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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 5,0x - 5,5x | 5,3x |
| Selected Fwd EBITDA Multiple | 3,8x - 4,2x | 4,0x |
| Fair Value | €24,85 - €26,45 | €25,65 |
| Upside | -6,6% - -0,5% | -3,6% |
| Benchmarks | Ticker | Full Ticker |
| Trelleborg AB (publ) | TBAB.F | OTCPK:TBAB.F |
| AGC Inc. | 5201 | TSE:5201 |
| Nippon Sheet Glass Company, Limited | 5202 | TSE:5202 |
| ANEST IWATA Corporation | 6381 | TSE:6381 |
| Iwaki Co., Ltd. | 6237 | TSE:6237 |
| Noritake Co., Limited | NO4 | DB:NO4 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| TBAB.F | 5201 | 5202 | 6381 | 6237 | NO4 | ||
| OTCPK:TBAB.F | TSE:5201 | TSE:5202 | TSE:6381 | TSE:6237 | DB:NO4 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 2.9% | 4.1% | 16.3% | 8.2% | 21.7% | 12.1% | |
| 3Y CAGR | 14.5% | -6.8% | 4.9% | 8.6% | 35.3% | 2.9% | |
| Latest Twelve Months | 2.1% | 170.9% | 7.9% | 1.7% | -3.5% | -5.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 19.4% | 17.1% | 8.3% | 15.4% | 11.8% | 9.9% | |
| Prior Fiscal Year | 20.1% | 15.2% | 8.6% | 15.8% | 16.1% | 11.3% | |
| Latest Fiscal Year | 20.4% | 14.5% | 7.9% | 15.4% | 16.1% | 11.1% | |
| Latest Twelve Months | 20.5% | 20.7% | 8.2% | 15.5% | 15.7% | NA | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.64x | 0.78x | 0.62x | 0.88x | 1.01x | 0.60x | |
| EV / LTM EBITDA | 12.9x | 3.8x | 7.6x | 5.7x | 6.4x | 5.5x | |
| EV / LTM EBIT | 16.6x | 6.5x | 27.6x | 8.1x | 8.2x | 8.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 3.8x | 6.4x | 12.9x | ||||
| Historical EV / LTM EBITDA | 1.3x | 2.3x | 4.6x | ||||
| Selected EV / LTM EBITDA | 5.0x | 5.3x | 5.5x | ||||
| (x) LTM EBITDA | 14,975 | 14,975 | 14,975 | ||||
| (=) Implied Enterprise Value | 74,949 | 78,894 | 82,839 | ||||
| (-) Non-shareholder Claims * | 45,544 | 45,544 | 45,544 | ||||
| (=) Equity Value | 120,493 | 124,438 | 128,383 | ||||
| (/) Shares Outstanding | 27.5 | 27.5 | 27.5 | ||||
| Implied Value Range | 4,387.74 | 4,531.38 | 4,675.03 | ||||
| FX Rate: JPY/EUR | 173.2 | 173.2 | 173.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 25.33 | 26.16 | 26.98 | 26.60 | |||
| Upside / (Downside) | -4.8% | -1.7% | 1.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TBAB.F | 5201 | 5202 | 6381 | 6237 | NO4 | |
| Enterprise Value | 89,554 | 1,587,380 | 519,642 | 47,409 | 46,356 | 81,010 | |
| (+) Cash & Short Term Investments | 2,073 | 100,492 | 41,055 | 18,839 | 8,352 | 16,137 | |
| (+) Investments & Other | 14 | 180,376 | 47,037 | 3,430 | 2,113 | 43,348 | |
| (-) Debt | (10,770) | (650,792) | (528,872) | (837) | (3,380) | (13,055) | |
| (-) Other Liabilities | (4) | (219,389) | (29,345) | (6,049) | (241) | (886) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 80,867 | 998,067 | 49,517 | 62,792 | 53,199 | 126,554 | |
| (/) Shares Outstanding | 227.2 | 212.4 | 93.6 | 39.3 | 22.2 | 27.5 | |
| Implied Stock Price | 355.94 | 4,700.00 | 529.00 | 1,596.00 | 2,401.00 | 4,608.45 | |
| FX Conversion Rate to Trading Currency | 9.41 | 1.00 | 1.00 | 1.00 | 1.00 | 173.25 | |
| Implied Stock Price (Trading Cur) | 37.83 | 4,700.00 | 529.00 | 1,596.00 | 2,401.00 | 26.60 | |
| Trading Currency | USD | JPY | JPY | JPY | JPY | EUR | |
| FX Rate to Reporting Currency | 9.41 | 1.00 | 1.00 | 1.00 | 1.00 | 173.25 | |