Ichimasa Kamaboko Co Ltd


Estimate Adjusted EBIT Margin

	Fiscal Year Ending					LTM
	Jun-20	Jun-21	Jun-22	Jun-23	Jun-24	Dec-24
(JPY in millions)	FY-4	FY-3	FY-2	FY-1	FY	LTM

Revenue	36,047	34,689	31,636	32,814	34,487	34,686

Adjusted EBITDA Build-up
EBT, Incl. Unusual Items	799	2,320	784	166	1,402	1,664
(+) Net Interest Expense	1	(14)	(13)	11	33	33
(+) Other Non Operating Exp.	(25)	(89)	(77)	(76)	(42)	(51)
(+) D&A	1,302	1,306	1,367	1,534	1,627	1,711
(+) Non-recurring Items	1,067	(510)	(158)	(320)	(155)	(265)
Adjusted EBITDA	3,144	3,013	1,903	1,315	2,865	3,092

(-) D&A	(1,302)	(1,306)	(1,367)	(1,534)	(1,627)	(1,711)

Adjusted EBIT	1,842	1,707	536	(219)	1,238	1,381
% of Revenue	5.1%	4.9%	1.7%	-0.7%	3.6%	4.0%


	Low	Median	High

Adjusted EBIT Margin	0.0%	3.6%	5.1%

지원하는 계산법

Equity Waterfall


Equity Waterfall

	Model
(JPY in millions)	Low	Mid	High	Market
Enterprise Value	3,800	17,427	31,341	21,933
(+) Cash & Short Term Investments	1,201	1,201	1,201	1,201
(+) Investments & Other	2,117	2,117	2,117	2,117
(-) Debt	(11,360)	(11,360)	(11,360)	(11,360)
(-) Other Liabilities	(103)	(103)	(103)	(103)
(-) Preferred Stock	0	0	0	0
(-) Other	0	0	0	0
Value of Common Equity	(4,345)	9,282	23,196	13,788
(/) Shares Outstanding	18.4	18.4	18.4	18.4
Implied Stock Price (JPY)	0.00	504.24	1,260.11	749.00
FX Rate: JPY/JPY	1.00	1.00	1.00	1.00
Implied Stock Price (JPY)	0.00	504.24	1,260.11	749.00

Upside / (Downside)	-100.00%	-32.68%	68.24%


Stock Price	749.00
Stock Price Close	749.00
Restatment Type	Original
Reporting Currency	JPY
Trading Currency	JPY
FX Rate: JPY/JPY	1.00
Market Cap	13,787.6
Shares Outstanding	18.4
Share Exchange Ratio	1.0
Liquid Long-term Investments	0

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