| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| 2209 | 2903 | 2904 | 2220 | 1333 | | 2109 | |
| TSE:2209 | TSE:2903 | TSE:2904 | TSE:2220 | TSE:1333 | | TSE:2109 | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 1.3% | 2.2% | -0.6% | -0.9% | 2.2% | | 10.2% | |
| 3Y CAGR | 4.6% | 3.3% | -0.2% | -2.6% | 6.1% | | 16.2% | |
| Latest Twelve Months | 7.2% | 5.0% | 3.3% | 10.1% | 4.3% | | 5.6% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 3.6% | 3.3% | 2.9% | 5.1% | 2.5% | | 2.8% | |
| Prior Fiscal Year | 4.5% | 3.7% | -0.7% | 3.8% | 2.9% | | 0.7% | |
| Latest Fiscal Year | 5.3% | 4.3% | 3.6% | 4.7% | 2.6% | | 2.5% | |
| Latest Twelve Months | 5.9% | 4.0% | 4.0% | 5.7% | 2.7% | | 7.5% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 0.57x | 0.18x | 0.63x | 0.97x | 0.37x | | 0.53x | |
| EV / LTM EBIT | 9.6x | 4.6x | 15.9x | 17.0x | 13.6x | | 7.0x | |
| Price / LTM Sales | 0.64x | 0.19x | 0.40x | 0.83x | 0.16x | | 0.63x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.18x | 0.57x | 0.97x | | | | | |
| Historical EV / LTM Revenue | 0.29x | 0.38x | 0.58x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 0.44x | 0.46x | 0.49x | | | | | |
| (x) LTM Revenue | 178,362 | 178,362 | 178,362 | | | | | |
| (=) Implied Enterprise Value | 78,786 | 82,933 | 87,080 | | | | | |
| (-) Non-shareholder Claims * | 18,187 | 18,187 | 18,187 | | | | | |
| (=) Equity Value | 96,973 | 101,120 | 105,267 | | | | | |
| (/) Shares Outstanding | 32.3 | 32.3 | 32.3 | | | | | |
| Implied Value Range | 3,004.16 | 3,132.62 | 3,261.08 | | | | | |
| FX Rate: JPY/JPY | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 3,004.16 | 3,132.62 | 3,261.08 | | 3,465.00 | | | |
| Upside / (Downside) | -13.3% | -9.6% | -5.9% | | | | | |