Our view on the current tender offer situation

Research evidence excerpt

Our view on the current tender offer situation

t fully paid ordinary weighted average number of

in 12 months Note: expected return is reflective of a Medium Volatility shares

Valuation – The company's estimated stock and should be assumed to adjust proportionately

All Reported numbers for Australian/NZ listed stocks are fair value share price based on the disclosed with volatility risk

modelled under IFRS (International Financial Reporting valuation methodology

Standards). Note: Quant recommendations may differ

from Fundamental Analyst recommendations

Recommendation proportions for quarter ending 31 Mar 2026

AU/NZ Asia USA

Outperform 66.90% 69.32% 67.14% (for global coverage by Macquarie, 1.93% of stocks followed are investment banking clients)

Neutral 27.18% 17.21% 32.86% (for global coverage by Macquarie, 0.40% of stocks followed are investment banking clients)

Underperform 5.92% 13.47% 0.00% (for global coverage by Macquarie, 0.00% of stocks followed are investment banking clients)

Company-Specific Disclosures

Company Name Disclosure

Kakaku.com (2371 JP) None

Neutral

12-month target: ¥2,460.00 - EV/

EBITDA

Valuation: JPY 2,460 - EV/EBITDA

Price: YEN3,425

ZOZO (3092 JP) None

Underperform

12-month target:¥880.00 - EV/EBITDA

Valuation: JPY 880 - EV/EBITDA

Price:¥1,018

LY Corp. (4689 JP) None

Outperform

12-month target:¥560.00 - SoTP

Valuation: JPY 560 - SoTP

Price:¥414.70

Digital Garage (4819 JP) None

12-month target:¥3,900.00 - Sum of

Parts

Valuation: JPY 3,900 - Sum of Parts

Price:¥2,779

Target Price Risk Disclosures

Company Name Risk Disclosure

Large impairment losses on investment assets/portfolio companies. Digital Garage (4819 JP) •

Risk that off-balance-sheet transfers or disposals of the fund business proceed more slowly than expected. •