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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 4.0x - 4.4x | 4.2x |
| Selected Fwd EBITDA Multiple | 4.8x - 5.4x | 5.1x |
| Fair Value | ¥1,542 - ¥1,635 | ¥1,589 |
| Upside | -10.0% - -4.5% | -7.2% |
| Benchmarks | Ticker | Full Ticker |
| Sakae Electronics Corporation | 7567 | TSE:7567 |
| Hagiwara Electric Holdings Co., Ltd. | 7467 | TSE:7467 |
| Shizuki Electric Company Inc. | 6994 | TSE:6994 |
| Hochiki Corporation | 6745 | TSE:6745 |
| Shinden Hightex Corporation | 3131 | TSE:3131 |
| Yashima Denki Co., Ltd. | 3153 | TSE:3153 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 7567 | 7467 | 6994 | 6745 | 3131 | 3153 | ||
| TSE:7567 | TSE:7467 | TSE:6994 | TSE:6745 | TSE:3131 | TSE:3153 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 18.5% | 12.3% | 2.6% | 7.4% | 13.1% | 10.4% | |
| 3Y CAGR | 33.0% | 29.5% | 8.2% | 10.6% | 12.4% | 19.7% | |
| Latest Twelve Months | -74.4% | -22.4% | 13.1% | 14.5% | 0.2% | 3.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 5.0% | 3.3% | 9.6% | 8.8% | 3.0% | 5.1% | |
| Prior Fiscal Year | 8.4% | 3.8% | 8.9% | 8.2% | 5.4% | 5.4% | |
| Latest Fiscal Year | 4.1% | 3.6% | 9.6% | 9.5% | 2.8% | 6.7% | |
| Latest Twelve Months | 1.8% | 2.8% | 11.3% | 10.8% | 2.7% | 7.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.12x | 0.26x | 0.47x | 0.42x | 0.16x | 0.35x | |
| EV / LTM EBITDA | 6.8x | 9.1x | 4.2x | 3.9x | 5.9x | 4.8x | |
| EV / LTM EBIT | 8.6x | 9.6x | 8.2x | 4.6x | 6.0x | 5.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 3.9x | 5.9x | 9.1x | ||||
| Historical EV / LTM EBITDA | 2.1x | 4.6x | 5.8x | ||||
| Selected EV / LTM EBITDA | 4.0x | 4.2x | 4.4x | ||||
| (x) LTM EBITDA | 4,696 | 4,696 | 4,696 | ||||
| (=) Implied Enterprise Value | 18,562 | 19,539 | 20,516 | ||||
| (-) Non-shareholder Claims * | 13,967 | 13,967 | 13,967 | ||||
| (=) Equity Value | 32,529 | 33,506 | 34,483 | ||||
| (/) Shares Outstanding | 21.3 | 21.3 | 21.3 | ||||
| Implied Value Range | 1,529.61 | 1,575.55 | 1,621.49 | ||||
| FX Rate: JPY/JPY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,529.61 | 1,575.55 | 1,621.49 | 1,713.00 | |||
| Upside / (Downside) | -10.7% | -8.0% | -5.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 7567 | 7467 | 6994 | 6745 | 3131 | 3153 | |
| Enterprise Value | 818 | 65,392 | 12,367 | 42,173 | 6,709 | 22,462 | |
| (+) Cash & Short Term Investments | 1,196 | 13,340 | 5,137 | 13,303 | 6,039 | 10,928 | |
| (+) Investments & Other | 807 | 3,432 | 2,420 | 9,242 | 98 | 4,011 | |
| (-) Debt | (500) | (46,285) | (8,800) | 0 | (8,486) | (765) | |
| (-) Other Liabilities | 0 | (2,148) | (567) | (184) | 0 | (207) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,321 | 33,731 | 10,557 | 64,534 | 4,360 | 36,429 | |
| (/) Shares Outstanding | 5.1 | 10.0 | 25.3 | 24.9 | 1.9 | 21.3 | |
| Implied Stock Price | 457.00 | 3,385.00 | 418.00 | 2,595.00 | 2,313.00 | 1,713.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 457.00 | 3,385.00 | 418.00 | 2,595.00 | 2,313.00 | 1,713.00 | |
| 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 | |