| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| 3405 | 5301 | 4202 | ESI | DD | | SWD | |
| TSE:3405 | TSE:5301 | TSE:4202 | NYSE:ESI | NYSE:DD | | DB:SWD | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 7.5% | 6.0% | 7.3% | 6.0% | -4.3% | | 8.9% | |
| 3Y CAGR | 9.5% | 10.6% | 7.8% | 0.8% | -0.5% | | -0.7% | |
| Latest Twelve Months | 5.2% | -3.1% | 5.1% | 6.1% | 4.5% | | 5.9% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 10.3% | 8.5% | 9.6% | 13.2% | 14.7% | | 2.8% | |
| Prior Fiscal Year | 9.7% | 10.6% | 11.2% | 11.4% | 14.1% | | -0.3% | |
| Latest Fiscal Year | 10.3% | 5.5% | 10.4% | 14.3% | 15.1% | | 4.8% | |
| Latest Twelve Months | NA | 6.6% | 10.4% | 14.2% | 15.8% | | 4.6% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 0.86x | 0.95x | 0.85x | 2.59x | 2.71x | | 0.88x | |
| EV / LTM EBIT | 9.5x | 14.4x | 8.1x | 18.3x | 17.1x | | 19.0x | |
| Price / LTM Sales | 0.70x | 0.61x | 0.55x | 2.13x | 2.29x | | 0.38x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.85x | 0.95x | 2.71x | | | | | |
| Historical EV / LTM Revenue | 0.81x | 0.94x | 1.52x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 0.88x | 0.92x | 0.97x | | | | | |
| (x) LTM Revenue | 1,388,165 | 1,388,165 | 1,388,165 | | | | | |
| (=) Implied Enterprise Value | 1,215,343 | 1,279,309 | 1,343,274 | | | | | |
| (-) Non-shareholder Claims * | (687,917) | (687,917) | (687,917) | | | | | |
| (=) Equity Value | 527,426 | 591,392 | 655,357 | | | | | |
| (/) Shares Outstanding | 180.7 | 180.7 | 180.7 | | | | | |
| Implied Value Range | 2,918.39 | 3,272.33 | 3,626.27 | | | | | |
| FX Rate: JPY/EUR | 163.5 | 163.5 | 163.5 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 17.85 | 20.02 | 22.18 | | 17.80 | | | |
| Upside / (Downside) | 0.3% | 12.5% | 24.6% | | | | | |