Yashima Denki Co Ltd


Estimate Adjusted EBIT Margin

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

Revenue	70,190	59,194	60,038	60,270	64,862	63,784

Adjusted EBITDA Build-up
EBT, Incl. Unusual Items	2,146	2,418	2,311	2,828	3,857	4,301
(+) Net Interest Expense	(48)	(46)	(42)	(41)	(52)	(56)
(+) Other Non Operating Exp.	(98)	(94)	(84)	(92)	(70)	(68)
(+) D&A	341	355	438	451	442	435
(+) Non-recurring Items	510	(106)	(61)	100	161	84
Adjusted EBITDA	2,851	2,527	2,562	3,246	4,338	4,696

(-) D&A	(341)	(355)	(438)	(451)	(442)	(435)

Adjusted EBIT	2,510	2,172	2,124	2,795	3,896	4,261
% of Revenue	3.6%	3.7%	3.5%	4.6%	6.0%	6.7%


	Low	Median	High

Adjusted EBIT Margin	3.5%	3.7%	6.0%

지원하는 계산법

Equity Waterfall


Equity Waterfall

	Model
(JPY in millions)	Low	Mid	High	Market
Enterprise Value	25,324	34,977	59,898	23,887
(+) Cash & Short Term Investments	10,928	10,928	10,928	10,928
(+) Investments & Other	4,011	4,011	4,011	4,011
(-) Debt	(765)	(765)	(765)	(765)
(-) Other Liabilities	(207)	(207)	(207)	(207)
(-) Preferred Stock	0	0	0	0
(-) Other	0	0	0	0
Value of Common Equity	39,291	48,944	73,865	37,854
(/) Shares Outstanding	21.3	21.3	21.3	21.3
Implied Stock Price (JPY)	1,847.59	2,301.51	3,473.33	1,780.00
FX Rate: JPY/JPY	1.00	1.00	1.00	1.00
Implied Stock Price (JPY)	1,847.59	2,301.51	3,473.33	1,780.00

Upside / (Downside)	3.80%	29.30%	95.13%


Stock Price	1,780.00
Stock Price Close	1,780.00
Restatment Type	Press Release
Reporting Currency	JPY
Trading Currency	JPY
FX Rate: JPY/JPY	1.00
Market Cap	37,853.9
Shares Outstanding	21.3
Share Exchange Ratio	1.0
Liquid Long-term Investments	0

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