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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 12.1x - 13.4x | 12.7x |
| Selected Fwd EBITDA Multiple | 12.2x - 13.5x | 12.9x |
| Fair Value | ¥23,898 - ¥26,254 | ¥25,076 |
| Upside | 2.4% - 12.5% | 7.4% |
| Benchmarks | Ticker | Full Ticker |
| Disco Corporation | 6146 | TSE:6146 |
| SCREEN Holdings Co., Ltd. | 7735 | TSE:7735 |
| Tokyo Seimitsu Co., Ltd. | 7729 | TSE:7729 |
| Micronics Japan Co., Ltd. | 6871 | TSE:6871 |
| Tazmo Co., Ltd. | 6266 | TSE:6266 |
| Tokyo Electron Limited | 8035 | TSE:8035 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 6146 | 7735 | 7729 | 6871 | 6266 | 8035 | ||
| TSE:6146 | TSE:7735 | TSE:7729 | TSE:6871 | TSE:6266 | TSE:8035 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 33.0% | 47.2% | 17.2% | 36.2% | 36.8% | 23.3% | |
| 3Y CAGR | 21.4% | 28.0% | 2.7% | 14.9% | 36.6% | 6.1% | |
| Latest Twelve Months | 35.0% | 41.2% | 16.1% | 97.5% | 46.5% | 49.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 39.6% | 16.9% | 22.6% | 21.8% | 14.3% | 28.7% | |
| Prior Fiscal Year | 43.1% | 20.8% | 22.3% | 19.6% | 15.7% | 27.8% | |
| Latest Fiscal Year | 45.5% | 23.7% | 23.2% | 27.7% | 19.1% | 31.2% | |
| Latest Twelve Months | 45.5% | 23.7% | 23.2% | NA | 20.1% | 31.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 9.03x | 1.19x | 1.97x | 2.14x | 0.72x | 4.11x | |
| EV / LTM EBITDA | 19.8x | 5.0x | 8.5x | 7.8x | 3.6x | 13.2x | |
| EV / LTM EBIT | 21.3x | 5.5x | 10.0x | 9.6x | 4.1x | 14.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 3.6x | 7.8x | 19.8x | ||||
| Historical EV / LTM EBITDA | 10.2x | 15.9x | 34.4x | ||||
| Selected EV / LTM EBITDA | 12.1x | 12.7x | 13.4x | ||||
| (x) LTM EBITDA | 759,586 | 759,586 | 759,586 | ||||
| (=) Implied Enterprise Value | 9,188,968 | 9,672,598 | 10,156,228 | ||||
| (-) Non-shareholder Claims * | 696,251 | 696,251 | 696,251 | ||||
| (=) Equity Value | 9,885,219 | 10,368,849 | 10,852,479 | ||||
| (/) Shares Outstanding | 458.1 | 458.1 | 458.1 | ||||
| Implied Value Range | 21,578.24 | 22,633.95 | 23,689.66 | ||||
| FX Rate: JPY/JPY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 21,578.24 | 22,633.95 | 23,689.66 | 23,345.00 | |||
| Upside / (Downside) | -7.6% | -3.0% | 1.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 6146 | 7735 | 7729 | 6871 | 6266 | 8035 | |
| Enterprise Value | 3,542,796 | 746,657 | 296,499 | 127,417 | 27,136 | 9,998,337 | |
| (+) Cash & Short Term Investments | 229,167 | 200,397 | 54,541 | 20,697 | 10,127 | 496,238 | |
| (+) Investments & Other | 7,372 | 45,365 | 3,246 | 1,325 | 439 | 200,013 | |
| (-) Debt | 0 | (4,562) | (20,083) | (6,875) | (9,635) | 0 | |
| (-) Other Liabilities | (348) | (53) | (1,056) | 0 | (449) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,778,987 | 987,804 | 333,147 | 142,564 | 27,618 | 10,694,588 | |
| (/) Shares Outstanding | 108.4 | 94.4 | 40.5 | 38.7 | 14.4 | 458.1 | |
| Implied Stock Price | 34,860.00 | 10,465.00 | 8,233.00 | 3,680.00 | 1,912.00 | 23,345.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 34,860.00 | 10,465.00 | 8,233.00 | 3,680.00 | 1,912.00 | 23,345.00 | |
| Trading Currency | JPY | JPY | JPY | JPY | JPY | JPY | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |