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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 19,0x - 21,0x | 20,0x |
| Selected Fwd EBIT Multiple | 16,7x - 18,4x | 17,6x |
| Fair Value | $15,16 - $16,76 | $15,96 |
| Upside | 38,1% - 52,7% | 45,4% |
| 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 | OTCPK: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 | OTCPK:OCPN.F | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 5.4% | 6.3% | 7.8% | -0.3% | 9.5% | 13.5% | |
| 3Y CAGR | 15.7% | 13.0% | 9.2% | -8.9% | -6.6% | 4.2% | |
| Latest Twelve Months | 23.9% | 27.9% | 8.7% | 4.2% | 3.8% | 93.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 17.9% | 15.9% | 28.6% | 20.3% | 18.6% | 15.0% | |
| Prior Fiscal Year | 18.4% | 15.1% | 29.0% | 16.5% | 18.0% | 19.5% | |
| Latest Fiscal Year | 17.4% | 15.2% | 28.0% | 17.4% | 17.9% | 12.2% | |
| Latest Twelve Months | 18.6% | 16.7% | NA | 17.4% | 17.9% | 13.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.18x | 3.88x | 5.46x | 1.54x | 5.43x | 2.05x | |
| EV / LTM EBITDA | 12.1x | 16.8x | 16.2x | 6.4x | 21.2x | 10.2x | |
| EV / LTM EBIT | 17.1x | 23.3x | 19.5x | 8.9x | 30.4x | 15.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 8.9x | 19.5x | 30.4x | ||||
| Historical EV / LTM EBIT | 15.1x | 21.9x | 40.7x | ||||
| Selected EV / LTM EBIT | 19.0x | 20.0x | 21.0x | ||||
| (x) LTM EBIT | 134,554 | 134,554 | 134,554 | ||||
| (=) Implied Enterprise Value | 2,556,262 | 2,690,802 | 2,825,342 | ||||
| (-) Non-shareholder Claims * | (12,716) | (12,716) | (12,716) | ||||
| (=) Equity Value | 2,543,546 | 2,678,086 | 2,812,626 | ||||
| (/) Shares Outstanding | 1,127.8 | 1,127.8 | 1,127.8 | ||||
| Implied Value Range | 2,255.40 | 2,374.70 | 2,494.00 | ||||
| FX Rate: JPY/USD | 143.6 | 143.6 | 143.6 | Market Price | |||
| Implied Value Range (Trading Cur) | 15.71 | 16.54 | 17.37 | 10.98 | |||
| Upside / (Downside) | 43.0% | 50.6% | 58.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 6869 | 4543 | 7741 | 1066 | ABT_KZ | OCPN.F | |
| Enterprise Value | 1,595,873 | 3,924,640 | 4,578,562 | 20,170 | 189,075 | 1,790,947 | |
| (+) Cash & Short Term Investments | 81,940 | 212,556 | 579,282 | 8,322 | 7,968 | 220,257 | |
| (+) Investments & Other | 45,284 | 39,673 | 1,658 | 1,989 | 573 | 360 | |
| (-) Debt | (60,169) | (227,771) | (35,606) | (4,193) | (15,275) | (233,333) | |
| (-) Other Liabilities | (733) | 0 | 1,266 | (1,590) | (237) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,662,195 | 3,949,098 | 5,125,162 | 24,698 | 182,104 | 1,778,231 | |
| (/) Shares Outstanding | 623.6 | 1,474.9 | 344.0 | 4,566.6 | 1,734.3 | 1,127.8 | |
| Implied Stock Price | 2,665.50 | 2,677.50 | 14,900.00 | 5.41 | 105.00 | 1,576.78 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.94 | 1.00 | 143.61 | |
| Implied Stock Price (Trading Cur) | 2,665.50 | 2,677.50 | 14,900.00 | 5.76 | 105.00 | 10.98 | |
| Trading Currency | JPY | JPY | JPY | HKD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.94 | 1.00 | 143.61 | |