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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 7.9x - 8.8x | 8.3x |
Selected Fwd EBIT Multiple | 6.8x - 7.5x | 7.2x |
Fair Value | €6.17 - €7.45 | €6.81 |
Upside | -29.4% - -14.9% | -22.1% |
Benchmarks | Ticker | Full Ticker |
Nippon Yakin Kogyo Co., Ltd. | 5480 | TSE:5480 |
Molitec Steel Co., Ltd. | 5986 | TSE:5986 |
Mitsui Mining & Smelting Co., Ltd. | 5706 | TSE:5706 |
Tokyo Rope Mfg. Co., Ltd. | 5981 | TSE:5981 |
Araya Industrial Co., Ltd. | 7305 | TSE:7305 |
OSAKA Titanium technologies Co.,Ltd. | S5M | DB:S5M |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
5480 | 5986 | 5706 | 5981 | 7305 | S5M | ||
TSE:5480 | TSE:5986 | TSE:5706 | TSE:5981 | TSE:7305 | DB:S5M | ||
Historical EBIT Growth | |||||||
5Y CAGR | 16.7% | 54.6% | 41.8% | 60.1% | 5.2% | 54.6% | |
3Y CAGR | 6.7% | 24.8% | 7.2% | 30.2% | -21.4% | NM- | |
Latest Twelve Months | -15.2% | 52.7% | 135.8% | -8.3% | -20.1% | 21.7% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 10.0% | -0.2% | 6.7% | 3.6% | 5.7% | 3.0% | |
Prior Fiscal Year | 11.1% | 0.5% | 4.9% | 6.1% | 4.6% | 15.0% | |
Latest Fiscal Year | 9.9% | 0.8% | 10.5% | 5.7% | 3.8% | 19.4% | |
Latest Twelve Months | 9.9% | 0.8% | 10.5% | 5.7% | 3.8% | 19.4% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.71x | 0.06x | 0.51x | 0.41x | 0.30x | 1.82x | |
EV / LTM EBITDA | 5.3x | 2.5x | 3.4x | 4.6x | 5.1x | 7.2x | |
EV / LTM EBIT | 7.2x | 7.1x | 4.9x | 7.2x | 7.7x | 9.4x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 4.9x | 7.2x | 7.7x | ||||
Historical EV / LTM EBIT | -36.5x | 9.4x | 73.4x | ||||
Selected EV / LTM EBIT | 7.9x | 8.3x | 8.8x | ||||
(x) LTM EBIT | 10,090 | 10,090 | 10,090 | ||||
(=) Implied Enterprise Value | 80,027 | 84,239 | 88,450 | ||||
(-) Non-shareholder Claims * | (37,743) | (37,743) | (37,743) | ||||
(=) Equity Value | 42,284 | 46,496 | 50,707 | ||||
(/) Shares Outstanding | 36.8 | 36.8 | 36.8 | ||||
Implied Value Range | 1,149.06 | 1,263.52 | 1,377.98 | ||||
FX Rate: JPY/EUR | 172.5 | 172.5 | 172.5 | Market Price | |||
Implied Value Range (Trading Cur) | 6.66 | 7.32 | 7.99 | 8.75 | |||
Upside / (Downside) | -23.9% | -16.3% | -8.7% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 5480 | 5986 | 5706 | 5981 | 7305 | S5M | |
Enterprise Value | 121,794 | 2,822 | 366,239 | 25,675 | 12,664 | 93,290 | |
(+) Cash & Short Term Investments | 9,516 | 4,869 | 44,469 | 5,972 | 6,703 | 4,619 | |
(+) Investments & Other | 6,620 | 3,225 | 79,410 | 13,783 | 10,293 | 1,338 | |
(-) Debt | (79,613) | (6,389) | (168,136) | (24,396) | (5,742) | (43,700) | |
(-) Other Liabilities | (192) | (69) | (9,310) | 0 | (463) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 58,125 | 4,458 | 312,672 | 21,034 | 23,455 | 55,547 | |
(/) Shares Outstanding | 13.8 | 22.4 | 57.2 | 15.6 | 4.8 | 36.8 | |
Implied Stock Price | 4,200.00 | 199.00 | 5,468.00 | 1,349.00 | 4,920.00 | 1,509.48 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 172.51 | |
Implied Stock Price (Trading Cur) | 4,200.00 | 199.00 | 5,468.00 | 1,349.00 | 4,920.00 | 8.75 | |
Trading Currency | JPY | JPY | JPY | JPY | JPY | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 172.51 |