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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 9,6x - 10,6x | 10,1x |
| Selected Fwd EBIT Multiple | 11,2x - 12,4x | 11,8x |
| Fair Value | $5,16 - $8,99 | $7,07 |
| Upside | -19,1% - 41,1% | 11,0% |
| Benchmarks | Ticker | Full Ticker |
| Kyushu Electric Power Company, Incorporated | 9508 | TSE:9508 |
| Hokkaido Electric Power Company, Incorporated | 9509 | TSE:9509 |
| Shikoku Electric Power Company, Incorporated | 9507 | TSE:9507 |
| Hokuriku Electric Power Company | 9505 | TSE:9505 |
| The Chugoku Electric Power Co., Inc. | 9504 | TSE:9504 |
| Tohoku Electric Power Company, Incorporated | TEPC.Y | OTCPK:TEPC.Y |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 9508 | 9509 | 9507 | 9505 | 9504 | TEPC.Y | ||
| TSE:9508 | TSE:9509 | TSE:9507 | TSE:9505 | TSE:9504 | OTCPK:TEPC.Y | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 25.6% | 12.2% | 23.3% | 28.0% | 21.8% | 19.2% | |
| 3Y CAGR | 60.1% | 44.8% | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | -21.7% | -25.0% | 13.4% | -12.1% | -37.5% | -13.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 4.3% | 5.8% | 3.0% | 3.0% | 2.5% | 3.3% | |
| Prior Fiscal Year | 11.9% | 10.6% | 10.0% | 14.2% | 12.7% | 11.4% | |
| Latest Fiscal Year | 8.5% | 8.4% | 10.5% | 11.8% | 8.4% | 10.6% | |
| Latest Twelve Months | 8.5% | 8.4% | 10.5% | 11.8% | 8.4% | 10.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.41x | 1.25x | 0.83x | 0.85x | 1.61x | 1.04x | |
| EV / LTM EBITDA | 7.4x | 7.5x | 4.5x | 4.4x | 10.0x | 5.7x | |
| EV / LTM EBIT | 16.7x | 14.8x | 7.9x | 7.2x | 19.1x | 9.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 7.2x | 14.8x | 19.1x | ||||
| Historical EV / LTM EBIT | -11.4x | 10.0x | 109.8x | ||||
| Selected EV / LTM EBIT | 9.6x | 10.1x | 10.6x | ||||
| (x) LTM EBIT | 280,332 | 280,332 | 280,332 | ||||
| (=) Implied Enterprise Value | 2,700,894 | 2,843,046 | 2,985,199 | ||||
| (-) Non-shareholder Claims * | (2,264,593) | (2,264,593) | (2,264,593) | ||||
| (=) Equity Value | 436,301 | 578,453 | 720,606 | ||||
| (/) Shares Outstanding | 500.2 | 500.2 | 500.2 | ||||
| Implied Value Range | 872.32 | 1,156.53 | 1,440.74 | ||||
| FX Rate: JPY/USD | 144.9 | 144.9 | 144.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 6.02 | 7.98 | 9.95 | 6.37 | |||
| Upside / (Downside) | -5.5% | 25.3% | 56.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 9508 | 9509 | 9507 | 9505 | 9504 | TEPC.Y | |
| Enterprise Value | 3,327,132 | 1,125,215 | 706,850 | 730,303 | 2,461,344 | 2,726,133 | |
| (+) Cash & Short Term Investments | 362,577 | 156,322 | 130,192 | 239,372 | 286,731 | 551,490 | |
| (+) Investments & Other | 273,764 | 140,402 | 237,528 | 206,638 | 433,341 | 139,581 | |
| (-) Debt | (3,362,954) | (1,262,210) | (830,796) | (1,012,691) | (2,931,714) | (2,932,039) | |
| (-) Other Liabilities | (31,810) | (15,404) | (2,825) | (20,122) | 1,670 | (23,625) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 568,709 | 144,325 | 240,949 | 143,500 | 251,372 | 461,540 | |
| (/) Shares Outstanding | 472.5 | 205.3 | 205.7 | 208.8 | 359.6 | 500.2 | |
| Implied Stock Price | 1,203.50 | 702.90 | 1,171.50 | 687.10 | 699.10 | 922.78 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 144.86 | |
| Implied Stock Price (Trading Cur) | 1,203.50 | 702.90 | 1,171.50 | 687.10 | 699.10 | 6.37 | |
| Trading Currency | JPY | JPY | JPY | JPY | JPY | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 144.86 | |