| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| 3903 | 2432 | 3632 | 3765 | 3668 | | 3656 | |
| TSE:3903 | TSE:2432 | TSE:3632 | TSE:3765 | TSE:3668 | | TSE:3656 | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | -10.7% | 2.0% | -2.9% | 0.4% | -7.8% | | -23.2% | |
| 3Y CAGR | -13.5% | -0.1% | 2.6% | -0.3% | -11.2% | | -29.7% | |
| Latest Twelve Months | -12.6% | 8.5% | -17.3% | -17.3% | -12.9% | | -22.5% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | -6.7% | 8.0% | 11.2% | 26.0% | 12.9% | | -4.7% | |
| Prior Fiscal Year | 2.8% | 3.7% | 16.6% | 22.2% | 8.6% | | -11.4% | |
| Latest Fiscal Year | -42.3% | 0.5% | 9.8% | 16.9% | -4.6% | | -16.2% | |
| Latest Twelve Months | -16.4% | 29.7% | 10.1% | 16.9% | -6.3% | | -16.2% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 1.56x | 2.28x | 0.75x | 0.88x | 0.23x | | 0.54x | |
| EV / LTM EBIT | -9.5x | 7.7x | 7.4x | 5.2x | -3.7x | | -3.3x | |
| Price / LTM Sales | 2.25x | 2.78x | 1.70x | 1.64x | 2.52x | | 0.86x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.23x | 0.88x | 2.28x | | | | | |
| Historical EV / LTM Revenue | 0.25x | 0.51x | 0.69x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 0.67x | 0.71x | 0.74x | | | | | |
| (x) LTM Revenue | 8,306 | 8,306 | 8,306 | | | | | |
| (=) Implied Enterprise Value | 5,586 | 5,880 | 6,174 | | | | | |
| (-) Non-shareholder Claims * | 2,679 | 2,679 | 2,679 | | | | | |
| (=) Equity Value | 8,265 | 8,559 | 8,853 | | | | | |
| (/) Shares Outstanding | 47.9 | 47.9 | 47.9 | | | | | |
| Implied Value Range | 172.69 | 178.83 | 184.98 | | | | | |
| FX Rate: JPY/JPY | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 172.69 | 178.83 | 184.98 | | 149.00 | | | |
| Upside / (Downside) | 15.9% | 20.0% | 24.1% | | | | | |