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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0,6x - 0,6x | 0,6x |
| Selected Fwd Revenue Multiple | 0,5x - 0,6x | 0,5x |
| Fair Value | €16,07 - €18,66 | €17,36 |
| Upside | -17,2% - -3,8% | -10,5% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Sumitomo Rubber Industries, Ltd. | 5110 | TSE:5110 |
| Bridgestone Corporation | 5108 | TSE:5108 |
| Toyo Tire Corporation | 5105 | TSE:5105 |
| Continental Aktiengesellschaft | CTTA.F | OTCPK:CTTA.F |
| Nokian Renkaat Oyj | NKRK.F | OTCPK:NKRK.F |
| The Yokohama Rubber Company, Limited | YRB | DB:YRB |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| 5110 | 5108 | 5105 | CTTA.F | NKRK.F | YRB | |||
| TSE:5110 | TSE:5108 | TSE:5105 | OTCPK:CTTA.F | OTCPK:NKRK.F | DB:YRB | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 6.3% | 4.7% | 8.4% | -2.2% | -4.0% | 11.0% | ||
| 3Y CAGR | 9.0% | 10.9% | 12.8% | 5.6% | -9.0% | 17.7% | ||
| Latest Twelve Months | 2.9% | 2.7% | 2.3% | 10.3% | 12.7% | 11.1% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 5.2% | 10.2% | 12.4% | 5.1% | 7.5% | 8.9% | ||
| Prior Fiscal Year | 6.4% | 11.3% | 13.9% | 4.9% | 2.7% | 10.1% | ||
| Latest Fiscal Year | 7.0% | 10.8% | 16.6% | 5.6% | 0.1% | 11.8% | ||
| Latest Twelve Months | 7.0% | 10.8% | 16.6% | 5.8% | -0.6% | 11.8% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.47x | 0.90x | 0.71x | 0.50x | 1.27x | 0.66x | ||
| EV / LTM EBIT | 6.7x | 8.3x | 4.3x | 8.7x | -200.5x | 5.6x | ||
| Price / LTM Sales | 0.41x | 0.93x | 0.74x | 0.37x | 0.67x | 0.46x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.47x | 0.71x | 1.27x | |||||
| Historical EV / LTM Revenue | 0.49x | 0.64x | 0.85x | |||||
| Selected EV / LTM Revenue | 0.58x | 0.61x | 0.64x | |||||
| (x) LTM Revenue | 1,094,746 | 1,094,746 | 1,094,746 | |||||
| (=) Implied Enterprise Value | 629,605 | 662,742 | 695,879 | |||||
| (-) Non-shareholder Claims * | (221,079) | (221,079) | (221,079) | |||||
| (=) Equity Value | 408,526 | 441,663 | 474,800 | |||||
| (/) Shares Outstanding | 157.6 | 157.6 | 157.6 | |||||
| Implied Value Range | 2,591.45 | 2,801.65 | 3,011.85 | |||||
| FX Rate: JPY/EUR | 163.5 | 163.5 | 163.5 | Market Price | ||||
| Implied Value Range (Trading Cur) | 15.85 | 17.13 | 18.42 | 19.40 | ||||
| Upside / (Downside) | -18.3% | -11.7% | -5.1% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 5110 | 5108 | 5105 | CTTA.F | NKRK.F | YRB | |
| Enterprise Value | 564,775 | 3,971,030 | 400,439 | 19,561 | 1,616 | 721,175 | |
| (+) Cash & Short Term Investments | 100,382 | 706,732 | 86,636 | 1,673 | 85 | 136,215 | |
| (+) Investments & Other | 104,083 | 231,099 | 31,711 | 103 | 3 | 90,769 | |
| (-) Debt | (252,442) | (727,720) | (102,053) | (6,617) | (887) | (438,021) | |
| (-) Other Liabilities | (19,676) | (54,882) | 0 | (433) | 0 | (10,042) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 497,122 | 4,126,259 | 416,733 | 14,287 | 817 | 500,096 | |
| (/) Shares Outstanding | 263.0 | 680.0 | 154.0 | 200.0 | 137.9 | 157.6 | |
| Implied Stock Price | 1,890.00 | 6,068.00 | 2,706.50 | 71.43 | 5.93 | 3,172.31 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.89 | 0.89 | 163.52 | |
| Implied Stock Price (Trading Cur) | 1,890.00 | 6,068.00 | 2,706.50 | 80.39 | 6.67 | 19.40 | |
| Trading Currency | JPY | JPY | JPY | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.89 | 0.89 | 163.52 | |