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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Revenue Multiple | 0.5x - 0.5x | 0.5x |
Selected Fwd Revenue Multiple | 0.4x - 0.5x | 0.4x |
Fair Value | €11.39 - €12.76 | €12.08 |
Upside | -0.9% - 10.9% | 5.0% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
The Yokohama Rubber Company, Limited | 5101 | TSE:5101 |
Bridgestone Corporation | 5108 | TSE:5108 |
Toyo Tire Corporation | 5105 | TSE:5105 |
Continental Aktiengesellschaft | CTTA.F | OTCPK:CTTA.F |
Nokian Renkaat Oyj | NKRK.F | OTCPK:NKRK.F |
Sumitomo Rubber Industries, Ltd. | 108 | DB:108 |
Select LTM Revenue Multiple | ||||||||
Benchmark Companies | ||||||||
5101 | 5108 | 5105 | CTTA.F | NKRK.F | 108 | |||
TSE:5101 | TSE:5108 | TSE:5105 | OTCPK:CTTA.F | OTCPK:NKRK.F | DB:108 | |||
Historical Revenue Growth | ||||||||
5Y CAGR | 11.0% | 4.7% | 8.4% | -2.2% | -4.0% | 6.3% | ||
3Y CAGR | 17.7% | 10.9% | 12.8% | 5.6% | -9.0% | 9.0% | ||
Latest Twelve Months | 11.1% | 2.7% | 2.3% | 10.3% | 12.7% | 2.9% | ||
Historical EBIT Profit Margin | ||||||||
5 Year Average Margin | 8.9% | 10.2% | 12.4% | 5.1% | 7.5% | 5.2% | ||
Prior Fiscal Year | 10.1% | 11.3% | 13.9% | 4.9% | 2.7% | 6.4% | ||
Latest Fiscal Year | 11.8% | 10.8% | 16.6% | 5.6% | 0.1% | 7.0% | ||
Latest Twelve Months | 11.8% | 10.8% | 16.6% | 5.8% | -0.6% | 7.0% | ||
Current Trading Multiples | ||||||||
EV / LTM Revenue | 0.68x | 0.91x | 0.75x | 0.51x | 1.29x | 0.48x | ||
EV / LTM EBIT | 5.8x | 8.5x | 4.5x | 8.8x | -203.0x | 6.8x | ||
Price / LTM Sales | 0.48x | 0.95x | 0.78x | 0.37x | 0.68x | 0.42x | ||
Low | Mid | High | ||||||
Benchmark EV / LTM Revenue | 0.51x | 0.75x | 1.29x | |||||
Historical EV / LTM Revenue | 0.45x | 0.46x | 0.48x | |||||
Selected EV / LTM Revenue | 0.49x | 0.51x | 0.54x | |||||
(x) LTM Revenue | 1,211,856 | 1,211,856 | 1,211,856 | |||||
(=) Implied Enterprise Value | 587,809 | 618,747 | 649,684 | |||||
(-) Non-shareholder Claims * | (67,653) | (67,653) | (67,653) | |||||
(=) Equity Value | 520,156 | 551,094 | 582,031 | |||||
(/) Shares Outstanding | 263.0 | 263.0 | 263.0 | |||||
Implied Value Range | 1,977.57 | 2,095.19 | 2,212.81 | |||||
FX Rate: JPY/EUR | 165.0 | 165.0 | 165.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 11.99 | 12.70 | 13.41 | 11.50 | ||||
Upside / (Downside) | 4.2% | 10.4% | 16.6% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 5101 | 5108 | 5105 | CTTA.F | NKRK.F | 108 | |
Enterprise Value | 743,984 | 4,037,671 | 425,768 | 20,101 | 1,621 | 566,690 | |
(+) Cash & Short Term Investments | 136,215 | 706,732 | 86,636 | 1,673 | 85 | 100,382 | |
(+) Investments & Other | 90,769 | 231,099 | 31,711 | 103 | 3 | 104,083 | |
(-) Debt | (438,021) | (727,720) | (102,053) | (6,617) | (887) | (252,442) | |
(-) Other Liabilities | (10,042) | (54,882) | 0 | (433) | 0 | (19,676) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 522,905 | 4,192,900 | 442,062 | 14,827 | 822 | 499,037 | |
(/) Shares Outstanding | 157.6 | 680.0 | 154.0 | 200.0 | 137.9 | 263.0 | |
Implied Stock Price | 3,317.00 | 6,166.00 | 2,871.00 | 74.13 | 5.96 | 1,897.28 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.89 | 0.89 | 164.98 | |
Implied Stock Price (Trading Cur) | 3,317.00 | 6,166.00 | 2,871.00 | 82.96 | 6.67 | 11.50 | |
Trading Currency | JPY | JPY | JPY | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.89 | 0.89 | 164.98 |