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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | -0,5x - -0,5x | -0,5x |
Selected Fwd EBITDA Multiple | -1,8x - -1,9x | -1,8x |
Fair Value | €2,49 - €2,44 | €2,46 |
Upside | 35,5% - 32,4% | 33,9% |
Benchmarks | Ticker | Full Ticker |
JGC Holdings Corporation | 1963 | TSE:1963 |
ACS, Actividades de Construcción y Servicios, S.A. | ACSA.F | OTCPK:ACSA.F |
Fluor Corporation | FLR | NYSE:FLR |
Kawasaki Setsubi Kogyo Co., Ltd. | 1777 | NSE:1777 |
Taiyo Kisokogyo Co.,Ltd. | 1758 | TSE:1758 |
Chiyoda Corporation | CYA | DB:CYA |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
1963 | ACSA.F | FLR | 1777 | 1758 | CYA | ||
TSE:1963 | OTCPK:ACSA.F | NYSE:FLR | NSE:1777 | TSE:1758 | DB:CYA | ||
Historical EBITDA Growth | |||||||
5Y CAGR | NM- | -8.0% | NM- | 10.7% | -8.6% | -1.2% | |
3Y CAGR | NM- | 19.0% | 12.1% | 26.6% | -15.1% | 27.4% | |
Latest Twelve Months | 90.4% | 50.0% | 9.7% | 85.8% | 215.8% | 343.5% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 4.6% | 3.4% | 2.1% | 6.6% | 6.0% | 3.3% | |
Prior Fiscal Year | -1.1% | 3.1% | 2.2% | 7.1% | 4.0% | -2.3% | |
Latest Fiscal Year | -0.1% | 3.5% | 2.8% | 10.2% | 4.4% | 6.2% | |
Latest Twelve Months | -0.1% | 3.7% | 3.1% | 10.2% | 6.1% | 6.2% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.01x | 0.41x | 0.31x | 0.45x | -0.04x | -0.10x | |
EV / LTM EBITDA | -13.4x | 11.1x | 10.0x | 4.3x | -0.7x | -1.6x | |
EV / LTM EBIT | -1.0x | 18.7x | 11.6x | 4.8x | -1.4x | -1.9x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | -13.4x | 4.3x | 11.1x | ||||
Historical EV / LTM EBITDA | -1.6x | 4.0x | 6.6x | ||||
Selected EV / LTM EBITDA | -0.5x | -0.5x | -0.5x | ||||
(x) LTM EBITDA | 28,182 | 28,182 | 28,182 | ||||
(=) Implied Enterprise Value | (13,105) | (13,795) | (14,485) | ||||
(-) Non-shareholder Claims * | 135,385 | 135,385 | 135,385 | ||||
(=) Equity Value | 122,280 | 121,590 | 120,900 | ||||
(/) Shares Outstanding | 259.1 | 259.1 | 259.1 | ||||
Implied Value Range | 471.90 | 469.24 | 466.58 | ||||
FX Rate: JPY/EUR | 172.2 | 172.2 | 172.2 | Market Price | |||
Implied Value Range (Trading Cur) | 2.74 | 2.72 | 2.71 | 1.84 | |||
Upside / (Downside) | 48.9% | 48.1% | 47.2% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 1963 | ACSA.F | FLR | 1777 | 1758 | CYA | |
Enterprise Value | (72,475) | 17,669 | 5,157 | 13,064 | (2,419) | (53,269) | |
(+) Cash & Short Term Investments | 333,701 | 10,879 | 2,511 | 3,871 | 4,369 | 153,340 | |
(+) Investments & Other | 84,372 | 0 | 2,376 | 514 | 1,842 | 7,394 | |
(-) Debt | (34,889) | (13,758) | (1,087) | (450) | (100) | (23,599) | |
(-) Other Liabilities | (1,604) | (327) | (59) | 0 | 0 | (1,750) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 309,105 | 14,463 | 8,898 | 16,999 | 3,692 | 82,116 | |
(/) Shares Outstanding | 241.7 | 254.8 | 164.7 | 12.0 | 2.0 | 259.1 | |
Implied Stock Price | 1,279.00 | 56.76 | 54.04 | 1,420.00 | 1,856.00 | 316.90 | |
FX Conversion Rate to Trading Currency | 1.00 | 0.85 | 1.00 | 1.00 | 1.00 | 172.23 | |
Implied Stock Price (Trading Cur) | 1,279.00 | 66.70 | 54.04 | 1,420.00 | 1,856.00 | 1.84 | |
Trading Currency | JPY | USD | USD | JPY | JPY | EUR | |
FX Rate to Reporting Currency | 1.00 | 0.85 | 1.00 | 1.00 | 1.00 | 172.23 |