| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| 5301 | 4202 | 3405 | DD | ESI | | SWD | |
| TSE:5301 | TSE:4202 | TSE:3405 | NYSE:DD | NYSE:ESI | | DB:SWD | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 6.0% | 7.3% | 7.5% | -4.3% | 6.0% | | 8.9% | |
| 3Y CAGR | 10.6% | 7.8% | 9.5% | -0.5% | 0.8% | | -0.7% | |
| Latest Twelve Months | -3.1% | 5.1% | 5.2% | 4.5% | 6.1% | | 5.9% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 8.5% | 9.6% | 10.3% | 14.7% | 13.2% | | 2.8% | |
| Prior Fiscal Year | 10.6% | 11.2% | 9.7% | 14.1% | 11.4% | | -0.3% | |
| Latest Fiscal Year | 5.5% | 10.4% | 10.3% | 15.1% | 14.3% | | 4.8% | |
| Latest Twelve Months | 6.6% | 10.4% | NA | 15.8% | 14.2% | | 4.6% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 0.97x | 0.84x | 0.87x | 2.71x | 2.58x | | 0.90x | |
| EV / LTM EBIT | 14.6x | 8.1x | 9.6x | 17.1x | 18.2x | | 19.6x | |
| Price / LTM Sales | 0.62x | 0.55x | 0.71x | 2.29x | 2.12x | | 0.41x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.84x | 0.97x | 2.71x | | | | | |
| Historical EV / LTM Revenue | 0.81x | 0.94x | 1.52x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 0.88x | 0.93x | 0.97x | | | | | |
| (x) LTM Revenue | 1,388,165 | 1,388,165 | 1,388,165 | | | | | |
| (=) Implied Enterprise Value | 1,224,453 | 1,288,898 | 1,353,343 | | | | | |
| (-) Non-shareholder Claims * | (687,917) | (687,917) | (687,917) | | | | | |
| (=) Equity Value | 536,536 | 600,981 | 665,426 | | | | | |
| (/) Shares Outstanding | 180.7 | 180.7 | 180.7 | | | | | |
| Implied Value Range | 2,968.80 | 3,325.39 | 3,681.98 | | | | | |
| FX Rate: JPY/EUR | 166.2 | 166.2 | 166.2 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 17.86 | 20.00 | 22.15 | | 18.80 | | | |
| Upside / (Downside) | -5.0% | 6.4% | 17.8% | | | | | |