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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 22,4x - 24,7x | 23,5x |
| Selected Fwd EBIT Multiple | 18,6x - 20,6x | 19,6x |
| Fair Value | $4,50 - $9,35 | $6,93 |
| Upside | -53,7% - -3,8% | -28,8% |
| Benchmarks | Ticker | Full Ticker |
| Tohoku Electric Power Company, Incorporated | 9506 | TSE:9506 |
| The Chugoku Electric Power Co., Inc. | 9504 | TSE:9504 |
| Chubu Electric Power Company, Incorporated | 9502 | TSE:9502 |
| Hokuriku Electric Power Company | 9505 | TSE:9505 |
| Hokkaido Electric Power Company, Incorporated | 9509 | TSE:9509 |
| Kyushu Electric Power Company, Incorporated | KYSE.F | OTCPK:KYSE.F |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 9506 | 9504 | 9502 | 9505 | 9509 | KYSE.F | ||
| TSE:9506 | TSE:9504 | TSE:9502 | TSE:9505 | TSE:9509 | OTCPK:KYSE.F | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 31.0% | 60.3% | 22.2% | 55.0% | 19.1% | 24.1% | |
| 3Y CAGR | 54.2% | 82.0% | 33.1% | 86.1% | 23.4% | 48.8% | |
| Latest Twelve Months | -29.2% | -43.5% | -31.7% | 22.5% | 0.3% | -53.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 3.0% | 2.2% | 4.2% | 2.6% | 5.7% | 4.0% | |
| Prior Fiscal Year | -6.0% | -4.1% | 2.7% | -9.0% | -2.5% | -3.3% | |
| Latest Fiscal Year | 11.4% | 12.7% | 9.5% | 14.2% | 10.6% | 11.9% | |
| Latest Twelve Months | 8.6% | 7.9% | 6.7% | 12.2% | 9.3% | 6.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.13x | 1.81x | 0.50x | 1.14x | 1.43x | 1.52x | |
| EV / LTM EBITDA | 7.2x | 11.6x | 4.2x | 5.8x | 8.6x | 8.3x | |
| EV / LTM EBIT | 13.2x | 22.8x | 7.4x | 9.3x | 15.5x | 24.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 7.4x | 13.2x | 22.8x | ||||
| Historical EV / LTM EBIT | -25.3x | 28.7x | 52.8x | ||||
| Selected EV / LTM EBIT | 22.4x | 23.5x | 24.7x | ||||
| (x) LTM EBIT | 143,838 | 143,838 | 143,838 | ||||
| (=) Implied Enterprise Value | 3,216,410 | 3,385,695 | 3,554,980 | ||||
| (-) Non-shareholder Claims * | (2,871,971) | (2,871,971) | (2,871,971) | ||||
| (=) Equity Value | 344,439 | 513,724 | 683,009 | ||||
| (/) Shares Outstanding | 472.5 | 472.5 | 472.5 | ||||
| Implied Value Range | 728.90 | 1,087.13 | 1,445.37 | ||||
| FX Rate: JPY/USD | 145.9 | 145.9 | 145.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 5.00 | 7.45 | 9.91 | 9.72 | |||
| Upside / (Downside) | -48.6% | -23.3% | 1.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 9506 | 9504 | 9502 | 9505 | 9509 | KYSE.F | |
| Enterprise Value | 3,042,852 | 2,759,536 | 1,780,468 | 963,989 | 1,311,468 | 3,542,152 | |
| (+) Cash & Short Term Investments | 514,709 | 234,181 | 280,984 | 197,453 | 129,678 | 290,872 | |
| (+) Investments & Other | 361,313 | 419,677 | 2,306,504 | 182,300 | 122,859 | 255,399 | |
| (-) Debt | (3,403,185) | (3,118,374) | (3,077,557) | (1,158,240) | (1,403,400) | (3,387,358) | |
| (-) Other Liabilities | (23,377) | 1,624 | (67,307) | (19,485) | (14,615) | (30,884) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 492,312 | 296,644 | 1,223,092 | 166,017 | 145,990 | 670,181 | |
| (/) Shares Outstanding | 500.2 | 359.6 | 755.2 | 208.9 | 205.3 | 472.5 | |
| Implied Stock Price | 984.30 | 825.00 | 1,619.50 | 794.90 | 711.00 | 1,418.23 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 145.91 | |
| Implied Stock Price (Trading Cur) | 984.30 | 825.00 | 1,619.50 | 794.90 | 711.00 | 9.72 | |
| Trading Currency | JPY | JPY | JPY | JPY | JPY | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 145.91 | |