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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 14.5x - 16.0x | 15.2x |
| Selected Fwd EBIT Multiple | 13.6x - 15.0x | 14.3x |
| Fair Value | ¥23,134 - ¥25,424 | ¥24,279 |
| Upside | 6.7% - 17.2% | 11.9% |
| Benchmarks | Ticker | Full Ticker |
| Renesas Electronics Corporation | 6723 | TSE:6723 |
| SCREEN Holdings Co., Ltd. | 7735 | TSE:7735 |
| Tokyo Seimitsu Co., Ltd. | 7729 | TSE:7729 |
| Japan Electronic Materials Corporation | 6855 | TSE:6855 |
| Disco Corporation | 6146 | TSE:6146 |
| Tokyo Electron Limited | 8035 | TSE:8035 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 6723 | 7735 | 7729 | 6855 | 6146 | 8035 | ||
| TSE:6723 | TSE:7735 | TSE:7729 | TSE:6855 | TSE:6146 | TSE:8035 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 50.4% | 61.0% | 19.3% | 35.3% | 35.6% | 24.1% | |
| 3Y CAGR | 1.8% | 30.3% | 1.3% | -2.5% | 22.2% | 5.2% | |
| Latest Twelve Months | -46.2% | 21.7% | 20.1% | 171.9% | 21.6% | 25.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 21.2% | 15.4% | 19.6% | 14.8% | 36.6% | 26.7% | |
| Prior Fiscal Year | 25.3% | 18.6% | 18.8% | 5.0% | 39.5% | 24.9% | |
| Latest Fiscal Year | 17.9% | 21.7% | 19.7% | 19.2% | 42.4% | 28.7% | |
| Latest Twelve Months | 14.0% | 21.1% | 19.9% | 20.1% | NA | 27.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.43x | 1.48x | 2.04x | 1.07x | 11.11x | 3.83x | |
| EV / LTM EBITDA | 15.8x | 6.4x | 8.7x | 4.3x | 24.7x | 12.5x | |
| EV / LTM EBIT | 24.5x | 7.0x | 10.3x | 5.3x | 26.5x | 13.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 5.3x | 10.3x | 26.5x | ||||
| Historical EV / LTM EBIT | 10.9x | 17.0x | 38.0x | ||||
| Selected EV / LTM EBIT | 14.5x | 15.2x | 16.0x | ||||
| (x) LTM EBIT | 676,282 | 676,282 | 676,282 | ||||
| (=) Implied Enterprise Value | 9,796,452 | 10,312,054 | 10,827,657 | ||||
| (-) Non-shareholder Claims * | 634,595 | 634,595 | 634,595 | ||||
| (=) Equity Value | 10,431,047 | 10,946,649 | 11,462,252 | ||||
| (/) Shares Outstanding | 458.2 | 458.2 | 458.2 | ||||
| Implied Value Range | 22,767.47 | 23,892.86 | 25,018.24 | ||||
| FX Rate: JPY/JPY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 22,767.47 | 23,892.86 | 25,018.24 | 21,690.00 | |||
| Upside / (Downside) | 5.0% | 10.2% | 15.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 6723 | 7735 | 7729 | 6855 | 6146 | 8035 | |
| Enterprise Value | 4,359,119 | 925,063 | 312,466 | 26,020 | 4,425,430 | 9,302,803 | |
| (+) Cash & Short Term Investments | 213,339 | 169,553 | 49,147 | 13,714 | 198,498 | 367,510 | |
| (+) Investments & Other | 182,859 | 48,789 | 0 | 387 | 22,162 | 267,085 | |
| (-) Debt | (1,349,271) | (4,502) | (17,800) | (5,713) | 0 | 0 | |
| (-) Other Liabilities | (4,778) | (107) | (1,014) | 0 | (294) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,401,268 | 1,138,796 | 342,799 | 34,408 | 4,645,796 | 9,937,398 | |
| (/) Shares Outstanding | 1,809.2 | 94.5 | 40.6 | 12.6 | 108.4 | 458.2 | |
| Implied Stock Price | 1,880.00 | 12,055.00 | 8,450.00 | 2,724.00 | 42,850.00 | 21,690.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,880.00 | 12,055.00 | 8,450.00 | 2,724.00 | 42,850.00 | 21,690.00 | |
| 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 | |