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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 10.1x - 11.2x | 10.6x |
| Selected Fwd EBIT Multiple | 12.0x - 13.3x | 12.6x |
| Fair Value | €21.34 - €24.01 | €22.67 |
| Upside | -3.0% - 9.1% | 3.1% |
| Benchmarks | Ticker | Full Ticker |
| Chubu Electric Power Company, Incorporated | 9502 | TSE:9502 |
| Mahanagar Gas Limited | 539957 | BSE:539957 |
| Indraprastha Gas Limited | 532514 | BSE:532514 |
| Tokyo Gas Co.,Ltd. | 9531 | TSE:9531 |
| Nippon Gas Co., Ltd. | 8174 | TSE:8174 |
| Osaka Gas Co., Ltd. | OSA | DB:OSA |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 9502 | 539957 | 532514 | 9531 | 8174 | OSA | ||
| TSE:9502 | BSE:539957 | BSE:532514 | TSE:9531 | TSE:8174 | DB:OSA | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 13.1% | 6.4% | 3.3% | 5.6% | 11.2% | 13.9% | |
| 3Y CAGR | NM- | 18.2% | -1.6% | 4.2% | 13.2% | 19.2% | |
| Latest Twelve Months | -29.5% | -22.3% | -23.3% | -39.6% | 6.4% | -6.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 4.3% | 23.8% | 16.8% | 7.1% | 8.3% | 6.2% | |
| Prior Fiscal Year | 9.5% | 24.9% | 14.0% | 8.3% | 9.0% | 8.3% | |
| Latest Fiscal Year | 6.6% | 16.8% | 10.0% | 5.0% | 9.3% | 7.8% | |
| Latest Twelve Months | 6.6% | 16.8% | 10.0% | 5.0% | 9.3% | 7.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.42x | 1.74x | 1.59x | 0.89x | 1.58x | 0.84x | |
| EV / LTM EBITDA | 3.8x | 8.0x | 12.0x | 5.9x | 10.6x | 6.0x | |
| EV / LTM EBIT | 6.4x | 10.4x | 15.8x | 17.6x | 17.0x | 10.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 6.4x | 15.8x | 17.6x | ||||
| Historical EV / LTM EBIT | 6.1x | 10.8x | 22.1x | ||||
| Selected EV / LTM EBIT | 10.1x | 10.6x | 11.2x | ||||
| (x) LTM EBIT | 160,732 | 160,732 | 160,732 | ||||
| (=) Implied Enterprise Value | 1,625,826 | 1,711,396 | 1,796,966 | ||||
| (-) Non-shareholder Claims * | (263,373) | (263,373) | (263,373) | ||||
| (=) Equity Value | 1,362,453 | 1,448,023 | 1,533,593 | ||||
| (/) Shares Outstanding | 395.1 | 395.1 | 395.1 | ||||
| Implied Value Range | 3,448.13 | 3,664.69 | 3,881.25 | ||||
| FX Rate: JPY/EUR | 168.4 | 168.4 | 168.4 | Market Price | |||
| Implied Value Range (Trading Cur) | 20.48 | 21.76 | 23.05 | 22.00 | |||
| Upside / (Downside) | -6.9% | -1.1% | 4.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 9502 | 539957 | 532514 | 9531 | 8174 | OSA | |
| Enterprise Value | 1,557,029 | 125,257 | 237,201 | 2,346,998 | 314,166 | 1,727,184 | |
| (+) Cash & Short Term Investments | 293,547 | 13,871 | 35,944 | 244,491 | 19,810 | 82,810 | |
| (+) Investments & Other | 2,308,922 | 1,075 | 15,967 | 511,354 | 2,130 | 569,252 | |
| (-) Debt | (2,757,168) | (2,010) | (935) | (1,308,007) | (46,937) | (864,938) | |
| (-) Other Liabilities | (72,006) | (146) | (267) | (76,024) | 0 | (50,497) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,330,324 | 138,047 | 287,910 | 1,718,812 | 289,169 | 1,463,811 | |
| (/) Shares Outstanding | 755.2 | 98.8 | 1,400.0 | 360.0 | 109.0 | 395.1 | |
| Implied Stock Price | 1,761.50 | 1,397.55 | 205.65 | 4,775.00 | 2,652.50 | 3,704.65 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 168.39 | |
| Implied Stock Price (Trading Cur) | 1,761.50 | 1,397.55 | 205.65 | 4,775.00 | 2,652.50 | 22.00 | |
| Trading Currency | JPY | INR | INR | JPY | JPY | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 168.39 | |