Skip to content

Instantly share code, notes, and snippets.

@rgoerwit
Last active March 12, 2026 23:21
Show Gist options
  • Select an option

  • Save rgoerwit/1ac8804ab57d839012c09977903f98b7 to your computer and use it in GitHub Desktop.

Select an option

Save rgoerwit/1ac8804ab57d839012c09977903f98b7 to your computer and use it in GitHub Desktop.

Exhibit 2: Peer Comparison (Healthcare Services & Outsourcing, Japan)

Note: Peer metrics represent consensus estimates and recent filings as of early 2026 to provide contextual valuation ranges.

Category Metric Elan Corp. (6099.T) Solasto (6197.T) Nihon Care Supply Sector Typical
Valuation PEG Ratio (derived) ~0.9 ~1.1 ~0.9 ~0.9 – 1.3
P/E (TTM) ~15.1x – 15.7x ~18.0x – 21.0x ~14.0x – 17.0x ~18.0x – 22.0x
EV/EBITDA ~6.8x – 6.9x ~8.0x – 10.0x ~7.0x – 9.0x ~8.0x – 11.0x
P/B Ratio ~2.9x – 3.0x ~3.2x ~2.2x ~2.0x – 3.5x
Growth Revenue Growth ~16.7% ~5.0% – 7.0% ~8.0% – 10.0% ~5.0% – 9.0%
EPS Growth ~17.0% – 40.0%* ~8.0% – 12.0% ~8.0% – 12.0% ~7.0% – 12.0%
Profitability ROE ~20.0% – 21.0% ~16.0% – 18.0% ~14.0% – 16.0% ~12.0% – 18.0%
Operating Margin ~7.6% ~5.0% – 6.0% ~7.0% – 8.0% ~6.0% – 8.0%
Fin. Health Debt/Equity ~0.05 ~1.0 ~0.5 ~0.6 – 1.2
Net Cash Position Yes No Mixed Rare
FCF Yield ~6.0% – 7.0% ~4.0% – 5.0% ~5.0% – 6.0% ~4.0% – 6.0%
Qualitative Parent Ownership M3 (~55%) Independent Mitsubishi Corp (~60%+) Mixed
English Coverage 0 ~2 – 3 ~1 – 2 ~2 – 6

* EPS growth for Elan carries higher volatility depending on the base year calculation; revenue growth serves as the more reliable anchor for the structural growth trajectory.

** Note on Peer Selection: Benesse Style Care (a major Japanese senior-care provider) has been excluded from this public market comparison. Its parent company, Benesse Holdings, was taken private in a Management Buyout (MBO) and delisted from the Tokyo Stock Exchange in May 2024, making current public trading multiples inapplicable.

Sign up for free to join this conversation on GitHub. Already have an account? Sign in to comment