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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 6.2x - 6.8x | 6.5x |
| Selected Fwd EBIT Multiple | 5.5x - 6.1x | 5.8x |
| Fair Value | ¥432.57 - ¥456.76 | ¥444.66 |
| Upside | -27.2% - -23.1% | -25.1% |
| Benchmarks | Ticker | Full Ticker |
| DeNA Co., Ltd. | 2432 | TSE:2432 |
| GungHo Online Entertainment, Inc. | 3765 | TSE:3765 |
| COLOPL, Inc. | 3668 | TSE:3668 |
| MIXI, Inc. | 2121 | TSE:2121 |
| Koei Tecmo Holdings Co., Ltd. | 3635 | TSE:3635 |
| GREE Holdings, Inc. | 3632 | TSE:3632 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 2432 | 3765 | 3668 | 2121 | 3635 | 3632 | ||
| TSE:2432 | TSE:3765 | TSE:3668 | TSE:2121 | TSE:3635 | TSE:3632 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -44.1% | -9.2% | NM- | -14.1% | 18.7% | 1.8% | |
| 3Y CAGR | -67.8% | -18.9% | NM- | -5.8% | 5.3% | 3.6% | |
| Latest Twelve Months | 259.9% | -37.3% | -166.3% | 59.1% | -36.2% | -46.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 8.0% | 26.0% | 12.9% | 16.0% | 41.3% | 11.2% | |
| Prior Fiscal Year | 3.7% | 22.2% | 8.6% | 16.9% | 49.9% | 16.6% | |
| Latest Fiscal Year | 0.5% | 16.9% | -4.6% | 13.1% | 33.7% | 9.8% | |
| Latest Twelve Months | 29.7% | 16.9% | -6.3% | 17.0% | 30.6% | 10.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.28x | 0.88x | 0.23x | 0.87x | 6.10x | 0.75x | |
| EV / LTM EBITDA | 6.9x | 4.9x | -4.5x | 4.3x | 18.4x | 7.1x | |
| EV / LTM EBIT | 7.7x | 5.2x | -3.7x | 5.2x | 19.9x | 7.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -3.7x | 5.2x | 19.9x | ||||
| Historical EV / LTM EBIT | -1.1x | 2.9x | 10.0x | ||||
| Selected EV / LTM EBIT | 6.2x | 6.5x | 6.8x | ||||
| (x) LTM EBIT | 6,061 | 6,061 | 6,061 | ||||
| (=) Implied Enterprise Value | 37,320 | 39,284 | 41,248 | ||||
| (-) Non-shareholder Claims * | 34,729 | 34,729 | 34,729 | ||||
| (=) Equity Value | 72,049 | 74,013 | 75,977 | ||||
| (/) Shares Outstanding | 171.3 | 171.3 | 171.3 | ||||
| Implied Value Range | 420.69 | 432.16 | 443.63 | ||||
| FX Rate: JPY/JPY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 420.69 | 432.16 | 443.63 | 594.00 | |||
| Upside / (Downside) | -29.2% | -27.2% | -25.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2432 | 3765 | 3668 | 2121 | 3635 | 3632 | |
| Enterprise Value | 340,911 | 91,281 | 5,982 | 132,935 | 463,848 | 67,001 | |
| (+) Cash & Short Term Investments | 73,677 | 104,616 | 59,598 | 103,233 | 35,947 | 39,811 | |
| (+) Investments & Other | 57,351 | 0 | 0 | 9,393 | 151,618 | 11,707 | |
| (-) Debt | (46,584) | (1,277) | (833) | (13,584) | (9,000) | (16,700) | |
| (-) Other Liabilities | (9,952) | (24,759) | (7) | (1,444) | 0 | (89) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 415,403 | 169,861 | 64,740 | 230,533 | 642,413 | 101,730 | |
| (/) Shares Outstanding | 111.4 | 55.8 | 128.5 | 67.8 | 315.8 | 171.3 | |
| Implied Stock Price | 3,730.00 | 3,043.00 | 504.00 | 3,400.00 | 2,034.00 | 594.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 3,730.00 | 3,043.00 | 504.00 | 3,400.00 | 2,034.00 | 594.00 | |
| 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 | |