Otsuka Holdings Co., Ltd. engages in pharmaceuticals, nutraceuticals, consumer products, and other businesses worldwide. The company develops pharmaceutical products in the fields of oncology, cardiovascular system, renal system, digestive system, ophthalmology, diagnostics, and intravenous solutions, as well as medical devices businesses. It also provides EQUELLE, a product for women's health and beauty; BODYMAINTÉ Jelly, a conditioning food product; BODYMAINTÉ Drink, a drinkable-liquid; POCARI SWEAT, a drink; Calorie Mate, a nutritional food; OS-1, an oral rehydration solution; HINEX-R, a concentrated liquid diet; and Oronine H Ointment, a household antiseptic medicine. In addition, the company offers soft drinks, food products, and wines; chemicals; clinical testing and medical equipment; cosmetics; warehousing and transport services; analysis and measurement equipment; pharmaceutical intermediates; vehicle headlight testers; synthetic resin molded products; paper products; artificial turf; ceramic boards, ceramic walls, reliefs, terracotta, OT ceramics, and ceramic portraits and sign boards; functional films; stable isotopes; software and services to enhance management of mental healthcare systems; potassium titanate; polyolefin foams; spring and mineral water; industrial chemicals; hydrazine; insecticide and toiletry products; and adhesive tapes. Further, it operates a hotel. Otsuka Holdings Co., Ltd. was founded in 1921 and is based in Tokyo, Japan.

BUILD UP FREE CASH	2022-12-31 (A)	2023-12-31 (A)	2024-12-31 (A)	2025-03-31 (E)	2025-12-31 (E)	2026-03-31 (E)	2027-03-31 (E)	2028-03-31 (E)
Revenue	1,737,998	2,018,568	2,329,861	2,329,861	2,419,737.5	2,419,737.5	2,419,737.5	2,419,737.5
Revenue % Chg.	16%	16.1%	15.4%
EBIT	186,065	291,669	415,002	415,002	456,916.6	456,916.6	456,916.6	456,916.6
EBIT Margin	10.7%	14.4%	17.8%
Tax Rate	20.6%	12%	-3.4%
NOPAT	147,687.4	256,594.1	429,109.2	429,109.2	354,567.3	354,567.3	354,567.3	354,567.3
NOPAT Margin	8.5%	12.7%	18.4%	18.4%	14.7%	14.7%	14.7%	14.7%
D&A	—	—	107,979	107,979	115,116.7	115,116.7	115,116.7	115,116.7
D&A / Revenue	—	—	4.6%
Capex	—	—	-95,558	-95,558	-194,425	-194,425	-194,425	-194,425
Capex / Revenue	—	—	-4.1%
Chg. NWC	—	—	-77,105	-25,701.7	-26,693.1	-26,693.1	-26,693.1	-26,693.1
Chg. NWC / Revenue	—	—	-3.3%
Unlevered FCF (UFCF)	147,687.4	256,594.1	364,425.2	415,828.5	248,565.8	248,565.8	248,565.8	248,565.8
UFCF % Chg.	-20.3%	73.7%	42%	14.1%	-40.2%	—	—	—
PV of UFCF	—	—	—	379,100.4	206,595.8	188,348.2	171,712.3	156,545.8
Sum of PV of UFCF	—	—	—	379,100.4	585,696.2	774,044.3	945,756.6	1,102,302.4

Cost of Debt
Tax Rate
After Tax Cost of Debt	2.8%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	9.7%
Total Debt	189,382
Market Cap	764,535,138.3
Total Capital	764,724,520.3
Debt Weighting	0%
Equity Weighting	100%
WACC	9.7%

Exit Multiple EV/FCF
Terminal Value	732,403,585.5
PV of Terminal Value	420,523,693
Cumulative PV of UFCF	1,102,302.4
Net Debt	-273,709
Equity Value	421,899,704.4
Shares Outstanding	528.1
Implied Share Price	798,853.7
Current Share Price	9,061.4
Implied Upside / (Downside)	8,716%