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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 1,1x - 1,2x | 1,2x |
| Selected Fwd Revenue Multiple | 1,1x - 1,2x | 1,1x |
| Fair Value | €51,09 - €58,24 | €54,66 |
| Upside | 20,2% - 37,0% | 28,6% |
| 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 | 1.2% | -3.2% | -3.2% | 10.3% | 11.5% | 1.1% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 6.8% | 24.6% | 24.7% | 40.1% | 18.0% | 6.4% | ||
| 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 | 4.5% | 21.1% | 21.6% | 41.2% | 23.5% | 8.5% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.62x | 1.86x | 3.39x | 13.70x | 2.64x | 0.95x | ||
| EV / LTM EBIT | 13.9x | 8.8x | 15.7x | 33.3x | 11.2x | 11.2x | ||
| Price / LTM Sales | 0.35x | 1.07x | 3.08x | 14.23x | 2.24x | 0.68x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.62x | 2.64x | 13.70x | |||||
| Historical EV / LTM Revenue | 1.02x | 1.34x | 1.86x | |||||
| Selected EV / LTM Revenue | 1.12x | 1.17x | 1.23x | |||||
| (x) LTM Revenue | 4,278 | 4,278 | 4,278 | |||||
| (=) Implied Enterprise Value | 4,775 | 5,026 | 5,277 | |||||
| (-) Non-shareholder Claims * | (1,157) | (1,157) | (1,157) | |||||
| (=) Equity Value | 3,618 | 3,869 | 4,120 | |||||
| (/) Shares Outstanding | 69.0 | 69.0 | 69.0 | |||||
| Implied Value Range | 52.42 | 56.06 | 59.70 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 52.42 | 56.06 | 59.70 | 42.51 | ||||
| Upside / (Downside) | 23.3% | 31.9% | 40.4% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | PUM | DIO | MOH | HMI | PRP | BOSS | |
| Enterprise Value | 5,313 | 150,757 | 281,024 | 212,845 | 14,773 | 4,091 | |
| (+) Cash & Short Term Investments | 293 | 12,518 | 12,332 | 10,321 | 598 | 106 | |
| (+) Investments & Other | 0 | 2,903 | 2,903 | 1,271 | 66 | 0 | |
| (-) Debt | (2,584) | (39,720) | (39,705) | (2,061) | (2,802) | (1,247) | |
| (-) Other Liabilities | (13) | (40,835) | (1,580) | (16) | (20) | (16) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,008 | 85,623 | 254,974 | 222,360 | 12,615 | 2,934 | |
| (/) Shares Outstanding | 145.4 | 180.4 | 497.0 | 104.8 | 2,558.8 | 69.0 | |
| Implied Stock Price | 20.68 | 474.60 | 513.00 | 2,121.00 | 4.93 | 42.51 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 20.68 | 474.60 | 513.00 | 2,121.00 | 4.93 | 42.51 | |
| 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 | |