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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0.6x - 0.7x | 0.7x |
| Selected Fwd Revenue Multiple | 0.7x - 0.7x | 0.7x |
| Fair Value | ¥2,791 - ¥3,058 | ¥2,925 |
| Upside | 13.5% - 24.3% | 18.9% |
| 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 Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| 2903 | 2904 | 2220 | 1333 | 2916 | 2209 | |||
| TSE:2903 | TSE:2904 | TSE:2220 | TSE:1333 | TSE:2916 | TSE:2209 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 2.2% | -0.6% | -0.9% | 2.2% | -1.4% | 1.3% | ||
| 3Y CAGR | 3.3% | -0.2% | -2.6% | 6.1% | -0.7% | 4.6% | ||
| Latest Twelve Months | 5.0% | 3.3% | 10.1% | 4.3% | -0.3% | 7.2% | ||
| 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 | 0.18x | 0.63x | 0.97x | 0.37x | 0.26x | 0.57x | ||
| EV / LTM EBIT | 4.6x | 15.9x | 17.0x | 13.6x | 6.4x | 9.6x | ||
| Price / LTM Sales | 0.19x | 0.40x | 0.83x | 0.16x | 0.43x | 0.64x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.18x | 0.37x | 0.97x | |||||
| Historical EV / LTM Revenue | 0.61x | 0.69x | 0.81x | |||||
| Selected EV / LTM Revenue | 0.65x | 0.68x | 0.72x | |||||
| (x) LTM Revenue | 50,655 | 50,655 | 50,655 | |||||
| (=) Implied Enterprise Value | 32,916 | 34,648 | 36,380 | |||||
| (-) Non-shareholder Claims * | 3,389 | 3,389 | 3,389 | |||||
| (=) Equity Value | 36,305 | 38,037 | 39,769 | |||||
| (/) Shares Outstanding | 13.1 | 13.1 | 13.1 | |||||
| Implied Value Range | 2,774.87 | 2,907.28 | 3,039.69 | |||||
| FX Rate: JPY/JPY | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 2,774.87 | 2,907.28 | 3,039.69 | 2,460.00 | ||||
| Upside / (Downside) | 12.8% | 18.2% | 23.6% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2903 | 2904 | 2220 | 1333 | 2916 | 2209 | |
| Enterprise Value | 10,359 | 21,988 | 96,754 | 394,256 | 4,902 | 28,796 | |
| (+) 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 | 10,905 | 13,843 | 84,755 | 167,275 | 8,230 | 32,185 | |
| (/) Shares Outstanding | 11.9 | 18.4 | 21.1 | 50.4 | 11.4 | 13.1 | |
| Implied Stock Price | 917.00 | 752.00 | 4,020.00 | 3,321.00 | 723.00 | 2,460.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 917.00 | 752.00 | 4,020.00 | 3,321.00 | 723.00 | 2,460.00 | |
| 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 | |