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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 25.5x - 28.2x | 26.8x |
| Selected Fwd EBITDA Multiple | 26.1x - 28.8x | 27.4x |
| Fair Value | $1.50 - $2.52 | $2.01 |
| Upside | -26.3% - 23.8% | -1.3% |
| Benchmarks | Ticker | Full Ticker |
| MEDIROM Healthcare Technologies Inc. | MRM | NasdaqCM:MRM |
| Yatra Online, Inc. | YTRA | NasdaqCM:YTRA |
| Sumitomo Realty & Development Co., Ltd. | SURY.Y | OTCPK:SURY.Y |
| Ichigo Inc. | ICHI.F | OTCPK:ICHI.F |
| Mitsubishi Estate Co., Ltd. | MITE.Y | OTCPK:MITE.Y |
| SYLA Technologies Co., Ltd. | SYT | NasdaqCM:SYT |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| MRM | YTRA | SURY.Y | ICHI.F | MITE.Y | SYT | ||
| NasdaqCM:MRM | NasdaqCM:YTRA | OTCPK:SURY.Y | OTCPK:ICHI.F | OTCPK:MITE.Y | NasdaqCM:SYT | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | 4.2% | -8.7% | 3.7% | NM- | |
| 3Y CAGR | NM- | NM- | 5.8% | 7.1% | 5.9% | 19.1% | |
| Latest Twelve Months | -555.8% | 27.3% | 9.5% | 23.8% | 22.7% | -5.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -4.7% | -17.5% | 31.8% | 26.6% | 26.4% | 6.2% | |
| Prior Fiscal Year | 4.0% | -1.0% | 32.5% | 26.4% | 28.5% | 4.9% | |
| Latest Fiscal Year | -2.0% | -5.5% | 33.9% | 21.7% | 25.0% | 7.7% | |
| Latest Twelve Months | -4.2% | -1.4% | 33.8% | 20.0% | 25.9% | 6.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.49x | 0.73x | 5.50x | 3.47x | 3.45x | 1.70x | |
| EV / LTM EBITDA | -11.7x | -51.9x | 16.3x | 17.4x | 13.3x | 27.3x | |
| EV / LTM EBIT | -5.4x | -26.1x | 21.2x | 22.9x | 17.2x | 34.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -51.9x | 13.3x | 17.4x | ||||
| Historical EV / LTM EBITDA | 27.5x | 27.5x | 27.5x | ||||
| Selected EV / LTM EBITDA | 25.5x | 26.8x | 28.2x | ||||
| (x) LTM EBITDA | 1,498 | 1,498 | 1,498 | ||||
| (=) Implied Enterprise Value | 38,190 | 40,200 | 42,210 | ||||
| (-) Non-shareholder Claims * | (32,589) | (32,589) | (32,589) | ||||
| (=) Equity Value | 5,601 | 7,611 | 9,621 | ||||
| (/) Shares Outstanding | 26.5 | 26.5 | 26.5 | ||||
| Implied Value Range | 211.20 | 287.00 | 362.80 | ||||
| FX Rate: JPY/USD | 149.8 | 149.8 | 149.8 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.41 | 1.92 | 2.42 | 2.04 | |||
| Upside / (Downside) | -30.9% | -6.1% | 18.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MRM | YTRA | SURY.Y | ICHI.F | MITE.Y | SYT | |
| Enterprise Value | 3,767 | 4,974 | 5,194,173 | 325,997 | 5,567,940 | 40,691 | |
| (+) Cash & Short Term Investments | 145 | 1,883 | 70,469 | 53,243 | 306,149 | 2,670 | |
| (+) Investments & Other | 82 | 12 | 1,005,385 | 29,172 | 866,455 | 2,643 | |
| (-) Debt | (3,569) | (264) | (3,902,606) | (254,859) | (3,446,547) | (34,876) | |
| (-) Other Liabilities | 1 | (2,447) | 0 | (10,938) | (222,688) | (3,026) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 426 | 4,158 | 2,367,421 | 142,615 | 3,071,309 | 8,101 | |
| (/) Shares Outstanding | 7.9 | 58.5 | 930.0 | 363.5 | 1,246.0 | 26.5 | |
| Implied Stock Price | 53.91 | 71.11 | 2,545.69 | 392.36 | 2,464.97 | 305.50 | |
| FX Conversion Rate to Trading Currency | 149.76 | 85.57 | 149.76 | 149.76 | 149.76 | 149.76 | |
| Implied Stock Price (Trading Cur) | 0.36 | 0.83 | 17.00 | 2.62 | 16.46 | 2.04 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 149.76 | 85.57 | 149.76 | 149.76 | 149.76 | 149.76 | |