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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 4.3x - 4.8x | 4.6x |
| Selected Fwd EBITDA Multiple | 4.6x - 5.1x | 4.9x |
| Fair Value | $2.31 - $2.88 | $2.59 |
| Upside | -14.9% - 6.2% | -4.4% |
| Benchmarks | Ticker | Full Ticker |
| Kaneka Corporation | 4118 | TSE:4118 |
| Asahi Kasei Corporation | 3407 | TSE:3407 |
| Nitto Denko Corporation | 6988 | TSE:6988 |
| Ishihara Sangyo Kaisha,Ltd. | 4028 | TSE:4028 |
| artience Co., Ltd. | 4634 | TSE:4634 |
| Sumitomo Chemical Company, Limited | SOMM.F | OTCPK:SOMM.F |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 4118 | 3407 | 6988 | 4028 | 4634 | SOMM.F | ||
| TSE:4118 | TSE:3407 | TSE:6988 | TSE:4028 | TSE:4634 | OTCPK:SOMM.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 6.9% | 6.1% | 16.7% | 8.0% | 7.9% | 2.7% | |
| 3Y CAGR | 0.6% | 4.3% | 12.3% | 0.0% | 12.6% | -3.5% | |
| Latest Twelve Months | 14.9% | 23.3% | 27.9% | -3.4% | 20.2% | 228.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 10.4% | 12.9% | 20.8% | 11.6% | 7.8% | 5.7% | |
| Prior Fiscal Year | 9.5% | 11.6% | 21.5% | 12.1% | 7.7% | -9.7% | |
| Latest Fiscal Year | 10.3% | 13.1% | 24.8% | 11.2% | 9.3% | 11.7% | |
| Latest Twelve Months | 10.3% | 13.1% | 24.8% | 11.2% | NA | 11.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.47x | 0.66x | 1.42x | 0.69x | 0.38x | 0.50x | |
| EV / LTM EBITDA | 4.6x | 5.0x | 5.7x | 6.2x | 4.1x | 4.3x | |
| EV / LTM EBIT | 9.7x | 9.4x | 7.7x | 9.6x | 6.6x | 7.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.1x | 5.0x | 6.2x | ||||
| Historical EV / LTM EBITDA | -16.9x | 4.7x | 5.5x | ||||
| Selected EV / LTM EBITDA | 4.3x | 4.6x | 4.8x | ||||
| (x) LTM EBITDA | 303,991 | 303,991 | 303,991 | ||||
| (=) Implied Enterprise Value | 1,318,419 | 1,387,809 | 1,457,200 | ||||
| (-) Non-shareholder Claims * | (739,518) | (739,518) | (739,518) | ||||
| (=) Equity Value | 578,901 | 648,291 | 717,682 | ||||
| (/) Shares Outstanding | 1,636.7 | 1,636.7 | 1,636.7 | ||||
| Implied Value Range | 353.70 | 396.10 | 438.49 | ||||
| FX Rate: JPY/USD | 145.2 | 145.2 | 145.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.44 | 2.73 | 3.02 | 2.71 | |||
| Upside / (Downside) | -10.1% | 0.6% | 11.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 4118 | 3407 | 6988 | 4028 | 4634 | SOMM.F | |
| Enterprise Value | 380,148 | 1,994,600 | 1,428,116 | 100,119 | 134,635 | 1,383,683 | |
| (+) Cash & Short Term Investments | 45,639 | 393,467 | 363,344 | 24,948 | 46,469 | 254,853 | |
| (+) Investments & Other | 61,686 | 168,371 | 7,319 | 15,249 | 55,440 | 465,382 | |
| (-) Debt | (223,058) | (1,195,045) | (455) | (68,941) | (73,976) | (1,286,128) | |
| (-) Other Liabilities | (20,482) | (54,523) | (1,031) | (175) | (11,059) | (173,625) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 243,933 | 1,306,870 | 1,797,293 | 71,200 | 151,509 | 644,165 | |
| (/) Shares Outstanding | 62.9 | 1,358.1 | 685.1 | 38.3 | 49.9 | 1,636.7 | |
| Implied Stock Price | 3,876.00 | 962.30 | 2,623.50 | 1,861.00 | 3,035.00 | 393.58 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 145.22 | |
| Implied Stock Price (Trading Cur) | 3,876.00 | 962.30 | 2,623.50 | 1,861.00 | 3,035.00 | 2.71 | |
| Trading Currency | JPY | JPY | JPY | JPY | JPY | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 145.22 | |