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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 8,2x - 9,0x | 8,6x |
| Selected Fwd EBIT Multiple | 4,9x - 5,5x | 5,2x |
| Fair Value | €6,61 - €7,44 | €7,02 |
| Upside | 0,1% - 12,7% | 6,4% |
| Benchmarks | Ticker | Full Ticker |
| Suzuki Motor Corporation | 7269 | TSE:7269 |
| Honda Motor Co., Ltd. | 7267 | TSE:7267 |
| Mitsubishi Motors Corporation | 7211 | TSE:7211 |
| Toyota Motor Corporation | 7203 | TSE:7203 |
| Bayerische Motoren Werke Aktiengesellschaft | BAMX.F | OTCPK:BAMX.F |
| Yamaha Motor Co., Ltd. | YMA | DB:YMA |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 7269 | 7267 | 7211 | 7203 | BAMX.F | YMA | ||
| TSE:7269 | TSE:7267 | TSE:7211 | TSE:7203 | OTCPK:BAMX.F | DB:YMA | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 24.4% | 13.9% | 61.1% | 14.9% | 5.3% | 9.7% | |
| 3Y CAGR | 49.5% | 11.7% | 16.7% | 17.0% | -5.7% | 0.2% | |
| Latest Twelve Months | 37.4% | -12.2% | -27.3% | -10.4% | -39.1% | -41.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 7.4% | 5.5% | 3.3% | 9.2% | 9.5% | 8.8% | |
| Prior Fiscal Year | 8.7% | 6.8% | 6.8% | 11.9% | 11.8% | 10.4% | |
| Latest Fiscal Year | 11.0% | 5.6% | 5.0% | 10.0% | 7.9% | 7.1% | |
| Latest Twelve Months | 11.0% | 5.6% | 5.0% | 10.0% | 7.4% | 5.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.41x | 0.55x | 0.12x | 0.61x | 1.05x | 0.52x | |
| EV / LTM EBITDA | 2.7x | 7.2x | 1.6x | 4.1x | 9.1x | 5.7x | |
| EV / LTM EBIT | 3.7x | 9.9x | 2.5x | 6.1x | 14.0x | 9.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 2.5x | 6.1x | 14.0x | ||||
| Historical EV / LTM EBIT | 4.1x | 4.7x | 13.7x | ||||
| Selected EV / LTM EBIT | 8.2x | 8.6x | 9.0x | ||||
| (x) LTM EBIT | 148,978 | 148,978 | 148,978 | ||||
| (=) Implied Enterprise Value | 1,215,257 | 1,279,218 | 1,343,179 | ||||
| (-) Non-shareholder Claims * | (216,913) | (216,913) | (216,913) | ||||
| (=) Equity Value | 998,344 | 1,062,305 | 1,126,266 | ||||
| (/) Shares Outstanding | 969.3 | 969.3 | 969.3 | ||||
| Implied Value Range | 1,029.93 | 1,095.91 | 1,161.90 | ||||
| FX Rate: JPY/EUR | 172.8 | 172.8 | 172.8 | Market Price | |||
| Implied Value Range (Trading Cur) | 5.96 | 6.34 | 6.73 | 6.60 | |||
| Upside / (Downside) | -9.7% | -3.9% | 1.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 7269 | 7267 | 7211 | 7203 | BAMX.F | YMA | |
| Enterprise Value | 2,380,792 | 11,965,395 | 293,662 | 29,111,306 | 147,724 | 1,322,836 | |
| (+) Cash & Short Term Investments | 842,710 | 4,737,273 | 452,510 | 8,982,404 | 16,810 | 360,756 | |
| (+) Investments & Other | 1,499,589 | 2,116,073 | 197,521 | 38,724,779 | 1,595 | 497,745 | |
| (-) Debt | (725,298) | (11,774,190) | (314,789) | (38,792,879) | (108,495) | (1,016,027) | |
| (-) Other Liabilities | (717,410) | (301,293) | (39,157) | (954,088) | (2,723) | (59,387) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,280,383 | 6,743,258 | 589,747 | 37,071,522 | 54,911 | 1,105,923 | |
| (/) Shares Outstanding | 1,929.6 | 4,085.6 | 1,338.2 | 13,032.7 | 617.0 | 969.3 | |
| Implied Stock Price | 1,700.00 | 1,650.50 | 440.70 | 2,844.50 | 89.00 | 1,140.91 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.85 | 172.76 | |
| Implied Stock Price (Trading Cur) | 1,700.00 | 1,650.50 | 440.70 | 2,844.50 | 104.50 | 6.60 | |
| Trading Currency | JPY | JPY | JPY | JPY | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.85 | 172.76 | |