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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 14.4x - 15.9x | 15.1x |
| Selected Fwd EBIT Multiple | 8.3x - 9.1x | 8.7x |
| Fair Value | ¥5,223 - ¥5,700 | ¥5,462 |
| Upside | 41.0% - 53.9% | 47.4% |
| Benchmarks | Ticker | Full Ticker |
| Protec Mems Technology Inc. | A147760 | KOSDAQ:A147760 |
| Technoprobe S.p.A. | TPRO | BIT:TPRO |
| Ultra Clean Holdings, Inc. | UCTT | NasdaqGS:UCTT |
| Onto Innovation Inc. | ONTO | NYSE:ONTO |
| TSE Co., Ltd | A131290 | KOSDAQ:A131290 |
| Micronics Japan Co., Ltd. | 6871 | TSE:6871 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| A147760 | TPRO | UCTT | ONTO | A131290 | 6871 | ||
| KOSDAQ:A147760 | BIT:TPRO | NasdaqGS:UCTT | NYSE:ONTO | KOSDAQ:A131290 | TSE:6871 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | -2.0% | 16.8% | 55.3% | NM- | 53.7% | |
| 3Y CAGR | NM- | -23.6% | -20.8% | 6.1% | NM- | 15.1% | |
| Latest Twelve Months | -148.8% | -18.1% | 131.1% | 61.2% | 1776.3% | 136.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -6.4% | 29.1% | 6.7% | 15.8% | 12.0% | 15.4% | |
| Prior Fiscal Year | -15.9% | 20.0% | 2.3% | 14.2% | -1.0% | 13.9% | |
| Latest Fiscal Year | -53.7% | 12.4% | 4.4% | 19.0% | 11.5% | 22.6% | |
| Latest Twelve Months | -53.7% | 12.4% | 4.4% | 19.0% | 11.5% | 22.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.01x | 5.86x | 0.67x | 5.24x | 1.44x | 2.09x | |
| EV / LTM EBITDA | -6.6x | 23.3x | 8.3x | 20.8x | 7.4x | 7.5x | |
| EV / LTM EBIT | -3.7x | 47.4x | 15.2x | 27.7x | 12.5x | 9.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -3.7x | 15.2x | 47.4x | ||||
| Historical EV / LTM EBIT | 3.7x | 15.7x | 29.8x | ||||
| Selected EV / LTM EBIT | 14.4x | 15.1x | 15.9x | ||||
| (x) LTM EBIT | 12,573 | 12,573 | 12,573 | ||||
| (=) Implied Enterprise Value | 180,481 | 189,980 | 199,480 | ||||
| (-) Non-shareholder Claims * | 26,688 | 26,688 | 26,688 | ||||
| (=) Equity Value | 207,169 | 216,668 | 226,168 | ||||
| (/) Shares Outstanding | 38.6 | 38.6 | 38.6 | ||||
| Implied Value Range | 5,368.42 | 5,614.57 | 5,860.73 | ||||
| FX Rate: JPY/JPY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 5,368.42 | 5,614.57 | 5,860.73 | 3,705.00 | |||
| Upside / (Downside) | 44.9% | 51.5% | 58.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A147760 | TPRO | UCTT | ONTO | A131290 | 6871 | |
| Enterprise Value | 48,976 | 3,116 | 1,402 | 5,177 | 500,413 | 116,289 | |
| (+) Cash & Short Term Investments | 4,064 | 675 | 314 | 852 | 82,313 | 23,949 | |
| (+) Investments & Other | 0 | 1 | 0 | 0 | 20,909 | 3,914 | |
| (-) Debt | (24,205) | (19) | (660) | (15) | (39,712) | (1,175) | |
| (-) Other Liabilities | 0 | 0 | (62) | 0 | (56,927) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | (4,931) | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 28,835 | 3,774 | 993 | 6,014 | 502,066 | 142,977 | |
| (/) Shares Outstanding | 10.8 | 647.3 | 45.1 | 49.3 | 10.8 | 38.6 | |
| Implied Stock Price | 2,665.00 | 5.83 | 22.01 | 122.07 | 46,550.00 | 3,705.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 2,665.00 | 5.83 | 22.01 | 122.07 | 46,550.00 | 3,705.00 | |
| Trading Currency | KRW | EUR | USD | USD | KRW | JPY | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |