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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 1,1x - 1,2x | 1,1x |
| Selected Fwd Revenue Multiple | 1,0x - 1,1x | 1,1x |
| Fair Value | €49,14 - €56,07 | €52,61 |
| Upside | 19,2% - 36,1% | 27,7% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| PUMA SE | PUM | XTRA:PUM |
| Christian Dior SE | DIO | XTRA:DIO |
| LVMH Moët Hennessy - Louis Vuitton, Société Européenne | MOH | XTRA:MOH |
| Hermès International Société en commandite par actions | HMI | XTRA:HMI |
| Prada S.p.A. | PRP | DB:PRP |
| Hugo Boss AG | BOSS | DB:BOSS |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| PUM | DIO | MOH | HMI | PRP | BOSS | |||
| XTRA:PUM | XTRA:DIO | XTRA:MOH | XTRA:HMI | DB:PRP | DB:BOSS | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 9.9% | 9.6% | 9.6% | 17.1% | 11.0% | 8.4% | ||
| 3Y CAGR | 9.0% | 9.7% | 9.7% | 19.1% | 17.3% | 15.6% | ||
| Latest Twelve Months | 3.2% | -1.7% | -1.7% | 13.0% | 14.9% | 1.2% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 6.7% | 24.2% | 24.3% | 39.0% | 16.1% | 6.2% | ||
| Prior Fiscal Year | 7.0% | 26.3% | 26.4% | 42.9% | 22.4% | 9.8% | ||
| Latest Fiscal Year | 6.8% | 22.6% | 23.1% | 41.1% | 23.5% | 8.4% | ||
| Latest Twelve Months | 5.8% | 22.6% | 23.1% | 41.1% | 23.5% | 8.2% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.64x | 1.74x | 3.06x | 15.37x | 2.79x | 0.93x | ||
| EV / LTM EBIT | 10.9x | 7.7x | 13.2x | 37.4x | 11.8x | 11.3x | ||
| Price / LTM Sales | 0.38x | 0.94x | 2.75x | 16.00x | 2.50x | 0.66x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.64x | 2.79x | 15.37x | |||||
| Historical EV / LTM Revenue | 1.02x | 1.34x | 1.86x | |||||
| Selected EV / LTM Revenue | 1.08x | 1.14x | 1.19x | |||||
| (x) LTM Revenue | 4,292 | 4,292 | 4,292 | |||||
| (=) Implied Enterprise Value | 4,629 | 4,873 | 5,117 | |||||
| (-) Non-shareholder Claims * | (1,156) | (1,156) | (1,156) | |||||
| (=) Equity Value | 3,473 | 3,717 | 3,961 | |||||
| (/) Shares Outstanding | 69.0 | 69.0 | 69.0 | |||||
| Implied Value Range | 50.33 | 53.86 | 57.39 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 50.33 | 53.86 | 57.39 | 41.21 | ||||
| Upside / (Downside) | 22.1% | 30.7% | 39.3% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | PUM | DIO | MOH | HMI | PRP | BOSS | |
| Enterprise Value | 5,706 | 146,953 | 259,219 | 230,609 | 15,289 | 4,000 | |
| (+) Cash & Short Term Investments | 284 | 13,795 | 13,609 | 11,642 | 1,012 | 107 | |
| (+) Investments & Other | 0 | 2,979 | 2,979 | 1,265 | 38 | 0 | |
| (-) Debt | (2,594) | (41,319) | (41,304) | (2,174) | (2,787) | (1,263) | |
| (-) Other Liabilities | 0 | (42,558) | (1,770) | (7) | (20) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,396 | 79,850 | 232,733 | 241,335 | 13,531 | 2,844 | |
| (/) Shares Outstanding | 147.1 | 180.4 | 499.4 | 104.8 | 2,558.8 | 69.0 | |
| Implied Stock Price | 23.08 | 442.60 | 466.05 | 2,302.00 | 5.29 | 41.21 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 23.08 | 442.60 | 466.05 | 2,302.00 | 5.29 | 41.21 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |