| EV / LTM EBITDA | 2.5x | 7.1x | 8.3x | 8.0x | 24.7x | 5.2x | |
| EV / LTM EBIT | 4.2x | 15.9x | 17.0x | 13.1x | 52.3x | 9.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 2.5x | 8.0x | 24.7x | ||||
| Historical EV / LTM EBITDA | 7.2x | 9.2x | 11.8x | ||||
| Selected EV / LTM EBITDA | 6.7x | 7.0x | 7.4x | ||||
| (x) LTM EBITDA | 5,311 | 5,311 | 5,311 | ||||
| (=) Implied Enterprise Value | 35,351 | 37,211 | 39,072 | ||||
| (-) Non-shareholder Claims * | 3,389 | 3,389 | 3,389 | ||||
| (=) Equity Value | 38,740 | 40,600 | 42,461 | ||||
| (/) Shares Outstanding | 13.1 | 13.1 | 13.1 | ||||
| Implied Value Range | 2,960.98 | 3,103.19 | 3,245.39 | ||||
| FX Rate: JPY/JPY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2,960.98 | 3,103.19 | 3,245.39 | 2,374.00 | |||
| Upside / (Downside) | 24.7% | 30.7% | 36.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2903 | 2904 | 2220 | 1333 | 2594 | 2209 | |
| Enterprise Value | 9,622 | 22,025 | 96,438 | 381,311 | 46,274 | 27,671 | |
| (+) Cash & Short Term Investments | 6,380 | 1,201 | 9,562 | 45,697 | 5,222 | 1,844 | |
| (+) Investments & Other | 630 | 2,117 | 0 | 75,093 | 3,877 | 4,150 | |
| (-) Debt | (6,458) | (11,360) | (21,561) | (304,489) | (10,344) | (2,600) | |
| (-) Other Liabilities | (6) | (103) | 0 | (43,282) | (318) | (5) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 10,168 | 13,880 | 84,439 | 154,330 | 44,711 | 31,060 | |
| (/) Shares Outstanding | 11.9 | 18.4 | 21.1 | 50.4 | 21.4 | 13.1 | |
| Implied Stock Price | 855.00 | 754.00 | 4,005.00 | 3,064.00 | 2,088.00 | 2,374.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 855.00 | 754.00 | 4,005.00 | 3,064.00 | 2,088.00 | 2,374.00 | |
| Trading Currency | JPY | JPY | JPY | JPY | JPY | JPY | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |