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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 10,0x - 11,1x | 10,6x |
Selected Fwd EBIT Multiple | 10,7x - 11,8x | 11,2x |
Fair Value | €4,91 - €6,23 | €5,57 |
Upside | 13,6% - 44,1% | 28,8% |
Benchmarks | Ticker | Full Ticker |
Asahi Kasei Corporation | 3407 | TSE:3407 |
Teijin Limited | 3401 | TSE:3401 |
Kaneka Corporation | 4118 | TSE:4118 |
Nitto Denko Corporation | 6988 | TSE:6988 |
Nippon Shokubai Co., Ltd. | 4114 | TSE:4114 |
Mitsubishi Chemical Group Corporation | M3C | DB:M3C |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
3407 | 3401 | 4118 | 6988 | 4114 | M3C | ||
TSE:3407 | TSE:3401 | TSE:4118 | TSE:6988 | TSE:4114 | DB:M3C | ||
Historical EBIT Growth | |||||||
5Y CAGR | 3.6% | NM- | 9.3% | 22.2% | 8.9% | 10.5% | |
3Y CAGR | 1.5% | NM- | -3.6% | 12.8% | -14.6% | 6.5% | |
Latest Twelve Months | 50.6% | -691.3% | 24.3% | 34.4% | 1.3% | 22.5% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 6.7% | 2.4% | 4.8% | 14.5% | 4.7% | 5.9% | |
Prior Fiscal Year | 5.1% | 1.3% | 4.1% | 14.8% | 4.5% | 5.6% | |
Latest Fiscal Year | 7.0% | -8.0% | 4.8% | 18.0% | 4.3% | 6.9% | |
Latest Twelve Months | 7.0% | -8.0% | 4.8% | 18.0% | 4.3% | 6.9% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.63x | 0.43x | 0.44x | 1.51x | 0.41x | 0.66x | |
EV / LTM EBITDA | 4.8x | -47.8x | 4.3x | 6.2x | 3.4x | 5.0x | |
EV / LTM EBIT | 9.0x | -5.4x | 9.1x | 8.4x | 9.5x | 9.5x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -5.4x | 9.0x | 9.5x | ||||
Historical EV / LTM EBIT | 6.7x | 9.5x | 116.4x | ||||
Selected EV / LTM EBIT | 10.0x | 10.6x | 11.1x | ||||
(x) LTM EBIT | 303,207 | 303,207 | 303,207 | ||||
(=) Implied Enterprise Value | 3,045,832 | 3,206,139 | 3,366,446 | ||||
(-) Non-shareholder Claims * | (1,818,120) | (1,818,120) | (1,818,120) | ||||
(=) Equity Value | 1,227,712 | 1,388,019 | 1,548,326 | ||||
(/) Shares Outstanding | 1,388.0 | 1,388.0 | 1,388.0 | ||||
Implied Value Range | 884.53 | 1,000.03 | 1,115.52 | ||||
FX Rate: JPY/EUR | 172.0 | 172.0 | 172.0 | Market Price | |||
Implied Value Range (Trading Cur) | 5.14 | 5.81 | 6.48 | 4.32 | |||
Upside / (Downside) | 19.0% | 34.5% | 50.1% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 3407 | 3401 | 4118 | 6988 | 4114 | M3C | |
Enterprise Value | 1,909,889 | 432,149 | 354,368 | 1,526,484 | 167,270 | 2,849,823 | |
(+) Cash & Short Term Investments | 393,467 | 107,538 | 45,639 | 363,344 | 54,565 | 326,144 | |
(+) Investments & Other | 315,824 | 88,288 | 97,991 | 42,948 | 85,608 | 440,722 | |
(-) Debt | (1,195,045) | (387,127) | (223,058) | (455) | (46,574) | (2,040,987) | |
(-) Other Liabilities | (54,523) | (7,164) | (20,482) | (1,031) | (9,505) | (543,999) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 1,369,612 | 233,684 | 254,458 | 1,931,290 | 251,364 | 1,031,703 | |
(/) Shares Outstanding | 1,358.1 | 192.7 | 62.7 | 682.4 | 151.5 | 1,388.0 | |
Implied Stock Price | 1,008.50 | 1,212.50 | 4,058.00 | 2,830.00 | 1,659.00 | 743.31 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 172.02 | |
Implied Stock Price (Trading Cur) | 1,008.50 | 1,212.50 | 4,058.00 | 2,830.00 | 1,659.00 | 4.32 | |
Trading Currency | JPY | JPY | JPY | JPY | JPY | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 172.02 |