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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 14,0x - 15,5x | 14,8x |
| Selected Fwd EBIT Multiple | 10,4x - 11,5x | 11,0x |
| Fair Value | €9,91 - €11,82 | €10,86 |
| Upside | -32,6% - -19,6% | -26,1% |
| Benchmarks | Ticker | Full Ticker |
| V.F. Corporation | VFC | NYSE:VFC |
| Steven Madden, Ltd. | SHOO | NasdaqGS:SHOO |
| Deckers Outdoor Corporation | DECK | NYSE:DECK |
| Under Armour, Inc. | UAA | NYSE:UAA |
| Crocs, Inc. | CROX | NasdaqGS:CROX |
| Wolverine World Wide, Inc. | WW4 | DB:WW4 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| VFC | SHOO | DECK | UAA | CROX | WW4 | ||
| NYSE:VFC | NasdaqGS:SHOO | NYSE:DECK | NYSE:UAA | NasdaqGS:CROX | DB:WW4 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -18.2% | 5.9% | 28.4% | NM- | 52.1% | -9.4% | |
| 3Y CAGR | -34.7% | 1.8% | 27.7% | -21.6% | 15.3% | -11.1% | |
| Latest Twelve Months | -0.8% | 4.1% | 26.3% | -14.3% | -4.0% | 1513.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 8.9% | 10.6% | 19.9% | 5.5% | 24.4% | 4.3% | |
| Prior Fiscal Year | 4.8% | 11.4% | 21.8% | 4.1% | 26.4% | 1.3% | |
| Latest Fiscal Year | 5.0% | 11.1% | 23.7% | 3.9% | 25.5% | 5.9% | |
| Latest Twelve Months | 5.0% | 10.9% | 23.7% | 3.9% | 24.9% | 6.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.00x | 0.73x | 2.70x | 0.65x | 1.78x | 1.23x | |
| EV / LTM EBITDA | 13.1x | 6.2x | 10.8x | 10.0x | 6.7x | 15.1x | |
| EV / LTM EBIT | 20.2x | 6.7x | 11.4x | 16.6x | 7.2x | 18.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 6.7x | 11.4x | 20.2x | ||||
| Historical EV / LTM EBIT | -610.9x | 22.5x | 37.8x | ||||
| Selected EV / LTM EBIT | 14.0x | 14.8x | 15.5x | ||||
| (x) LTM EBIT | 119 | 119 | 119 | ||||
| (=) Implied Enterprise Value | 1,677 | 1,766 | 1,854 | ||||
| (-) Non-shareholder Claims * | (764) | (764) | (764) | ||||
| (=) Equity Value | 914 | 1,002 | 1,090 | ||||
| (/) Shares Outstanding | 81.0 | 81.0 | 81.0 | ||||
| Implied Value Range | 11.27 | 12.36 | 13.45 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 9.83 | 10.78 | 11.73 | 14.70 | |||
| Upside / (Downside) | -33.1% | -26.7% | -20.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | VFC | SHOO | DECK | UAA | CROX | WW4 | |
| Enterprise Value | 9,482 | 1,661 | 13,481 | 3,427 | 7,311 | 2,130 | |
| (+) Cash & Short Term Investments | 429 | 147 | 1,889 | 501 | 166 | 107 | |
| (+) Investments & Other | 38 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (5,366) | (166) | (277) | (1,299) | (1,863) | (860) | |
| (-) Other Liabilities | 0 | (28) | 0 | 0 | 0 | (10) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 4,584 | 1,614 | 15,093 | 2,629 | 5,615 | 1,366 | |
| (/) Shares Outstanding | 389.8 | 69.4 | 149.4 | 426.1 | 56.1 | 81.0 | |
| Implied Stock Price | 11.76 | 23.25 | 101.00 | 6.17 | 100.13 | 16.86 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.15 | |
| Implied Stock Price (Trading Cur) | 11.76 | 23.25 | 101.00 | 6.17 | 100.13 | 14.70 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.15 | |