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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 10.3x - 11.4x | 10.8x |
Selected Fwd EBIT Multiple | 9.4x - 10.3x | 9.9x |
Fair Value | ¥536.15 - ¥601.05 | ¥568.60 |
Upside | 19.7% - 34.2% | 26.9% |
Benchmarks | Ticker | Full Ticker |
V Technology Co., Ltd. | 7717 | TSE:7717 |
Daishinku Corp. | 6962 | TSE:6962 |
Taiyo Yuden Co., Ltd. | 6976 | TSE:6976 |
Hibino Corporation | 2469 | TSE:2469 |
KOA Corporation | 6999 | TSE:6999 |
Tamura Corporation | 6768 | TSE:6768 |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
7717 | 6962 | 6976 | 2469 | 6999 | 6768 | ||
TSE:7717 | TSE:6962 | TSE:6976 | TSE:2469 | TSE:6999 | TSE:6768 | ||
Historical EBIT Growth | |||||||
5Y CAGR | -44.9% | 114.5% | -23.9% | 14.5% | -4.3% | 1.4% | |
3Y CAGR | -49.6% | 0.7% | -39.6% | NM- | -41.0% | 35.9% | |
Latest Twelve Months | 346.2% | -9.6% | 258.3% | 17.8% | -64.5% | -0.4% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 5.7% | 7.6% | 11.0% | 0.5% | 6.8% | 3.3% | |
Prior Fiscal Year | 2.3% | 11.0% | 10.0% | 2.9% | 5.1% | 4.5% | |
Latest Fiscal Year | 2.3% | 5.4% | 2.8% | 5.6% | 1.8% | 4.6% | |
Latest Twelve Months | 6.0% | 4.8% | 3.0% | 6.4% | 1.8% | 4.4% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.26x | 0.93x | 1.06x | 0.58x | 0.63x | 0.39x | |
EV / LTM EBITDA | 4.6x | 6.2x | 6.7x | 4.6x | 5.7x | 4.8x | |
EV / LTM EBIT | 4.4x | 19.1x | 34.9x | 9.0x | 34.1x | 8.8x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 4.4x | 19.1x | 34.9x | ||||
Historical EV / LTM EBIT | 10.6x | 18.7x | 34.1x | ||||
Selected EV / LTM EBIT | 10.3x | 10.8x | 11.4x | ||||
(x) LTM EBIT | 4,888 | 4,888 | 4,888 | ||||
(=) Implied Enterprise Value | 50,284 | 52,930 | 55,577 | ||||
(-) Non-shareholder Claims * | (6,574) | (6,574) | (6,574) | ||||
(=) Equity Value | 43,710 | 46,356 | 49,003 | ||||
(/) Shares Outstanding | 81.8 | 81.8 | 81.8 | ||||
Implied Value Range | 534.47 | 566.83 | 599.19 | ||||
FX Rate: JPY/JPY | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 534.47 | 566.83 | 599.19 | 448.00 | |||
Upside / (Downside) | 19.3% | 26.5% | 33.7% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 7717 | 6962 | 6976 | 2469 | 6999 | 6768 | |
Enterprise Value | 13,055 | 36,329 | 354,474 | 33,420 | 40,127 | 43,212 | |
(+) Cash & Short Term Investments | 26,196 | 19,853 | 82,495 | 4,553 | 26,642 | 17,935 | |
(+) Investments & Other | 3,105 | 5,018 | 20 | 4,160 | 8,674 | 7,488 | |
(-) Debt | (22,922) | (35,424) | (164,447) | (18,957) | (44,709) | (31,894) | |
(-) Other Liabilities | (146) | (8,998) | 0 | (555) | 0 | (103) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 19,288 | 16,778 | 272,542 | 22,621 | 30,734 | 36,638 | |
(/) Shares Outstanding | 9.5 | 31.8 | 124.7 | 9.9 | 37.1 | 81.8 | |
Implied Stock Price | 2,041.00 | 528.00 | 2,185.00 | 2,277.00 | 828.00 | 448.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 2,041.00 | 528.00 | 2,185.00 | 2,277.00 | 828.00 | 448.00 | |
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 |