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Mann checkt Fahrräder im Fahrradladen aus

Nikada/E+ by way of Getty Photographs

Introduction

This will likely be an replace to my preliminary article on Shimano Inc. (OTCPK:SHMDF) (OTCPK:SMNNY). Please discuss with my preliminary article for an outline of the enterprise and my expectations for

Performance overview since my initial article

Preliminary article from Oct. 27, 2022 (Looking for Alpha)

Chart
Knowledge by YCharts

FY 2019 2020 2021 2022
EBT 71,393 84,820 153,728 174,112
f(x) adjustment 2,463 2,372 -3,386 -3,323
23% Tax-rate -16,987 -20,054 -34,579 -39,281
Internet Revenue 56,869 67,138 115,763 131,508

Company guidance for FY2023

Shimano FY2023 steerage (Shimano Investor relations)

Chart showing the FY guidance at the start of each year compared to the actual result at the end of each year

Working earnings steerage vs. precise (Firm Studies)

DCF valuation with the outlined assumptions

DCF valuation (moneychimp.com)

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