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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 68,8x - 76,1x | 72,5x |
| Selected Fwd EBIT Multiple | 22,0x - 24,4x | 23,2x |
| Fair Value | €8,34 - €11,19 | €9,77 |
| Upside | -53,0% - -36,9% | -44,9% |
| Benchmarks | Ticker | Full Ticker |
| Deckers Outdoor Corporation | DECK | NYSE:DECK |
| Vera Bradley, Inc. | VRA | NasdaqGS:VRA |
| Burberry Group plc | BBRY.F | OTCPK:BBRY.F |
| Under Armour, Inc. | UAA | NYSE:UAA |
| lululemon athletica inc. | LULU | NasdaqGS:LULU |
| Capri Holdings Limited | MKO | DB:MKO |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| DECK | VRA | BBRY.F | UAA | LULU | MKO | ||
| NYSE:DECK | NasdaqGS:VRA | OTCPK:BBRY.F | NYSE:UAA | NasdaqGS:LULU | DB:MKO | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 28.4% | NM- | -43.2% | NM- | 23.0% | -40.1% | |
| 3Y CAGR | 27.7% | NM- | -63.2% | -21.6% | 22.2% | -62.6% | |
| Latest Twelve Months | 21.7% | -383.1% | -93.8% | -1.4% | 12.0% | -83.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 20.2% | 1.5% | 15.4% | 5.5% | 21.6% | 10.6% | |
| Prior Fiscal Year | 21.8% | 4.0% | 14.1% | 4.1% | 23.0% | 7.2% | |
| Latest Fiscal Year | 23.7% | -8.0% | 1.1% | 3.9% | 23.7% | 1.2% | |
| Latest Twelve Months | 23.7% | -10.0% | 1.1% | 4.3% | 23.4% | 1.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.67x | 0.35x | 2.19x | 0.59x | 2.14x | 1.13x | |
| EV / LTM EBITDA | 10.6x | -4.7x | 38.7x | 8.7x | 7.7x | 20.2x | |
| EV / LTM EBIT | 11.2x | -3.5x | 207.0x | 13.9x | 9.2x | 95.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -3.5x | 11.2x | 207.0x | ||||
| Historical EV / LTM EBIT | 9.9x | 20.9x | 34.4x | ||||
| Selected EV / LTM EBIT | 68.8x | 72.5x | 76.1x | ||||
| (x) LTM EBIT | 52 | 52 | 52 | ||||
| (=) Implied Enterprise Value | 3,579 | 3,768 | 3,956 | ||||
| (-) Non-shareholder Claims * | (2,595) | (2,595) | (2,595) | ||||
| (=) Equity Value | 984 | 1,173 | 1,361 | ||||
| (/) Shares Outstanding | 119.0 | 119.0 | 119.0 | ||||
| Implied Value Range | 8.27 | 9.85 | 11.43 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 7.10 | 8.46 | 9.82 | 17.74 | |||
| Upside / (Downside) | -60.0% | -52.3% | -44.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | DECK | VRA | BBRY.F | UAA | LULU | MKO | |
| Enterprise Value | 13,675 | 124 | 5,405 | 3,083 | 23,053 | 5,054 | |
| (+) Cash & Short Term Investments | 1,720 | 11 | 813 | 911 | 1,325 | 129 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (312) | (81) | (1,927) | (1,676) | (1,707) | (2,720) | |
| (-) Other Liabilities | 0 | 0 | (7) | 0 | 0 | (4) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 15,084 | 54 | 4,284 | 2,318 | 22,672 | 2,459 | |
| (/) Shares Outstanding | 148.3 | 27.9 | 357.5 | 426.1 | 119.7 | 119.0 | |
| Implied Stock Price | 101.68 | 1.93 | 11.99 | 5.44 | 189.43 | 20.66 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.74 | 1.00 | 1.00 | 1.16 | |
| Implied Stock Price (Trading Cur) | 101.68 | 1.93 | 16.12 | 5.44 | 189.43 | 17.74 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 0.74 | 1.00 | 1.00 | 1.16 | |