Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 4.1x - 4.6x | 4.4x |
Selected Fwd EBITDA Multiple | 4.4x - 4.8x | 4.6x |
Fair Value | €16.67 - €17.93 | €17.30 |
Upside | 15.4% - 24.2% | 19.8% |
Benchmarks | Ticker | Full Ticker |
Japan Communications Inc. | 9424 | TSE:9424 |
NTT, Inc. | 9432 | TSE:9432 |
Internet Initiative Japan Inc. | 3774 | TSE:3774 |
Accrete Inc. | 4395 | TSE:4395 |
MTN Group Limited | MTNO.F | OTCPK:MTNO.F |
KDDI Corporation | DIP | DB:DIP |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
9424 | 9432 | 3774 | 4395 | MTNO.F | DIP | ||
TSE:9424 | TSE:9432 | TSE:3774 | TSE:4395 | OTCPK:MTNO.F | DB:DIP | ||
Historical EBITDA Growth | |||||||
5Y CAGR | NM- | 4.8% | 10.6% | NM- | 2.0% | 0.8% | |
3Y CAGR | 56.6% | 0.4% | 5.7% | -2.2% | -4.4% | -0.1% | |
Latest Twelve Months | -11.7% | -5.1% | 5.3% | 64.3% | -22.5% | 9.6% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 6.1% | 25.2% | 21.0% | 10.6% | 39.8% | 31.0% | |
Prior Fiscal Year | 17.8% | 26.6% | 21.1% | 8.6% | 38.4% | 28.2% | |
Latest Fiscal Year | 12.6% | 24.6% | 19.4% | 7.4% | 34.9% | 30.0% | |
Latest Twelve Months | 12.6% | 24.6% | 19.4% | 7.6% | 34.9% | 30.0% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 2.40x | 1.38x | 1.36x | 0.67x | 1.91x | 1.09x | |
EV / LTM EBITDA | 19.1x | 5.6x | 7.0x | 8.9x | 5.5x | 3.6x | |
EV / LTM EBIT | 23.1x | 11.5x | 14.3x | 11.8x | 8.3x | 5.9x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 5.5x | 7.0x | 19.1x | ||||
Historical EV / LTM EBITDA | 3.6x | 4.1x | 5.8x | ||||
Selected EV / LTM EBITDA | 4.1x | 4.4x | 4.6x | ||||
(x) LTM EBITDA | 1,778,068 | 1,778,068 | 1,778,068 | ||||
(=) Implied Enterprise Value | 7,368,119 | 7,755,914 | 8,143,710 | ||||
(-) Non-shareholder Claims * | 3,041,260 | 3,041,260 | 3,041,260 | ||||
(=) Equity Value | 10,409,379 | 10,797,174 | 11,184,970 | ||||
(/) Shares Outstanding | 3,826.7 | 3,826.7 | 3,826.7 | ||||
Implied Value Range | 2,720.17 | 2,821.50 | 2,922.84 | ||||
FX Rate: JPY/EUR | 171.9 | 171.9 | 171.9 | Market Price | |||
Implied Value Range (Trading Cur) | 15.83 | 16.42 | 17.01 | 14.44 | |||
Upside / (Downside) | 9.6% | 13.7% | 17.8% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 9424 | 9432 | 3774 | 4395 | MTNO.F | DIP | |
Enterprise Value | 22,689 | 18,979,419 | 429,726 | 4,827 | 341,935 | 6,456,133 | |
(+) Cash & Short Term Investments | 4,300 | 1,000,994 | 32,534 | 1,454 | 39,263 | 921,175 | |
(+) Investments & Other | 321 | 5,187,939 | 71,133 | 266 | 28,878 | 7,080,146 | |
(-) Debt | (2,040) | (11,171,213) | (33,616) | (557) | (158,322) | (4,437,561) | |
(-) Other Liabilities | (52) | (1,123,052) | (1,403) | (495) | (15,002) | (522,500) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 25,218 | 12,874,087 | 498,374 | 5,495 | 236,752 | 9,497,393 | |
(/) Shares Outstanding | 165.9 | 82,738.4 | 176.9 | 6.2 | 1,806.6 | 3,826.7 | |
Implied Stock Price | 152.00 | 155.60 | 2,817.00 | 891.00 | 131.05 | 2,481.85 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 17.83 | 171.87 | |
Implied Stock Price (Trading Cur) | 152.00 | 155.60 | 2,817.00 | 891.00 | 7.35 | 14.44 | |
Trading Currency | JPY | JPY | JPY | JPY | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 17.83 | 171.87 |