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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 867.3 M - 1.681 B | 1.26 B |
| Discount Rate | 10.5% - 8.5% | 9.5% |
| Fair Value | ¥255.38 - ¥711.61 | ¥453.33 |
| Upside | -38.8% - 70.6% | 8.7% |
| Estimate Adjusted EBIT Margin | |||||||
| Fiscal Year Ending | LTM | ||||||
| Mar-20 | Mar-21 | Mar-22 | Mar-23 | Mar-24 | Dec-24 | ||
| (JPY in millions) | FY-4 | FY-3 | FY-2 | FY-1 | FY | LTM | |
| Revenue | 23,597 | 21,827 | 23,874 | 26,127 | 26,305 | 26,292 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | 1,230 | 1,132 | 1,362 | 1,165 | 966 | 1,521 | |
| (+) Net Interest Expense | (28) | (25) | (23) | (24) | (14) | (16) | |
| (+) Other Non Operating Exp. | (17) | (269) | (141) | (20) | 195 | 233 | |
| (+) D&A | 1,241 | 1,293 | 1,302 | 1,376 | 1,424 | 1,460 | |
| (+) Non-recurring Items | (2) | (139) | (201) | (184) | (49) | (234) | |
| Adjusted EBITDA | 2,424 | 1,992 | 2,299 | 2,313 | 2,522 | 2,964 | |
| (-) D&A | (1,241) | (1,293) | (1,302) | (1,376) | (1,424) | (1,460) | |
| Adjusted EBIT | 1,183 | 699 | 997 | 937 | 1,098 | 1,504 | |
| % of Revenue | 5.0% | 3.2% | 4.2% | 3.6% | 4.2% | 5.7% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 3.2% | 4.2% | 5.0% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (JPY in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 8,260 | 13,259 | 19,782 | 12,342 | |||
| (+) Cash & Short Term Investments | 5,137 | 5,137 | 5,137 | 5,137 | |||
| (+) Investments & Other | 2,420 | 2,420 | 2,420 | 2,420 | |||
| (-) Debt | (8,800) | (8,800) | (8,800) | (8,800) | |||
| (-) Other Liabilities | (567) | (567) | (567) | (567) | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 6,450 | 11,449 | 17,972 | 10,532 | |||
| (/) Shares Outstanding | 25.3 | 25.3 | 25.3 | 25.3 | |||
| Implied Stock Price (JPY) | 255.38 | 453.33 | 711.61 | 417.00 | |||
| FX Rate: JPY/JPY | 1.00 | 1.00 | 1.00 | 1.00 | |||
| Implied Stock Price (JPY) | 255.38 | 453.33 | 711.61 | 417.00 | |||
| Upside / (Downside) | -38.76% | 8.71% | 70.65% | ||||
| Stock Price | 417.00 | ||||||
| Stock Price Close | 417.00 | ||||||
| Restatment Type | Press Release | ||||||
| Reporting Currency | JPY | ||||||
| Trading Currency | JPY | ||||||
| FX Rate: JPY/JPY | 1.00 | ||||||
| Market Cap | 10,531.5 | ||||||
| Shares Outstanding | 25.3 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||