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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 11,3x - 12,5x | 11,9x |
| Selected Fwd EBIT Multiple | 13,4x - 14,8x | 14,1x |
| Fair Value | €17,89 - €20,72 | €19,30 |
| Upside | -34,0% - -23,5% | -28,7% |
| Benchmarks | Ticker | Full Ticker |
| Nippon Yusen Kabushiki Kaisha | 9101 | TSE:9101 |
| Pacific Basin Shipping Limited | 2343 | SEHK:2343 |
| ZERO Co., Ltd. | 9028 | TSE:9028 |
| COSCO SHIPPING Specialized Carriers Co.,Ltd. | 600428 | SHSE:600428 |
| Evergreen Marine Corporation (Taiwan) Ltd. | 2603 | TWSE:2603 |
| Mitsui O.S.K. Lines, Ltd. | MILA | DB:MILA |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 9101 | 2343 | 9028 | 600428 | 2603 | MILA | ||
| TSE:9101 | SEHK:2343 | TSE:9028 | SHSE:600428 | TWSE:2603 | DB:MILA | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 40.4% | 14.2% | 22.2% | 38.9% | 104.9% | 44.7% | |
| 3Y CAGR | -7.8% | -43.9% | 37.2% | 27.6% | -18.4% | 40.0% | |
| Latest Twelve Months | -5.5% | -6.6% | 51.9% | 146.0% | 156.0% | 23.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 8.5% | 12.1% | 4.7% | 11.0% | 37.1% | 5.1% | |
| Prior Fiscal Year | 7.3% | 5.4% | 4.8% | 9.0% | 12.0% | 7.4% | |
| Latest Fiscal Year | 8.1% | 5.0% | 6.9% | 14.5% | 33.4% | 8.5% | |
| Latest Twelve Months | 7.2% | 4.2% | 6.9% | 14.4% | 32.5% | 8.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.51x | 0.71x | 0.28x | 1.53x | 0.62x | 1.23x | |
| EV / LTM EBITDA | 3.8x | 6.5x | 2.7x | 7.8x | 1.6x | 7.9x | |
| EV / LTM EBIT | 7.1x | 16.8x | 4.1x | 10.6x | 1.9x | 14.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 1.9x | 7.1x | 16.8x | ||||
| Historical EV / LTM EBIT | -675.4x | 9.0x | 43.3x | ||||
| Selected EV / LTM EBIT | 11.3x | 11.9x | 12.5x | ||||
| (x) LTM EBIT | 147,403 | 147,403 | 147,403 | ||||
| (=) Implied Enterprise Value | 1,669,005 | 1,756,848 | 1,844,690 | ||||
| (-) Non-shareholder Claims * | (540,706) | (540,706) | (540,706) | ||||
| (=) Equity Value | 1,128,299 | 1,216,142 | 1,303,984 | ||||
| (/) Shares Outstanding | 343.3 | 343.3 | 343.3 | ||||
| Implied Value Range | 3,286.89 | 3,542.79 | 3,798.68 | ||||
| FX Rate: JPY/EUR | 173.7 | 173.7 | 173.7 | Market Price | |||
| Implied Value Range (Trading Cur) | 18.92 | 20.40 | 21.87 | 27.08 | |||
| Upside / (Downside) | -30.1% | -24.7% | -19.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 9101 | 2343 | 9028 | 600428 | 2603 | MILA | |
| Enterprise Value | 1,263,652 | 1,625 | 41,121 | 28,522 | 300,071 | 2,155,400 | |
| (+) Cash & Short Term Investments | 173,972 | 296 | 16,643 | 6,222 | 233,047 | 163,930 | |
| (+) Investments & Other | 1,780,352 | 0 | 7,121 | 976 | 42,525 | 1,640,905 | |
| (-) Debt | (860,642) | (310) | (11,268) | (15,824) | (147,246) | (2,309,562) | |
| (-) Other Liabilities | (56,199) | 0 | (629) | (1,321) | (20,287) | (35,979) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,301,135 | 1,611 | 52,988 | 18,576 | 408,111 | 1,614,694 | |
| (/) Shares Outstanding | 422.6 | 5,111.7 | 16.8 | 2,743.9 | 2,165.0 | 343.3 | |
| Implied Stock Price | 5,445.00 | 0.32 | 3,160.00 | 6.77 | 188.50 | 4,703.83 | |
| FX Conversion Rate to Trading Currency | 1.00 | 0.13 | 1.00 | 1.00 | 1.00 | 173.70 | |
| Implied Stock Price (Trading Cur) | 5,445.00 | 2.45 | 3,160.00 | 6.77 | 188.50 | 27.08 | |
| Trading Currency | JPY | HKD | JPY | CNY | TWD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 0.13 | 1.00 | 1.00 | 1.00 | 173.70 | |