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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 11,4x - 12,6x | 12,0x |
Selected Fwd EBIT Multiple | 6,5x - 7,1x | 6,8x |
Fair Value | 353,19¥ - 420,67¥ | 386,93¥ |
Upside | -6,8% - 11,0% | 2,1% |
Benchmarks | Ticker | Full Ticker |
Blue Bird Corporation | BLBD | NasdaqGM:BLBD |
The Hanshin Diesel Works, Ltd. | 6018 | TSE:6018 |
Moriya Transportation Engineering and Manufacturing Co.,Ltd. | 6226 | TSE:6226 |
Tokyo Kikai Seisakusho, Ltd. | 6335 | TSE:6335 |
Kaji Technology Corporation | 6391 | TSE:6391 |
Hino Motors, Ltd. | 7205 | TSE:7205 |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
BLBD | 6018 | 6226 | 6335 | 6391 | 7205 | ||
NasdaqGM:BLBD | TSE:6018 | TSE:6226 | TSE:6335 | TSE:6391 | TSE:7205 | ||
Historical EBIT Growth | |||||||
5Y CAGR | 21.2% | -6.9% | NM- | 9.8% | 27.8% | NM- | |
3Y CAGR | 128.3% | 5.2% | 15.4% | 63.0% | 26.0% | NM- | |
Latest Twelve Months | 36.9% | -61.6% | 79.4% | -48.5% | 28.0% | 1007.2% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 3.2% | 5.3% | 12.1% | 1.6% | 7.6% | 1.3% | |
Prior Fiscal Year | 4.5% | 6.1% | 5.0% | 7.7% | 4.0% | 1.2% | |
Latest Fiscal Year | 10.3% | 5.7% | 14.8% | 6.6% | 10.6% | -0.5% | |
Latest Twelve Months | 10.0% | 2.1% | 19.1% | 6.4% | 12.3% | 2.0% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.71x | 0.13x | 2.15x | -0.43x | 0.45x | 0.23x | |
EV / LTM EBITDA | 6.5x | 2.3x | 10.7x | -5.3x | 2.8x | 4.3x | |
EV / LTM EBIT | 7.1x | 6.4x | 11.3x | -6.8x | 3.6x | 11.9x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -6.8x | 6.4x | 11.3x | ||||
Historical EV / LTM EBIT | -129.3x | 7.2x | 108.4x | ||||
Selected EV / LTM EBIT | 11.4x | 12.0x | 12.6x | ||||
(x) LTM EBIT | 32,297 | 32,297 | 32,297 | ||||
(=) Implied Enterprise Value | 367,661 | 387,012 | 406,363 | ||||
(-) Non-shareholder Claims * | (165,246) | (165,246) | (165,246) | ||||
(=) Equity Value | 202,415 | 221,766 | 241,117 | ||||
(/) Shares Outstanding | 574.0 | 574.0 | 574.0 | ||||
Implied Value Range | 352.61 | 386.32 | 420.03 | ||||
FX Rate: JPY/JPY | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 352.61 | 386.32 | 420.03 | 379.10 | |||
Upside / (Downside) | -7.0% | 1.9% | 10.8% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | BLBD | 6018 | 6226 | 6335 | 6391 | 7205 | |
Enterprise Value | 1,013 | (1,463) | 40,464 | (3,959) | 3,345 | 382,866 | |
(+) Cash & Short Term Investments | 136 | 5,105 | 4,333 | 7,552 | 2,272 | 84,321 | |
(+) Investments & Other | 34 | 2,924 | 1,561 | 353 | 420 | 163,250 | |
(-) Debt | (94) | 0 | 0 | 0 | (1,384) | (341,599) | |
(-) Other Liabilities | 0 | 0 | 0 | (1,080) | 0 | (71,218) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 1,089 | 6,566 | 46,358 | 2,866 | 4,653 | 217,620 | |
(/) Shares Outstanding | 32.1 | 3.2 | 17.6 | 8.1 | 1.7 | 574.0 | |
Implied Stock Price | 33.91 | 2,027.00 | 2,629.00 | 355.00 | 2,810.00 | 379.10 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 33.91 | 2,027.00 | 2,629.00 | 355.00 | 2,810.00 | 379.10 | |
Trading Currency | USD | JPY | JPY | JPY | JPY | JPY | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |