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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 20.8x - 23.0x | 21.9x |
| Selected Fwd EBIT Multiple | 17.2x - 19.0x | 18.1x |
| Fair Value | €52.21 - €58.36 | €55.28 |
| Upside | 4.7% - 17.0% | 10.9% |
| Benchmarks | Ticker | Full Ticker |
| adidas AG | ADDD.F | OTCPK:ADDD.F |
| Deckers Outdoor Corporation | DECK | NYSE:DECK |
| Skechers U.S.A., Inc. | SKX | NYSE:SKX |
| Crocs, Inc. | CROX | NasdaqGS:CROX |
| Steven Madden, Ltd. | SHOO | NasdaqGS:SHOO |
| Birkenstock Holding plc | 7PV | DB:7PV |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| ADDD.F | DECK | SKX | CROX | SHOO | 7PV | ||
| OTCPK:ADDD.F | NYSE:DECK | NYSE:SKX | NasdaqGS:CROX | NasdaqGS:SHOO | DB:7PV | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -13.1% | 23.5% | 11.8% | 52.1% | 5.9% | NM- | |
| 3Y CAGR | -12.8% | 21.6% | 14.8% | 15.3% | 1.8% | 20.0% | |
| Latest Twelve Months | 187.1% | 29.9% | 1.0% | -4.0% | 4.1% | 49.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 5.0% | 19.5% | 8.1% | 24.4% | 10.6% | 24.1% | |
| Prior Fiscal Year | 1.3% | 18.1% | 9.8% | 26.4% | 11.4% | 22.2% | |
| Latest Fiscal Year | 5.6% | 21.8% | 10.1% | 25.5% | 11.1% | 24.8% | |
| Latest Twelve Months | 6.5% | 23.5% | 9.5% | 24.9% | 10.9% | 26.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.80x | 3.61x | 1.19x | 1.98x | 0.85x | 5.27x | |
| EV / LTM EBITDA | 20.5x | 14.5x | 10.0x | 7.4x | 7.3x | 17.9x | |
| EV / LTM EBIT | 27.5x | 15.3x | 12.5x | 7.9x | 7.8x | 20.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 7.8x | 12.5x | 27.5x | ||||
| Historical EV / LTM EBIT | 25.0x | 25.0x | 25.0x | ||||
| Selected EV / LTM EBIT | 20.8x | 21.9x | 23.0x | ||||
| (x) LTM EBIT | 512 | 512 | 512 | ||||
| (=) Implied Enterprise Value | 10,659 | 11,220 | 11,781 | ||||
| (-) Non-shareholder Claims * | (1,161) | (1,161) | (1,161) | ||||
| (=) Equity Value | 9,499 | 10,060 | 10,621 | ||||
| (/) Shares Outstanding | 187.8 | 187.8 | 187.8 | ||||
| Implied Value Range | 50.57 | 53.56 | 56.54 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 50.57 | 53.56 | 56.54 | 49.86 | |||
| Upside / (Downside) | 1.4% | 7.4% | 13.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ADDD.F | DECK | SKX | CROX | SHOO | 7PV | |
| Enterprise Value | 43,094 | 17,354 | 10,818 | 8,130 | 1,919 | 10,526 | |
| (+) Cash & Short Term Investments | 1,432 | 2,241 | 1,101 | 166 | 147 | 235 | |
| (+) Investments & Other | 393 | 0 | 63 | 0 | 0 | 0 | |
| (-) Debt | (5,569) | (257) | (2,147) | (1,863) | (166) | (1,396) | |
| (-) Other Liabilities | (377) | 0 | (567) | 0 | (28) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 38,973 | 19,337 | 9,268 | 6,433 | 1,872 | 9,365 | |
| (/) Shares Outstanding | 178.5 | 151.8 | 149.6 | 56.1 | 72.6 | 187.8 | |
| Implied Stock Price | 218.28 | 127.41 | 61.95 | 114.73 | 25.77 | 49.86 | |
| FX Conversion Rate to Trading Currency | 0.89 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 245.42 | 127.41 | 61.95 | 114.73 | 25.77 | 49.86 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 0.89 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |