| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| 4452 | 9919 | SPB | ESSITY A | KMB | | UN4 | |
| TSE:4452 | TWSE:9919 | NYSE:SPB | OM:ESSITYA | NYSE:KMB | | DB:UN4 | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 1.6% | -6.3% | 3.9% | 2.4% | 1.7% | | 6.7% | |
| 3Y CAGR | 4.7% | -10.0% | -0.4% | 12.8% | 1.0% | | 8.1% | |
| Latest Twelve Months | 6.6% | 0.0% | 1.5% | 0.0% | -3.1% | | 2.4% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 9.4% | -1.9% | 4.2% | 11.6% | 15.2% | | 14.4% | |
| Prior Fiscal Year | 6.5% | -16.5% | 2.8% | 12.1% | 13.9% | | 14.3% | |
| Latest Fiscal Year | 8.9% | -9.3% | 6.2% | 13.2% | 15.9% | | 13.7% | |
| Latest Twelve Months | 9.4% | -9.3% | 6.2% | 13.1% | 15.6% | | 13.3% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 1.81x | 1.64x | 0.78x | 1.51x | 2.60x | | 1.96x | |
| EV / LTM EBIT | 19.2x | -17.7x | 12.6x | 11.5x | 16.6x | | 14.8x | |
| Price / LTM Sales | 1.81x | 1.10x | 0.57x | 1.31x | 2.25x | | 2.16x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.78x | 1.64x | 2.60x | | | | | |
| Historical EV / LTM Revenue | 2.22x | 3.31x | 3.88x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 2.15x | 2.26x | 2.37x | | | | | |
| (x) LTM Revenue | 980,220 | 980,220 | 980,220 | | | | | |
| (=) Implied Enterprise Value | 2,104,246 | 2,214,996 | 2,325,745 | | | | | |
| (-) Non-shareholder Claims * | 188,827 | 188,827 | 188,827 | | | | | |
| (=) Equity Value | 2,293,073 | 2,403,823 | 2,514,572 | | | | | |
| (/) Shares Outstanding | 1,749.0 | 1,749.0 | 1,749.0 | | | | | |
| Implied Value Range | 1,311.09 | 1,374.41 | 1,437.73 | | | | | |
| FX Rate: JPY/EUR | 165.0 | 165.0 | 165.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 7.95 | 8.33 | 8.71 | | 7.25 | | | |
| Upside / (Downside) | 9.6% | 14.9% | 20.2% | | | | | |