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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 9.9x - 10.9x | 10.4x |
| Selected Fwd EBIT Multiple | 9.1x - 10.1x | 9.6x |
| Fair Value | Mex$ 250.08 - Mex$ 265.46 | Mex$ 257.77 |
| Upside | -13.7% - -8.4% | -11.0% |
| Benchmarks | Ticker | Full Ticker |
| Sumitomo Corporation | 8053 | TSE:8053 |
| Mitsubishi Corporation | 8058 | TSE:8058 |
| ITOCHU Corporation | 8001 | TSE:8001 |
| Marubeni Corporation | 8002 | TSE:8002 |
| Soda Nikka Co., Ltd. | 8158 | TSE:8158 |
| Mitsui & Co., Ltd. | 8031 N | BMV:8031N |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 8053 | 8058 | 8001 | 8002 | 8158 | 8031 N | ||
| TSE:8053 | TSE:8058 | TSE:8001 | TSE:8002 | TSE:8158 | BMV:8031N | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 8.6% | 5.8% | 11.4% | 19.1% | 9.6% | 9.2% | |
| 3Y CAGR | 101.7% | 43.3% | 5.5% | -3.2% | 41.4% | -7.4% | |
| Latest Twelve Months | -2.4% | -31.4% | -2.7% | -16.8% | 3.5% | -21.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 4.7% | 3.2% | 4.6% | 3.6% | 2.2% | 3.7% | |
| Prior Fiscal Year | 6.0% | 3.3% | 5.0% | 4.5% | 2.8% | 4.1% | |
| Latest Fiscal Year | 5.6% | 2.4% | 4.6% | 3.5% | 3.5% | 2.9% | |
| Latest Twelve Months | 5.6% | 2.4% | 4.6% | 3.5% | 3.3% | 2.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.59x | 0.43x | 0.69x | 0.42x | 0.07x | 0.35x | |
| EV / LTM EBITDA | 6.9x | 8.8x | 8.9x | 7.0x | 1.9x | 6.9x | |
| EV / LTM EBIT | 10.7x | 18.1x | 14.8x | 12.1x | 2.1x | 11.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 2.1x | 12.1x | 18.1x | ||||
| Historical EV / LTM EBIT | 6.0x | 11.9x | 19.7x | ||||
| Selected EV / LTM EBIT | 9.9x | 10.4x | 10.9x | ||||
| (x) LTM EBIT | 432,371 | 432,371 | 432,371 | ||||
| (=) Implied Enterprise Value | 4,258,919 | 4,483,073 | 4,707,226 | ||||
| (-) Non-shareholder Claims * | 3,084,154 | 3,084,154 | 3,084,154 | ||||
| (=) Equity Value | 7,343,073 | 7,567,227 | 7,791,380 | ||||
| (/) Shares Outstanding | 4,038.3 | 4,038.3 | 4,038.3 | ||||
| Implied Value Range | 1,818.37 | 1,873.87 | 1,929.38 | ||||
| FX Rate: JPY/MXN | 7.3 | 7.3 | 7.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 247.49 | 255.04 | 262.60 | 289.72 | |||
| Upside / (Downside) | -14.6% | -12.0% | -9.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 8053 | 8058 | 8001 | 8002 | 8158 | 8031 N | |
| Enterprise Value | 4,371,402 | 8,239,946 | 10,144,870 | 3,333,589 | 4,828 | 5,511,770 | |
| (+) Cash & Short Term Investments | 589,905 | 1,645,188 | 636,911 | 569,527 | 9,241 | 977,356 | |
| (+) Investments & Other | 3,448,121 | 7,127,135 | 4,716,801 | 3,231,746 | 14,371 | 7,164,075 | |
| (-) Debt | (3,783,638) | (5,339,302) | (4,621,705) | (2,535,010) | (5,169) | (4,841,260) | |
| (-) Other Liabilities | (237,096) | (785,608) | (535,640) | (139,397) | 0 | (216,017) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 4,388,694 | 10,887,359 | 10,341,237 | 4,460,455 | 23,271 | 8,595,924 | |
| (/) Shares Outstanding | 1,210.0 | 3,977.8 | 1,418.9 | 1,653.2 | 22.8 | 4,038.3 | |
| Implied Stock Price | 3,627.00 | 2,737.00 | 7,288.00 | 2,698.00 | 1,022.00 | 2,128.61 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 7.35 | |
| Implied Stock Price (Trading Cur) | 3,627.00 | 2,737.00 | 7,288.00 | 2,698.00 | 1,022.00 | 289.72 | |
| Trading Currency | JPY | JPY | JPY | JPY | JPY | MXN | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 7.35 | |