लोडिंग एरर

Benchmarks	Ticker	Full Ticker
The Yokohama Rubber Company, Limited	5101	TSE:5101
Toyo Tire Corporation	5105	TSE:5105
Bridgestone Corporation	5108	TSE:5108
Nokian Renkaat Oyj	NKRK.F	OTCPK:NKRK.F
Nexen Tire Corporation	A002350	KOSE:A002350
Sumitomo Rubber Industries, Ltd.	108	DB:108

Multiples Valuation: EV / Revenue

स्टॉक प्राइस

11.30 EUR

उचित मूल्य

12.43 EUR

ऊपर

5.4%

LTM Revenue Multiple

Proj Revenue Multiple

Fair Value

Benchmark Editor


Select LTM Revenue Multiple

	Benchmark Companies
	5101	5105	5108	NKRK.F	A002350	108
	TSE:5101	TSE:5105	TSE:5108	OTCPK:NKRK.F	KOSE:A002350	DB:108
Historical Revenue Growth
5Y CAGR	11.0%	8.4%	4.7%	-4.0%	7.1%	6.3%
3Y CAGR	17.7%	12.8%	10.9%	-9.0%	11.1%	9.0%
Latest Twelve Months	11.1%	2.3%	2.7%	9.9%	5.4%	2.9%

Historical EBIT Profit Margin
5 Year Average Margin	8.8%	12.4%	10.2%	8.4%	3.0%	5.2%
Prior Fiscal Year	10.1%	13.9%	11.3%	2.7%	6.9%	6.4%
Latest Fiscal Year	10.9%	16.6%	10.8%	0.1%	6.0%	6.9%
Latest Twelve Months	10.9%	16.6%	10.8%	0.1%	6.0%	6.9%

Current Trading Multiples
EV / LTM Revenue	0.80x	0.70x	0.92x	1.17x	0.67x	0.53x
EV / LTM EBIT	7.4x	4.2x	8.5x	1261.2x	11.1x	7.7x
Price / LTM Sales	0.52x	0.76x	0.95x	0.70x	0.19x	0.42x


	Low	Mid	High

Benchmark EV / LTM Revenue	0.67x	0.80x	1.17x
Historical EV / LTM Revenue	0.45x	0.46x	0.53x

Selected EV / LTM Revenue	0.54x	0.57x	0.60x
(x) LTM Revenue	1,211,856	1,211,856	1,211,856
(=) Implied Enterprise Value	659,779	694,504	729,229
(-) Non-shareholder Claims *	(130,945)	(130,945)	(130,945)
(=) Equity Value	528,834	563,559	598,284
(/) Shares Outstanding	263.0	263.0	263.0
Implied Value Range	2,010.56	2,142.58	2,274.60
FX Rate: JPY/EUR	161.5	161.5	161.5		Market Price
Implied Value Range (Trading Cur)	12.45	13.26	14.08		11.80
Upside / (Downside)	5.5%	12.4%	19.3%

सहायक गणना

Equity Waterfall

Financials

Historical Multiples


Equity Waterfall

	Benchmark Companies
(in millions)	5101	5105	5108	NKRK.F	A002350	108

Enterprise Value	859,574	388,899	3,950,399	1,721	1,918,284	632,272
(+) Cash & Short Term Investments	136,215	86,636	706,732	176	284,563	102,644
(+) Investments & Other	0	31,711	231,099	3	42,542	38,529
(-) Debt	(438,022)	(86,586)	(727,720)	(789)	(1,681,604)	(252,442)
(-) Other Liabilities	(10,042)	0	(54,882)	0	(9,403)	(19,676)
(-) Preferred Stock	0	0	0	0	0	0
(-) Other	0	0	0	0	0	0
Value of Common Equity	547,725	420,660	4,105,628	1,111	554,383	501,327
(/) Shares Outstanding	159.1	154.0	684.8	167.1	102.7	263.0
Implied Stock Price	3,442.00	2,732.00	5,995.00	6.65	5,400.00	1,905.98
FX Conversion Rate to Trading Currency	1.00	1.00	1.00	0.92	1.00	161.52
Implied Stock Price (Trading Cur)	3,442.00	2,732.00	5,995.00	7.20	5,400.00	11.80

Trading Currency	JPY	JPY	JPY	USD	KRW	EUR
FX Rate to Reporting Currency	1.00	1.00	1.00	0.92	1.00	161.52

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