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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 7.3x - 8.0x | 7.7x |
| Selected Fwd EBIT Multiple | 7.2x - 7.9x | 7.5x |
| Fair Value | €16.63 - €17.91 | €17.27 |
| Upside | 14.1% - 22.9% | 18.5% |
| Benchmarks | Ticker | Full Ticker |
| Japan Communications Inc. | 9424 | TSE:9424 |
| NTT, Inc. | 9432 | TSE:9432 |
| Internet Initiative Japan Inc. | 3774 | TSE:3774 |
| Accrete Inc. | 4395 | TSE:4395 |
| MTN Group Limited | MTNO.F | OTCPK:MTNO.F |
| KDDI Corporation | DIP | DB:DIP |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 9424 | 9432 | 3774 | 4395 | MTNO.F | DIP | ||
| TSE:9424 | TSE:9432 | TSE:3774 | TSE:4395 | OTCPK:MTNO.F | DB:DIP | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | -1.2% | 28.3% | NM- | 3.6% | 1.3% | |
| 3Y CAGR | 50.9% | -2.3% | 8.3% | -10.8% | -5.7% | 1.2% | |
| Latest Twelve Months | -15.5% | -14.2% | 3.6% | 146.9% | -24.2% | 16.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 4.9% | 14.3% | 9.1% | 10.0% | 27.0% | 18.2% | |
| Prior Fiscal Year | 15.4% | 14.4% | 10.5% | 5.7% | 25.8% | 16.2% | |
| Latest Fiscal Year | 10.4% | 12.0% | 9.5% | 5.2% | 22.9% | 18.4% | |
| Latest Twelve Months | 10.4% | 12.0% | 9.5% | 5.7% | 22.9% | 18.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.56x | 1.37x | 1.27x | 0.69x | 1.91x | 1.17x | |
| EV / LTM EBITDA | 20.4x | 5.6x | 6.5x | 9.1x | 5.5x | 3.9x | |
| EV / LTM EBIT | 24.6x | 11.4x | 13.3x | 12.1x | 8.3x | 6.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 8.3x | 12.1x | 24.6x | ||||
| Historical EV / LTM EBIT | 6.4x | 6.9x | 10.1x | ||||
| Selected EV / LTM EBIT | 7.3x | 7.7x | 8.0x | ||||
| (x) LTM EBIT | 1,091,280 | 1,091,280 | 1,091,280 | ||||
| (=) Implied Enterprise Value | 7,938,147 | 8,355,944 | 8,773,742 | ||||
| (-) Non-shareholder Claims * | 3,041,260 | 3,041,260 | 3,041,260 | ||||
| (=) Equity Value | 10,979,407 | 11,397,204 | 11,815,002 | ||||
| (/) Shares Outstanding | 3,978.5 | 3,978.5 | 3,978.5 | ||||
| Implied Value Range | 2,759.72 | 2,864.73 | 2,969.75 | ||||
| FX Rate: JPY/EUR | 172.8 | 172.8 | 172.8 | Market Price | |||
| Implied Value Range (Trading Cur) | 15.97 | 16.58 | 17.19 | 14.58 | |||
| Upside / (Downside) | 9.6% | 13.8% | 17.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 9424 | 9432 | 3774 | 4395 | MTNO.F | DIP | |
| Enterprise Value | 23,685 | 18,739,478 | 401,783 | 4,858 | 339,683 | 6,976,415 | |
| (+) Cash & Short Term Investments | 4,300 | 1,000,994 | 32,534 | 1,454 | 39,263 | 921,175 | |
| (+) Investments & Other | 321 | 5,187,939 | 71,133 | 266 | 28,878 | 7,080,146 | |
| (-) Debt | (2,040) | (11,171,213) | (33,616) | (557) | (158,322) | (4,437,561) | |
| (-) Other Liabilities | (52) | (1,123,052) | (1,403) | (495) | (15,002) | (522,500) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 26,214 | 12,634,146 | 470,431 | 5,526 | 234,500 | 10,017,675 | |
| (/) Shares Outstanding | 165.9 | 82,738.4 | 177.0 | 6.2 | 1,806.6 | 3,978.5 | |
| Implied Stock Price | 158.00 | 152.70 | 2,658.00 | 896.00 | 129.80 | 2,517.98 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 17.66 | 172.76 | |
| Implied Stock Price (Trading Cur) | 158.00 | 152.70 | 2,658.00 | 896.00 | 7.35 | 14.58 | |
| Trading Currency | JPY | JPY | JPY | JPY | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 17.66 | 172.76 | |