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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 9,9x - 11,0x | 10,4x |
| Selected Fwd EBITDA Multiple | 9,6x - 10,7x | 10,2x |
| Fair Value | €8,95 - €10,86 | €9,91 |
| Upside | -13,1% - 5,5% | -3,8% |
| Benchmarks | Ticker | Full Ticker |
| Iseki & Co., Ltd. | 6310 | TSE:6310 |
| Komatsu Ltd. | 6301 | TSE:6301 |
| Takeuchi Mfg. Co., Ltd. | 6432 | TSE:6432 |
| Kawasaki Heavy Industries, Ltd. | 7012 | TSE:7012 |
| Cummins Inc. | CMI | NYSE:CMI |
| Kubota Corporation | KUO1 | DB:KUO1 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 6310 | 6301 | 6432 | 7012 | CMI | KUO1 | ||
| TSE:6310 | TSE:6301 | TSE:6432 | TSE:7012 | NYSE:CMI | DB:KUO1 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -5.2% | 16.1% | 23.6% | 11.7% | 8.9% | 10.1% | |
| 3Y CAGR | -11.8% | 21.5% | 28.3% | 26.2% | 19.2% | 12.1% | |
| Latest Twelve Months | 28.0% | 2.7% | NM | 77.8% | 17.3% | -20.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 5.3% | 17.5% | 15.5% | 7.3% | 13.1% | 12.7% | |
| Prior Fiscal Year | 4.6% | 19.9% | 18.2% | 6.4% | 13.1% | 13.2% | |
| Latest Fiscal Year | 4.4% | 20.0% | 19.2% | 10.1% | 14.2% | 13.4% | |
| Latest Twelve Months | 5.2% | 19.8% | NA | NA | 15.5% | 11.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.47x | 1.17x | 1.07x | 1.14x | 1.80x | 1.33x | |
| EV / LTM EBITDA | 9.1x | 5.9x | 5.4x | 11.2x | 11.6x | 11.2x | |
| EV / LTM EBIT | 20.8x | 7.4x | 6.0x | 20.0x | 14.7x | 14.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.4x | 9.1x | 11.6x | ||||
| Historical EV / LTM EBITDA | 7.4x | 9.3x | 15.4x | ||||
| Selected EV / LTM EBITDA | 9.9x | 10.4x | 11.0x | ||||
| (x) LTM EBITDA | 343,324 | 343,324 | 343,324 | ||||
| (=) Implied Enterprise Value | 3,404,358 | 3,583,535 | 3,762,712 | ||||
| (-) Non-shareholder Claims * | (1,799,476) | (1,799,476) | (1,799,476) | ||||
| (=) Equity Value | 1,604,882 | 1,784,059 | 1,963,236 | ||||
| (/) Shares Outstanding | 1,137.1 | 1,137.1 | 1,137.1 | ||||
| Implied Value Range | 1,411.42 | 1,569.00 | 1,726.58 | ||||
| FX Rate: JPY/EUR | 172.5 | 172.5 | 172.5 | Market Price | |||
| Implied Value Range (Trading Cur) | 8.18 | 9.10 | 10.01 | 10.30 | |||
| Upside / (Downside) | -20.6% | -11.7% | -2.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 6310 | 6301 | 6432 | 7012 | CMI | KUO1 | |
| Enterprise Value | 84,413 | 4,762,179 | 222,467 | 2,478,322 | 60,727 | 3,819,661 | |
| (+) Cash & Short Term Investments | 9,992 | 448,891 | 31,674 | 88,660 | 3,074 | 342,570 | |
| (+) Investments & Other | 16,310 | 1,033,251 | 0 | 121,962 | 2,018 | 234,786 | |
| (-) Debt | (66,011) | (1,427,402) | 0 | (820,543) | (8,684) | (2,124,371) | |
| (-) Other Liabilities | (4,323) | (166,173) | 0 | (58,314) | (1,084) | (252,461) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 40,381 | 4,650,746 | 254,141 | 1,810,087 | 56,051 | 2,020,185 | |
| (/) Shares Outstanding | 22.6 | 913.0 | 46.2 | 167.1 | 137.8 | 1,137.1 | |
| Implied Stock Price | 1,785.00 | 5,094.00 | 5,500.00 | 10,830.00 | 406.80 | 1,776.67 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 172.49 | |
| Implied Stock Price (Trading Cur) | 1,785.00 | 5,094.00 | 5,500.00 | 10,830.00 | 406.80 | 10.30 | |
| Trading Currency | JPY | JPY | JPY | JPY | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 172.49 | |