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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 12.3x - 13.6x | 12.9x |
| Selected Fwd EBIT Multiple | 14.9x - 16.5x | 15.7x |
| Fair Value | ¥3,054 - ¥3,349 | ¥3,202 |
| Upside | 21.4% - 33.1% | 27.3% |
| Benchmarks | Ticker | Full Ticker |
| Shinobu Foods Products Co., Ltd. | 2903 | TSE:2903 |
| Ichimasa Kamaboko Co., Ltd. | 2904 | TSE:2904 |
| Kameda Seika Co.,Ltd. | 2220 | TSE:2220 |
| Maruha Nichiro Corporation | 1333 | TSE:1333 |
| Semba Tohka Industries Co., Ltd | 2916 | TSE:2916 |
| Imuraya Group Co., Ltd. | 2209 | TSE:2209 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 2903 | 2904 | 2220 | 1333 | 2916 | 2209 | ||
| TSE:2903 | TSE:2904 | TSE:2220 | TSE:1333 | TSE:2916 | TSE:2209 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 16.9% | -1.1% | -3.6% | 4.0% | -8.5% | 12.4% | |
| 3Y CAGR | 29.3% | -10.2% | -7.5% | 17.9% | -13.9% | 49.9% | |
| Latest Twelve Months | -7.1% | 249.6% | 75.9% | 5.3% | 42.0% | 26.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 3.3% | 2.9% | 5.1% | 2.5% | 3.8% | 3.6% | |
| Prior Fiscal Year | 3.7% | -0.7% | 3.8% | 2.9% | 1.4% | 4.5% | |
| Latest Fiscal Year | 4.3% | 3.6% | 4.7% | 2.6% | 3.6% | 5.3% | |
| Latest Twelve Months | 4.0% | 4.0% | 5.7% | 2.7% | 4.0% | 5.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.20x | 0.63x | 0.97x | 0.37x | 0.26x | 0.58x | |
| EV / LTM EBITDA | 2.9x | 7.1x | 8.3x | 8.3x | 3.0x | 5.6x | |
| EV / LTM EBIT | 4.9x | 15.9x | 17.1x | 13.6x | 6.5x | 9.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 4.9x | 13.6x | 17.1x | ||||
| Historical EV / LTM EBIT | 13.7x | 21.1x | 60.4x | ||||
| Selected EV / LTM EBIT | 12.3x | 12.9x | 13.6x | ||||
| (x) LTM EBIT | 3,011 | 3,011 | 3,011 | ||||
| (=) Implied Enterprise Value | 37,018 | 38,967 | 40,915 | ||||
| (-) Non-shareholder Claims * | 3,389 | 3,389 | 3,389 | ||||
| (=) Equity Value | 40,407 | 42,356 | 44,304 | ||||
| (/) Shares Outstanding | 13.1 | 13.1 | 13.1 | ||||
| Implied Value Range | 3,088.44 | 3,237.36 | 3,386.28 | ||||
| FX Rate: JPY/JPY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 3,088.44 | 3,237.36 | 3,386.28 | 2,516.00 | |||
| Upside / (Downside) | 22.8% | 28.7% | 34.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2903 | 2904 | 2220 | 1333 | 2916 | 2209 | |
| Enterprise Value | 10,990 | 22,006 | 96,754 | 393,702 | 4,937 | 29,529 | |
| (+) Cash & Short Term Investments | 6,380 | 1,201 | 9,562 | 45,697 | 3,179 | 1,844 | |
| (+) Investments & Other | 630 | 2,117 | 0 | 75,093 | 4,072 | 4,150 | |
| (-) Debt | (6,458) | (11,360) | (21,561) | (304,489) | (3,911) | (2,600) | |
| (-) Other Liabilities | (6) | (103) | 0 | (43,282) | (12) | (5) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 11,536 | 13,861 | 84,755 | 166,721 | 8,265 | 32,918 | |
| (/) Shares Outstanding | 11.9 | 18.4 | 21.1 | 50.4 | 11.4 | 13.1 | |
| Implied Stock Price | 970.00 | 753.00 | 4,020.00 | 3,310.00 | 726.00 | 2,516.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 970.00 | 753.00 | 4,020.00 | 3,310.00 | 726.00 | 2,516.00 | |
| 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 | |