ValueCommerce Co., Ltd. (2491.T)

Industry: Advertising Agencies Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
NCMI	72	National CineMedia	236	-	-	16.54	20.03	-	-
1753.HK	73	Duiba Group Limite	233	-	-	-	-	-	-
7366.T	74	LITALICO Inc.	228	17.11	13.23	7.56	5.56	13.67	11.10
ELMD3.SA	75	Eletromidia S.A.	227	37.41	37.41	10.44	10.44	19.28	16.08
FLNT	76	Fluent, Inc.	212	-	-	-	-	-	-
EBQ.L	77	Ebiquity plc	206	-	-	58.65	104.70	9.32	21.43
4293.T	78	Septeni Holdings C	191	23.16	19.20	15.59	14.78	22.40	16.91
2491.T	79	ValueCommerce Co.,	186	5.72	6.07	1.35	1.48	7.35	2.02
9782.T	80	DMS Inc.	186	18.20	18.80	5.82	5.94	8.29	8.24
2550.HK	81	Easou Technology H	185	31.31	31.31	14.35	14.35	25.45	29.32
STCN	82	Steel Connect, Inc	183	2.45	2.45	-7.72	-8.98	-6.02	-12.88
ALMIL.PA	83	1000mercis	178	8.88	10.35	5.94	6.49	-	-
AYIMA-B.ST	84	Ayima Group AB (pu	174	-	-	-	-	-	-
ADTHW	85	AdTheorent Holding	173	-	-	25.95	25.95	-	-
603825.SS	86	Hylink Digital Sol	169	-	-	-	-	-	-
0623.HK	87	SinoMedia Holding	168	4.71	5.78	2.11	2.69	7.76	3.27

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	13.00	11.79	10.44	10.44	9.32	11.10
Full Range Median Multiple	17.66	16.01	12.39	12.39	13.67	16.08
Industry Multiple	17.90	17.31	16.30	21.09	15.17	15.19
Market Implied Multiple	4.80	5.10	0.70	0.77	3.83	1.05
Company (2491.T) Multiple	5.72	6.07	1.35	1.48	7.35	2.02
(*) Net Income / EBITDA / Revenue	19	18	28	25	5	18
Winsorized Enterprise Value	N/A	N/A	287	262	47	204
Full Range Median Enterprise Value	N/A	N/A	341	311	69	296
(-) Net Debt	-74	-74	-74	-74	-74	-74
Winsorized Equity Value	251	215	361	335	121	278
Full Range Median Equity Value	342	292	414	384	143	369
(/) Shares Outstanding	0	0	0	0	0	0
Winsorized Fair Value	$1,805.12	$1,542.96	$2,591.10	$2,406.99	$866.87	$1,993.91
Full Range Median Fair Value	$2,452.67	$2,095.45	$2,976.73	$2,758.21	$1,024.70	$2,651.26
Current Price	$667.00	$667.00	$667.00	$667.00	$667.00	$667.00
Upside / Downside	170.63%	131.33%	288.47%	260.87%	29.96%	198.94%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$1,263.58	$1,080.07	$1,813.77	$1,684.89	$606.81	$1,395.74
Buy / Don't Buy	BUY	BUY	BUY	BUY	Don’t Buy	BUY