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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 14,7x - 16,2x | 15,5x |
| Selected Fwd EBIT Multiple | 15,2x - 16,7x | 16,0x |
| Fair Value | €173,08 - €204,57 | €188,83 |
| Upside | -1,4% - 16,6% | 7,6% |
| Benchmarks | Ticker | Full Ticker |
| LVMH Moët Hennessy - Louis Vuitton, Société Européenne | MC | ENXTPA:MC |
| Hermès International Société en commandite par actions | RMS | ENXTPA:RMS |
| Compagnie Financière Richemont SA | CFR | SWX:CFR |
| Moncler S.p.A. | MONC | BIT:MONC |
| Brunello Cucinelli S.p.A. | BC | BIT:BC |
| Kering SA | PPX | XTRA:PPX |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| MC | RMS | CFR | MONC | BC | PPX | ||
| ENXTPA:MC | ENXTPA:RMS | SWX:CFR | BIT:MONC | BIT:BC | XTRA:PPX | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 11.3% | 21.4% | 20.1% | 13.3% | 20.4% | -11.8% | |
| 3Y CAGR | 4.5% | 20.1% | 48.5% | 16.5% | 37.8% | -20.2% | |
| Latest Twelve Months | -14.1% | 8.3% | -12.0% | 2.5% | 7.9% | -46.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 24.3% | 39.0% | 18.9% | 28.5% | 12.8% | 25.2% | |
| Prior Fiscal Year | 26.4% | 42.9% | 25.5% | 30.0% | 17.4% | 24.3% | |
| Latest Fiscal Year | 23.1% | 41.1% | 23.6% | 29.5% | 16.8% | 14.9% | |
| Latest Twelve Months | 23.1% | 41.1% | 21.6% | 29.5% | 16.8% | 14.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.16x | 16.05x | 4.30x | 4.69x | 5.93x | 2.12x | |
| EV / LTM EBITDA | 11.9x | 37.1x | 17.4x | 14.5x | 29.2x | 10.4x | |
| EV / LTM EBIT | 13.7x | 39.1x | 19.9x | 15.9x | 35.4x | 14.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 13.7x | 19.9x | 39.1x | ||||
| Historical EV / LTM EBIT | 11.0x | 14.3x | 24.4x | ||||
| Selected EV / LTM EBIT | 14.7x | 15.5x | 16.2x | ||||
| (x) LTM EBIT | 2,554 | 2,554 | 2,554 | ||||
| (=) Implied Enterprise Value | 37,514 | 39,489 | 41,463 | ||||
| (-) Non-shareholder Claims * | (15,452) | (15,452) | (15,452) | ||||
| (=) Equity Value | 22,062 | 24,037 | 26,011 | ||||
| (/) Shares Outstanding | 122.6 | 122.6 | 122.6 | ||||
| Implied Value Range | 179.95 | 196.06 | 212.16 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 179.95 | 196.06 | 212.16 | 175.50 | |||
| Upside / (Downside) | 2.5% | 11.7% | 20.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MC | RMS | CFR | MONC | BC | PPX | |
| Enterprise Value | 269,830 | 245,600 | 88,964 | 14,492 | 7,673 | 36,969 | |
| (+) Cash & Short Term Investments | 13,609 | 11,642 | 19,170 | 1,188 | 183 | 3,518 | |
| (+) Investments & Other | 2,979 | 1,265 | 932 | 4 | 18 | 1,998 | |
| (-) Debt | (41,304) | (2,174) | (17,387) | (957) | (963) | (20,142) | |
| (-) Other Liabilities | (1,770) | (7) | (67) | (0) | (17) | (826) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 243,344 | 256,326 | 91,612 | 14,726 | 6,894 | 21,517 | |
| (/) Shares Outstanding | 499.4 | 104.8 | 590.4 | 270.6 | 68.0 | 122.6 | |
| Implied Stock Price | 487.30 | 2,445.00 | 155.18 | 54.42 | 101.45 | 175.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.07 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 487.30 | 2,445.00 | 144.80 | 54.42 | 101.45 | 175.50 | |
| Trading Currency | EUR | EUR | CHF | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.07 | 1.00 | 1.00 | 1.00 | |