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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0,7x - 0,8x | 0,7x |
| Selected Fwd Revenue Multiple | 0,7x - 0,8x | 0,8x |
| Fair Value | €4,84 - €6,16 | €5,50 |
| Upside | 3,5% - 31,8% | 17,7% |
| 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 Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| 3407 | 3401 | 4118 | 6988 | 4114 | M3C | |||
| TSE:3407 | TSE:3401 | TSE:4118 | TSE:6988 | TSE:4114 | DB:M3C | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 7.1% | 3.3% | 6.1% | 6.5% | 6.3% | 4.2% | ||
| 3Y CAGR | 7.3% | 2.8% | 5.3% | 5.9% | 3.5% | 3.5% | ||
| Latest Twelve Months | 9.1% | -2.6% | 5.9% | 10.8% | 4.4% | 0.5% | ||
| 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 | 0.64x | 0.44x | 0.46x | 1.79x | 0.42x | 0.67x | ||
| EV / LTM EBIT | 9.2x | -5.6x | 9.4x | 9.9x | 9.7x | 9.8x | ||
| Price / LTM Sales | 0.46x | 0.25x | 0.33x | 2.11x | 0.63x | 0.26x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.42x | 0.46x | 1.79x | |||||
| Historical EV / LTM Revenue | 0.67x | 0.72x | 0.98x | |||||
| Selected EV / LTM Revenue | 0.69x | 0.73x | 0.76x | |||||
| (x) LTM Revenue | 4,407,405 | 4,407,405 | 4,407,405 | |||||
| (=) Implied Enterprise Value | 3,043,179 | 3,203,346 | 3,363,513 | |||||
| (-) Non-shareholder Claims * | (1,818,120) | (1,818,120) | (1,818,120) | |||||
| (=) Equity Value | 1,225,059 | 1,385,226 | 1,545,393 | |||||
| (/) Shares Outstanding | 1,388.0 | 1,388.0 | 1,388.0 | |||||
| Implied Value Range | 882.62 | 998.02 | 1,113.41 | |||||
| FX Rate: JPY/EUR | 170.2 | 170.2 | 170.2 | Market Price | ||||
| Implied Value Range (Trading Cur) | 5.19 | 5.86 | 6.54 | 4.67 | ||||
| Upside / (Downside) | 11.0% | 25.5% | 40.0% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 3407 | 3401 | 4118 | 6988 | 4114 | M3C | |
| Enterprise Value | 1,949,952 | 445,351 | 368,226 | 1,715,518 | 172,422 | 2,922,028 | |
| (+) 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 | 1,409,675 | 246,886 | 268,316 | 2,120,324 | 256,516 | 1,103,908 | |
| (/) Shares Outstanding | 1,358.1 | 192.7 | 62.7 | 682.4 | 151.5 | 1,388.0 | |
| Implied Stock Price | 1,038.00 | 1,281.00 | 4,279.00 | 3,107.00 | 1,693.00 | 795.33 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 170.20 | |
| Implied Stock Price (Trading Cur) | 1,038.00 | 1,281.00 | 4,279.00 | 3,107.00 | 1,693.00 | 4.67 | |
| Trading Currency | JPY | JPY | JPY | JPY | JPY | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 170.20 | |