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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 12,5x - 13,8x | 13,1x |
| Selected Fwd EBIT Multiple | 13,0x - 14,4x | 13,7x |
| Fair Value | $4,29 - $8,30 | $6,29 |
| Upside | -44,8% - 6,7% | -19,1% |
| Benchmarks | Ticker | Full Ticker |
| Kyushu Electric Power Company, Incorporated | 9508 | TSE:9508 |
| The Kansai Electric Power Company, Incorporated | 9503 | TSE:9503 |
| The Chugoku Electric Power Co., Inc. | 9504 | TSE:9504 |
| Chubu Electric Power Company, Incorporated | 9502 | TSE:9502 |
| Hokuriku Electric Power Company | 9505 | TSE:9505 |
| Tohoku Electric Power Company, Incorporated | TEPC.Y | OTCPK:TEPC.Y |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 9508 | 9503 | 9504 | 9502 | 9505 | TEPC.Y | ||
| TSE:9508 | TSE:9503 | TSE:9504 | TSE:9502 | TSE:9505 | OTCPK:TEPC.Y | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 24.1% | 28.9% | 60.3% | 22.2% | 55.0% | 31.0% | |
| 3Y CAGR | 48.8% | 71.0% | 82.0% | 33.1% | 86.1% | 54.2% | |
| Latest Twelve Months | -53.2% | -33.8% | -43.5% | -31.7% | 22.5% | -29.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 4.0% | 6.6% | 2.2% | 4.2% | 2.6% | 3.0% | |
| Prior Fiscal Year | -3.3% | -1.3% | -4.1% | 2.7% | -9.0% | -6.0% | |
| Latest Fiscal Year | 11.9% | 18.0% | 12.7% | 9.5% | 14.2% | 11.4% | |
| Latest Twelve Months | 6.3% | 12.2% | 7.9% | 6.7% | 12.2% | 8.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.55x | 1.01x | 1.83x | 0.52x | 1.17x | 1.16x | |
| EV / LTM EBITDA | 8.5x | 4.7x | 11.7x | 4.4x | 6.0x | 7.3x | |
| EV / LTM EBIT | 24.5x | 8.3x | 23.1x | 7.8x | 9.6x | 13.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 7.8x | 9.6x | 24.5x | ||||
| Historical EV / LTM EBIT | -11.4x | 19.7x | 109.8x | ||||
| Selected EV / LTM EBIT | 12.5x | 13.1x | 13.8x | ||||
| (x) LTM EBIT | 230,548 | 230,548 | 230,548 | ||||
| (=) Implied Enterprise Value | 2,879,257 | 3,030,796 | 3,182,336 | ||||
| (-) Non-shareholder Claims * | (2,550,540) | (2,550,540) | (2,550,540) | ||||
| (=) Equity Value | 328,717 | 480,256 | 631,796 | ||||
| (/) Shares Outstanding | 500.2 | 500.2 | 500.2 | ||||
| Implied Value Range | 657.22 | 960.20 | 1,263.18 | ||||
| FX Rate: JPY/USD | 151.0 | 151.0 | 151.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 4.35 | 6.36 | 8.36 | 7.78 | |||
| Upside / (Downside) | -44.0% | -18.2% | 7.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 9508 | 9503 | 9504 | 9502 | 9505 | TEPC.Y | |
| Enterprise Value | 3,512,962 | 4,229,362 | 2,783,289 | 1,821,986 | 984,469 | 3,137,916 | |
| (+) Cash & Short Term Investments | 290,872 | 848,759 | 234,181 | 280,984 | 197,453 | 514,709 | |
| (+) Investments & Other | 255,399 | 1,525,905 | 419,677 | 2,306,504 | 182,300 | 361,313 | |
| (-) Debt | (3,387,358) | (4,462,009) | (3,118,374) | (3,077,557) | (1,158,240) | (3,403,185) | |
| (-) Other Liabilities | (30,884) | (101,154) | 1,624 | (67,307) | (19,485) | (23,377) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 640,991 | 2,040,863 | 320,397 | 1,264,610 | 186,497 | 587,376 | |
| (/) Shares Outstanding | 472.5 | 1,114.0 | 359.6 | 755.2 | 208.9 | 500.2 | |
| Implied Stock Price | 1,356.45 | 1,831.94 | 891.06 | 1,674.47 | 892.96 | 1,174.37 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 151.04 | |
| Implied Stock Price (Trading Cur) | 1,356.45 | 1,831.94 | 891.06 | 1,674.47 | 892.96 | 7.78 | |
| Trading Currency | JPY | JPY | JPY | JPY | JPY | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 151.04 | |