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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 41.0x - 45.3x | 43.2x |
| Selected Fwd EBIT Multiple | 32.0x - 35.4x | 33.7x |
| Fair Value | $11.82 - $22.14 | $16.98 |
| Upside | -24.3% - 41.8% | 8.8% |
| Benchmarks | Ticker | Full Ticker |
| J Trust Co., Ltd. | 8508 | TSE:8508 |
| Acom Co., Ltd. | 8572 | TSE:8572 |
| Marui Group Co., Ltd. | 8252 | TSE:8252 |
| JACCS Co., Ltd. | 8584 | TSE:8584 |
| Aiful Corporation | 8515 | TSE:8515 |
| Credit Saison Co., Ltd. | CSAS.Y | OTCPK:CSAS.Y |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 8508 | 8572 | 8252 | 8584 | 8515 | CSAS.Y | ||
| TSE:8508 | TSE:8572 | TSE:8252 | TSE:8584 | TSE:8515 | OTCPK:CSAS.Y | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | -3.2% | 1.2% | 9.3% | 72.0% | 26.1% | |
| 3Y CAGR | 1.2% | 22.7% | 6.6% | -1.3% | 31.1% | 24.9% | |
| Latest Twelve Months | 169.0% | -29.5% | 9.0% | -22.3% | 20.1% | 40.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 2.4% | 27.4% | 15.3% | 15.3% | 11.3% | 12.2% | |
| Prior Fiscal Year | -2.9% | 31.0% | 17.4% | 17.9% | 12.9% | 13.3% | |
| Latest Fiscal Year | 5.0% | 20.2% | 17.5% | 13.5% | 13.4% | 16.0% | |
| Latest Twelve Months | 7.0% | 20.2% | 17.5% | 13.5% | 13.4% | 16.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.08x | 4.29x | 4.04x | 15.01x | 4.89x | 6.98x | |
| EV / LTM EBITDA | 0.8x | 20.6x | 17.4x | 77.6x | 30.4x | 30.6x | |
| EV / LTM EBIT | 1.1x | 21.2x | 23.1x | 111.4x | 36.5x | 43.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 1.1x | 23.1x | 111.4x | ||||
| Historical EV / LTM EBIT | 43.6x | 62.3x | 89.9x | ||||
| Selected EV / LTM EBIT | 41.0x | 43.2x | 45.3x | ||||
| (x) LTM EBIT | 78,727 | 78,727 | 78,727 | ||||
| (=) Implied Enterprise Value | 3,228,954 | 3,398,899 | 3,568,844 | ||||
| (-) Non-shareholder Claims * | (2,841,899) | (2,841,899) | (2,841,899) | ||||
| (=) Equity Value | 387,055 | 557,000 | 726,945 | ||||
| (/) Shares Outstanding | 223.2 | 223.2 | 223.2 | ||||
| Implied Value Range | 1,734.41 | 2,495.94 | 3,257.47 | ||||
| FX Rate: JPY/USD | 147.6 | 147.6 | 147.6 | Market Price | |||
| Implied Value Range (Trading Cur) | 11.75 | 16.91 | 22.07 | 15.61 | |||
| Upside / (Downside) | -24.7% | 8.3% | 41.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 8508 | 8572 | 8252 | 8584 | 8515 | CSAS.Y | |
| Enterprise Value | 10,244 | 1,359,675 | 1,021,956 | 2,867,452 | 921,762 | 3,356,136 | |
| (+) Cash & Short Term Investments | 123,458 | 60,268 | 49,250 | 174,712 | 60,608 | 139,399 | |
| (+) Investments & Other | 16,794 | 1,454 | 114,121 | 55,248 | 23,320 | 436,452 | |
| (-) Debt | (71,381) | (688,207) | (636,479) | (2,946,256) | (789,616) | (3,404,400) | |
| (-) Other Liabilities | (18,638) | (55,473) | (496) | (7,409) | (3,473) | (13,350) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 60,477 | 677,717 | 548,352 | 143,747 | 212,601 | 514,237 | |
| (/) Shares Outstanding | 133.5 | 1,566.6 | 179.5 | 34.8 | 478.8 | 223.2 | |
| Implied Stock Price | 453.00 | 432.60 | 3,055.00 | 4,135.00 | 444.00 | 2,304.32 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 147.62 | |
| Implied Stock Price (Trading Cur) | 453.00 | 432.60 | 3,055.00 | 4,135.00 | 444.00 | 15.61 | |
| Trading Currency | JPY | JPY | JPY | JPY | JPY | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 147.62 | |