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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 4,8x - 5,3x | 5,1x |
| Selected Fwd EBITDA Multiple | 4,9x - 5,4x | 5,2x |
| Fair Value | 20,65$ - 22,02$ | 21,33$ |
| Upside | -15,3% - -9,6% | -12,5% |
| Benchmarks | Ticker | Full Ticker |
| Takasago International Corporation | 4914 | TSE:4914 |
| Sensient Technologies Corporation | SXT | NYSE:SXT |
| International Flavors & Fragrances Inc. | IFF | NYSE:IFF |
| Robertet SA | RBT | ENXTPA:RBT |
| Givaudan SA | GVDB.F | OTCPK:GVDB.F |
| T. Hasegawa Co., Ltd. | HASG.F | OTCPK:HASG.F |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 4914 | SXT | IFF | RBT | GVDB.F | HASG.F | ||
| TSE:4914 | NYSE:SXT | NYSE:IFF | ENXTPA:RBT | OTCPK:GVDB.F | OTCPK:HASG.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -3.3% | 4.1% | 10.9% | 9.4% | 6.6% | 12.3% | |
| 3Y CAGR | -7.5% | 5.5% | -1.4% | 13.0% | 5.7% | 10.6% | |
| Latest Twelve Months | 96.1% | 8.8% | -0.9% | 20.3% | 21.1% | 14.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 7.7% | 16.4% | 17.4% | 17.7% | 20.5% | 18.6% | |
| Prior Fiscal Year | 7.1% | 16.3% | 15.3% | 17.2% | 19.7% | 18.7% | |
| Latest Fiscal Year | 5.2% | 16.6% | 15.1% | 18.4% | 22.3% | 20.0% | |
| Latest Twelve Months | NA | 16.6% | 15.1% | 19.2% | 22.3% | 19.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.68x | 2.55x | 2.46x | 2.28x | 5.24x | 0.95x | |
| EV / LTM EBITDA | 7.3x | 15.4x | 16.3x | 11.8x | 23.5x | 4.8x | |
| EV / LTM EBIT | 11.9x | 20.1x | 39.1x | 14.2x | 27.8x | 7.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.3x | 15.4x | 23.5x | ||||
| Historical EV / LTM EBITDA | 4.5x | 6.6x | 7.8x | ||||
| Selected EV / LTM EBITDA | 4.8x | 5.1x | 5.3x | ||||
| (x) LTM EBITDA | 14,307 | 14,307 | 14,307 | ||||
| (=) Implied Enterprise Value | 69,122 | 72,760 | 76,398 | ||||
| (-) Non-shareholder Claims * | 43,971 | 43,971 | 43,971 | ||||
| (=) Equity Value | 113,093 | 116,731 | 120,369 | ||||
| (/) Shares Outstanding | 40.8 | 40.8 | 40.8 | ||||
| Implied Value Range | 2,768.54 | 2,857.60 | 2,946.66 | ||||
| FX Rate: JPY/USD | 141.6 | 141.6 | 141.6 | Market Price | |||
| Implied Value Range (Trading Cur) | 19.55 | 20.18 | 20.81 | 24.37 | |||
| Upside / (Downside) | -19.8% | -17.2% | -14.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 4914 | SXT | IFF | RBT | GVDB.F | HASG.F | |
| Enterprise Value | 152,714 | 3,970 | 28,265 | 1,715 | 37,309 | 97,000 | |
| (+) Cash & Short Term Investments | 14,104 | 27 | 469 | 195 | 762 | 32,587 | |
| (+) Investments & Other | 24,998 | 0 | 10 | 4 | 153 | 11,384 | |
| (-) Debt | (64,820) | (670) | (9,621) | (334) | (4,751) | 0 | |
| (-) Other Liabilities | (2,056) | 0 | (35) | (1) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 124,940 | 3,327 | 19,088 | 1,578 | 33,473 | 140,971 | |
| (/) Shares Outstanding | 19.5 | 42.4 | 255.7 | 2.0 | 9.2 | 40.8 | |
| Implied Stock Price | 6,410.00 | 78.40 | 74.64 | 808.00 | 3,628.06 | 3,450.99 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.82 | 141.61 | |
| Implied Stock Price (Trading Cur) | 6,410.00 | 78.40 | 74.64 | 808.00 | 4,432.52 | 24.37 | |
| Trading Currency | JPY | USD | USD | EUR | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.82 | 141.61 | |