Rohto Pharmaceutical


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	188,327	181,287	199,646	238,664	270,840	295,572

Adjusted EBITDA Build-up
EBT, Incl. Unusual Items	21,731	23,006	27,952	34,289	41,516	39,743
(+) Net Interest Expense	(1,078)	(1,387)	(503)	(2,038)	(1,813)	(1,391)
(+) Other Non Operating Exp.	1,225	(656)	(388)	8	(452)	(356)
(+) D&A	6,937	6,748	7,673	7,801	8,687	9,352
(+) Non-recurring Items	1,004	904	1,131	1,279	916	(1,173)
Adjusted EBITDA	29,819	28,615	35,865	41,339	48,854	46,175

(-) D&A	(6,937)	(6,748)	(7,673)	(7,801)	(8,687)	(9,352)

Adjusted EBIT	22,882	21,867	28,192	33,538	40,167	36,823
% of Revenue	12.2%	12.1%	14.1%	14.1%	14.8%	12.5%


	Low	Median	High

Adjusted EBIT Margin	12.1%	14.1%	14.8%

지원하는 계산법

Equity Waterfall


Equity Waterfall

	Model
(JPY in millions)	Low	Mid	High	Market
Enterprise Value	436,926	613,844	829,718	432,839
(+) Cash & Short Term Investments	61,713	61,713	61,713	61,713
(+) Investments & Other	48,077	48,077	48,077	48,077
(-) Debt	(38,806)	(38,806)	(38,806)	(38,806)
(-) Other Liabilities	(11,108)	(11,108)	(11,108)	(11,108)
(-) Preferred Stock	0	0	0	0
(-) Other	0	0	0	0
Value of Common Equity	496,802	673,720	889,594	492,715
(/) Shares Outstanding	226.0	226.0	226.0	226.0
Implied Stock Price (JPY)	2,198.58	2,981.53	3,936.88	2,180.50
FX Rate: JPY/JPY	1.00	1.00	1.00	1.00
Implied Stock Price (JPY)	2,198.58	2,981.53	3,936.88	2,180.50

Upside / (Downside)	0.83%	36.74%	80.55%


Stock Price	2,180.50
Stock Price Close	2,180.50
Restatment Type	Press Release
Reporting Currency	JPY
Trading Currency	JPY
FX Rate: JPY/JPY	1.00
Market Cap	492,715.5
Shares Outstanding	226.0
Share Exchange Ratio	1.0
Liquid Long-term Investments	0

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