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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 3,4x - 3,7x | 3,6x |
| Selected Fwd EBITDA Multiple | 3,3x - 3,6x | 3,4x |
| Fair Value | €11,76 - €13,17 | €12,46 |
| Upside | 15,3% - 29,1% | 22,2% |
| Benchmarks | Ticker | Full Ticker |
| The Yokohama Rubber Company, Limited | 5101 | TSE:5101 |
| Toyo Tire Corporation | 5105 | TSE:5105 |
| Bridgestone Corporation | 5108 | TSE:5108 |
| Nokian Renkaat Oyj | NKRK.F | OTCPK:NKRK.F |
| Nexen Tire Corporation | A002350 | KOSE:A002350 |
| Sumitomo Rubber Industries, Ltd. | 108 | DB:108 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 5101 | 5105 | 5108 | NKRK.F | A002350 | 108 | ||
| TSE:5101 | TSE:5105 | TSE:5108 | OTCPK:NKRK.F | KOSE:A002350 | DB:108 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 15.3% | 15.2% | 8.2% | -27.9% | 1.8% | 7.0% | |
| 3Y CAGR | 21.3% | 20.1% | 8.5% | -40.9% | 29.1% | 12.4% | |
| Latest Twelve Months | 22.7% | 19.9% | 3.9% | -24.2% | 6.3% | 8.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 15.4% | 16.9% | 17.8% | 14.8% | 11.7% | 12.5% | |
| Prior Fiscal Year | 16.1% | 19.5% | 18.4% | 9.0% | 14.2% | 13.1% | |
| Latest Fiscal Year | 17.8% | 22.8% | 18.6% | 6.2% | 14.3% | 13.8% | |
| Latest Twelve Months | 17.8% | 22.8% | 18.6% | 6.2% | 14.3% | 13.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.63x | 0.66x | 0.87x | 1.17x | 0.66x | 0.42x | |
| EV / LTM EBITDA | 3.5x | 2.9x | 4.7x | 18.9x | 4.6x | 3.1x | |
| EV / LTM EBIT | 5.3x | 4.0x | 8.1x | 1257.7x | 10.9x | 6.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 2.9x | 4.6x | 18.9x | ||||
| Historical EV / LTM EBITDA | 3.1x | 3.7x | 4.6x | ||||
| Selected EV / LTM EBITDA | 3.4x | 3.6x | 3.7x | ||||
| (x) LTM EBITDA | 167,489 | 167,489 | 167,489 | ||||
| (=) Implied Enterprise Value | 566,875 | 596,711 | 626,546 | ||||
| (-) Non-shareholder Claims * | (67,653) | (67,653) | (67,653) | ||||
| (=) Equity Value | 499,222 | 529,058 | 558,893 | ||||
| (/) Shares Outstanding | 263.0 | 263.0 | 263.0 | ||||
| Implied Value Range | 1,897.99 | 2,011.42 | 2,124.85 | ||||
| FX Rate: JPY/EUR | 162.0 | 162.0 | 162.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 11.72 | 12.42 | 13.12 | 10.20 | |||
| Upside / (Downside) | 14.9% | 21.7% | 28.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 5101 | 5105 | 5108 | NKRK.F | A002350 | 108 | |
| Enterprise Value | 686,208 | 374,802 | 3,850,670 | 1,630 | 1,893,645 | 502,291 | |
| (+) Cash & Short Term Investments | 136,215 | 86,636 | 706,732 | 176 | 284,563 | 100,382 | |
| (+) Investments & Other | 90,769 | 31,711 | 231,099 | 3 | 42,542 | 104,083 | |
| (-) Debt | (438,021) | (102,053) | (727,720) | (789) | (1,681,604) | (252,442) | |
| (-) Other Liabilities | (10,042) | 0 | (54,882) | 0 | (9,403) | (19,676) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 465,129 | 391,096 | 4,005,899 | 1,020 | 529,743 | 434,638 | |
| (/) Shares Outstanding | 157.6 | 154.0 | 680.0 | 167.1 | 102.7 | 263.0 | |
| Implied Stock Price | 2,950.50 | 2,540.00 | 5,891.00 | 6.10 | 5,160.00 | 1,652.44 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.88 | 1.00 | 162.00 | |
| Implied Stock Price (Trading Cur) | 2,950.50 | 2,540.00 | 5,891.00 | 6.96 | 5,160.00 | 10.20 | |
| Trading Currency | JPY | JPY | JPY | USD | KRW | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.88 | 1.00 | 162.00 | |