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 | 7.1x - 7.9x | 7.5x |
| Selected Fwd EBITDA Multiple | 4.4x - 4.8x | 4.6x |
| Fair Value | $8.15 - $8.70 | $8.43 |
| Upside | -2.5% - 4.1% | 0.8% |
| Benchmarks | Ticker | Full Ticker |
| JVCKENWOOD Corporation | 6632 | TSE:6632 |
| Garmin Ltd. | GRMN | NYSE:GRMN |
| Roland Corporation | 7944 | TSE:7944 |
| Yamaha Corporation | 7951 | TSE:7951 |
| Kawai Musical Instruments Manufacturing Co., Ltd. | 7952 | TSE:7952 |
| Casio Computer Co.,Ltd. | CSIO.F | OTCPK:CSIO.F |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 6632 | GRMN | 7944 | 7951 | 7952 | CSIO.F | ||
| TSE:6632 | NYSE:GRMN | TSE:7944 | TSE:7951 | TSE:7952 | OTCPK:CSIO.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 8.5% | 11.0% | NM- | -1.2% | -13.8% | -9.4% | |
| 3Y CAGR | 16.7% | 8.9% | 0.4% | -1.3% | -35.9% | -9.3% | |
| Latest Twelve Months | 2.7% | 31.8% | -10.2% | 8.3% | -55.6% | -4.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 10.0% | 26.4% | 13.1% | 13.7% | 6.8% | 10.8% | |
| Prior Fiscal Year | 10.6% | 24.3% | 14.3% | 11.7% | 6.1% | 9.7% | |
| Latest Fiscal Year | 10.5% | 28.2% | 12.9% | 12.7% | 3.0% | 9.5% | |
| Latest Twelve Months | 10.5% | 28.1% | 12.8% | 12.7% | 3.0% | 9.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.43x | 5.39x | 0.92x | 0.69x | 0.13x | 0.57x | |
| EV / LTM EBITDA | 4.1x | 19.2x | 7.2x | 5.5x | 4.3x | 6.0x | |
| EV / LTM EBIT | 7.4x | 21.4x | 9.4x | 8.6x | 29.1x | 10.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.1x | 5.5x | 19.2x | ||||
| Historical EV / LTM EBITDA | 6.0x | 6.5x | 13.7x | ||||
| Selected EV / LTM EBITDA | 7.1x | 7.5x | 7.9x | ||||
| (x) LTM EBITDA | 24,946 | 24,946 | 24,946 | ||||
| (=) Implied Enterprise Value | 177,283 | 186,614 | 195,944 | ||||
| (-) Non-shareholder Claims * | 99,181 | 99,181 | 99,181 | ||||
| (=) Equity Value | 276,464 | 285,795 | 295,125 | ||||
| (/) Shares Outstanding | 228.0 | 228.0 | 228.0 | ||||
| Implied Value Range | 1,212.31 | 1,253.23 | 1,294.15 | ||||
| FX Rate: JPY/USD | 147.0 | 147.0 | 147.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 8.25 | 8.53 | 8.80 | 8.36 | |||
| Upside / (Downside) | -1.3% | 2.0% | 5.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 6632 | GRMN | 7944 | 7951 | 7952 | CSIO.F | |
| Enterprise Value | 159,490 | 34,788 | 91,675 | 320,374 | 9,237 | 181,047 | |
| (+) Cash & Short Term Investments | 48,597 | 2,675 | 17,116 | 99,819 | 13,300 | 141,127 | |
| (+) Investments & Other | 8,044 | 1,226 | 683 | 54,037 | 8,792 | 4,866 | |
| (-) Debt | (50,374) | (178) | (26,692) | (19,957) | (8,446) | (46,761) | |
| (-) Other Liabilities | (6,295) | 0 | (247) | (1,278) | 0 | (51) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 159,462 | 38,510 | 82,535 | 452,995 | 22,883 | 280,228 | |
| (/) Shares Outstanding | 146.4 | 192.5 | 26.3 | 453.1 | 8.6 | 228.0 | |
| Implied Stock Price | 1,089.50 | 200.01 | 3,140.00 | 999.80 | 2,661.00 | 1,228.82 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 146.99 | |
| Implied Stock Price (Trading Cur) | 1,089.50 | 200.01 | 3,140.00 | 999.80 | 2,661.00 | 8.36 | |
| Trading Currency | JPY | USD | JPY | JPY | JPY | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 146.99 | |