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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 6,4x - 7,1x | 6,7x |
Selected Fwd EBITDA Multiple | 7,2x - 8,0x | 7,6x |
Fair Value | €97,74 - €108,84 | €103,29 |
Upside | 19,2% - 32,7% | 26,0% |
Benchmarks | Ticker | Full Ticker |
Zumiez Inc. | ZUMZ | NasdaqGS:ZUMZ |
Boot Barn Holdings, Inc. | BOOT | NYSE:BOOT |
Victoria's Secret & Co. | VSCO | NYSE:VSCO |
RH | RH | NYSE:RH |
The Children's Place, Inc. | PLCE | NasdaqGS:PLCE |
Abercrombie & Fitch Co. | AFT | DB:AFT |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
ZUMZ | BOOT | VSCO | RH | PLCE | AFT | ||
NasdaqGS:ZUMZ | NYSE:BOOT | NYSE:VSCO | NYSE:RH | NasdaqGS:PLCE | DB:AFT | ||
Historical EBITDA Growth | |||||||
5Y CAGR | -25.5% | 26.0% | 3.1% | 0.4% | -18.1% | 23.9% | |
3Y CAGR | -47.9% | 1.8% | -20.7% | -22.3% | -42.1% | 22.2% | |
Latest Twelve Months | 744.2% | 20.8% | 2.3% | 12.1% | 160.8% | 20.7% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 7.7% | 15.3% | 12.6% | 21.3% | 5.8% | 11.7% | |
Prior Fiscal Year | 0.2% | 15.0% | 9.5% | 16.6% | 1.1% | 14.8% | |
Latest Fiscal Year | 2.9% | 15.8% | 9.4% | 15.2% | 4.7% | 18.3% | |
Latest Twelve Months | 3.2% | 15.8% | 9.2% | 15.3% | 4.4% | 17.5% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.41x | 3.05x | 0.71x | 2.38x | 0.48x | 0.96x | |
EV / LTM EBITDA | 12.7x | 19.3x | 7.7x | 15.6x | 11.1x | 5.5x | |
EV / LTM EBIT | 54.9x | 24.4x | 13.8x | 21.3x | 26.2x | 6.7x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 7.7x | 12.7x | 19.3x | ||||
Historical EV / LTM EBITDA | 5.4x | 10.0x | 11.3x | ||||
Selected EV / LTM EBITDA | 6.4x | 6.7x | 7.1x | ||||
(x) LTM EBITDA | 878 | 878 | 878 | ||||
(=) Implied Enterprise Value | 5,605 | 5,900 | 6,195 | ||||
(-) Non-shareholder Claims * | (432) | (432) | (432) | ||||
(=) Equity Value | 5,173 | 5,468 | 5,763 | ||||
(/) Shares Outstanding | 47.6 | 47.6 | 47.6 | ||||
Implied Value Range | 108.58 | 114.77 | 120.96 | ||||
FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
Implied Value Range (Trading Cur) | 92.42 | 97.69 | 102.96 | 82.00 | |||
Upside / (Downside) | 12.7% | 19.1% | 25.6% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | ZUMZ | BOOT | VSCO | RH | PLCE | AFT | |
Enterprise Value | 364 | 5,830 | 4,385 | 7,774 | 660 | 5,022 | |
(+) Cash & Short Term Investments | 101 | 70 | 138 | 46 | 6 | 608 | |
(+) Investments & Other | 0 | 0 | 44 | 123 | 0 | 0 | |
(-) Debt | (202) | (563) | (2,824) | (3,938) | (545) | (1,026) | |
(-) Other Liabilities | 0 | 0 | (28) | 0 | 0 | (13) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 264 | 5,336 | 1,715 | 4,005 | 121 | 4,590 | |
(/) Shares Outstanding | 17.8 | 30.6 | 79.9 | 18.7 | 22.2 | 47.6 | |
Implied Stock Price | 14.83 | 174.51 | 21.48 | 213.80 | 5.44 | 96.33 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
Implied Stock Price (Trading Cur) | 14.83 | 174.51 | 21.48 | 213.80 | 5.44 | 82.00 | |
Trading Currency | USD | USD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 |