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Nec Electronics

In: Business and Management

Submitted By hennabrotha
Words 1107
Pages 5
In the short-run a market may underprice or overprice a company’s value due to asymmetric information. Therefore, a company derives its fundamental value not from the market value of its stock but from the cash-flows that its assets generate in the present and future. It is extremely difficult to calculate NECE’s fundamental value using a Discounted Cash Flow method because (a) a discount rate is not available and (b) the free cash flows beyond 2007 are extremely difficult to calculate.
Therefore, we have employed an EBITDA multiple method to calculate the Enterprise Value of NECE. We have calculated an enterprise value of NECE based on FY-2007 income statement to be between 540 billion yen and 720 billion yen. The range allows for conservative EBITDA multiples that Ercil chose and the average EBITDA multiples of comparables. The calculations with assumptions are listed in Appendix-A. We have also calculated an enterprise value based on forecasted FY-2008 income statement and found the range to be between 647billion yen and 910 billion yen.
As of FY 2007, ignoring minority interest NECE had a short term debt of 20.6billion yen, a long term debt of 115.4billion yen and number of outstanding shares=123.5million. Therefore, the fundamental value of NECE share can be calculated as :
=Enterprise value – (Total Debt)/No. of shares outstanding.
We have determined the fundamental value of NECE share in the range of 3,279 yen/share to 6,271 yen/share. The calculations are listed in Appendix-B.
NECE as an investment
NECE is certainly a good investment and the market has under-valued it in the short-term. As shown above, the fundamental value of NECE share is higher its market value of share. Even on the conservative side, the fundamental value of NECE share is 3,279 yen/share vs. the market value of 2,850 yen/share at FY-2007. That’s a 13% undervalued stock…...

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