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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 18,4x - 20,4x | 19,4x |
| Selected Fwd EBIT Multiple | 16,6x - 18,3x | 17,5x |
| Fair Value | $14,87 - $16,44 | $15,65 |
| Upside | 17,5% - 29,9% | 23,7% |
| Benchmarks | Ticker | Full Ticker |
| Sysmex Corporation | 6869 | TSE:6869 |
| Terumo Corporation | 4543 | TSE:4543 |
| HOYA Corporation | 7741 | TSE:7741 |
| Shandong Weigao Group Medical Polymer Company Limited | 1066 | SEHK:1066 |
| Abbott Laboratories | ABT_KZ | KAS:ABT_KZ |
| Olympus Corporation | OCPN.F | PINC:OCPN.F |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 6869 | 4543 | 7741 | 1066 | ABT_KZ | OCPN.F | ||
| TSE:6869 | TSE:4543 | TSE:7741 | SEHK:1066 | KAS:ABT_KZ | PINC:OCPN.F | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 5.4% | 6.3% | 22.6% | -0.3% | 9.5% | 13.5% | |
| 3Y CAGR | 15.7% | 13.0% | 26.8% | -8.9% | -6.6% | 4.2% | |
| Latest Twelve Months | 23.9% | 27.9% | 92.1% | 4.2% | 10.5% | 93.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 17.9% | 15.9% | 29.7% | 20.3% | 18.8% | 15.0% | |
| Prior Fiscal Year | 18.4% | 15.1% | 28.0% | 16.5% | 18.0% | 19.5% | |
| Latest Fiscal Year | 17.4% | 15.2% | 47.1% | 17.4% | 17.9% | 12.2% | |
| Latest Twelve Months | 18.6% | 16.7% | 47.1% | 17.4% | 18.5% | 13.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.19x | 4.14x | 6.54x | 1.52x | 5.61x | 2.24x | |
| EV / LTM EBITDA | 12.2x | 17.9x | 12.4x | 6.2x | 21.5x | 11.1x | |
| EV / LTM EBIT | 17.2x | 24.9x | 13.9x | 8.7x | 30.2x | 16.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 8.7x | 17.2x | 30.2x | ||||
| Historical EV / LTM EBIT | 15.1x | 21.9x | 40.7x | ||||
| Selected EV / LTM EBIT | 18.4x | 19.4x | 20.4x | ||||
| (x) LTM EBIT | 134,554 | 134,554 | 134,554 | ||||
| (=) Implied Enterprise Value | 2,478,342 | 2,608,781 | 2,739,220 | ||||
| (-) Non-shareholder Claims * | (12,716) | (12,716) | (12,716) | ||||
| (=) Equity Value | 2,465,626 | 2,596,065 | 2,726,504 | ||||
| (/) Shares Outstanding | 1,127.8 | 1,127.8 | 1,127.8 | ||||
| Implied Value Range | 2,186.31 | 2,301.97 | 2,417.63 | ||||
| FX Rate: JPY/USD | 143.8 | 143.8 | 143.8 | Market Price | |||
| Implied Value Range (Trading Cur) | 15.21 | 16.01 | 16.82 | 12.65 | |||
| Upside / (Downside) | 20.2% | 26.6% | 32.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 6869 | 4543 | 7741 | 1066 | ABT_KZ | OCPN.F | |
| Enterprise Value | 1,600,560 | 4,151,040 | 5,687,517 | 19,888 | 188,776 | 2,064,085 | |
| (+) Cash & Short Term Investments | 81,940 | 212,556 | 533,967 | 8,322 | 6,844 | 220,257 | |
| (+) Investments & Other | 45,284 | 39,673 | 1,657 | 1,989 | 606 | 360 | |
| (-) Debt | (60,169) | (227,771) | (37,283) | (4,193) | (13,290) | (233,333) | |
| (-) Other Liabilities | (733) | 0 | 2,394 | (1,590) | (253) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,666,882 | 4,175,498 | 6,188,252 | 24,416 | 182,683 | 2,051,369 | |
| (/) Shares Outstanding | 623.6 | 1,474.9 | 342.7 | 4,565.4 | 1,739.8 | 1,127.8 | |
| Implied Stock Price | 2,673.00 | 2,831.00 | 18,055.00 | 5.35 | 105.00 | 1,818.98 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.94 | 1.00 | 143.77 | |
| Implied Stock Price (Trading Cur) | 2,673.00 | 2,831.00 | 18,055.00 | 5.70 | 105.00 | 12.65 | |
| Trading Currency | JPY | JPY | JPY | HKD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.94 | 1.00 | 143.77 | |