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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 16.5x - 18.2x | 17.4x |
| Selected Fwd EBITDA Multiple | 12.2x - 13.5x | 12.9x |
| Fair Value | €45.15 - €50.57 | €47.86 |
| Upside | 5.7% - 18.4% | 12.0% |
| Benchmarks | Ticker | Full Ticker |
| adidas AG | ADDD.F | OTCPK:ADDD.F |
| Crocs, Inc. | CROX | NasdaqGS:CROX |
| Skechers U.S.A., Inc. | SKX | NYSE:SKX |
| Deckers Outdoor Corporation | DECK | NYSE:DECK |
| Steven Madden, Ltd. | SHOO | NasdaqGS:SHOO |
| Birkenstock Holding plc | 7PV | DB:7PV |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| ADDD.F | CROX | SKX | DECK | SHOO | 7PV | ||
| OTCPK:ADDD.F | NasdaqGS:CROX | NYSE:SKX | NYSE:DECK | NasdaqGS:SHOO | DB:7PV | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -10.4% | 48.9% | 12.1% | 27.1% | 5.3% | NM- | |
| 3Y CAGR | -9.6% | 16.0% | 14.8% | 27.1% | 2.3% | 15.5% | |
| Latest Twelve Months | 91.8% | -4.7% | 1.9% | 21.3% | -13.3% | 44.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 7.4% | 26.6% | 10.7% | 21.6% | 11.6% | 28.7% | |
| Prior Fiscal Year | 3.7% | 27.8% | 12.1% | 23.2% | 12.0% | 25.6% | |
| Latest Fiscal Year | 7.8% | 27.2% | 12.4% | 25.1% | 11.8% | 28.1% | |
| Latest Twelve Months | 9.5% | 26.1% | 11.3% | 25.1% | 9.9% | 29.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.40x | 1.48x | 1.15x | 2.81x | 1.05x | 4.51x | |
| EV / LTM EBITDA | 14.8x | 5.7x | 10.2x | 11.2x | 10.6x | 15.3x | |
| EV / LTM EBIT | 19.2x | 6.1x | 12.9x | 11.8x | 11.7x | 17.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.7x | 10.6x | 14.8x | ||||
| Historical EV / LTM EBITDA | 21.6x | 21.6x | 21.6x | ||||
| Selected EV / LTM EBITDA | 16.5x | 17.4x | 18.2x | ||||
| (x) LTM EBITDA | 577 | 577 | 577 | ||||
| (=) Implied Enterprise Value | 9,522 | 10,023 | 10,524 | ||||
| (-) Non-shareholder Claims * | (1,161) | (1,161) | (1,161) | ||||
| (=) Equity Value | 8,361 | 8,862 | 9,363 | ||||
| (/) Shares Outstanding | 183.9 | 183.9 | 183.9 | ||||
| Implied Value Range | 45.46 | 48.19 | 50.91 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 45.46 | 48.19 | 50.91 | 42.72 | |||
| Upside / (Downside) | 6.4% | 12.8% | 19.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ADDD.F | CROX | SKX | DECK | SHOO | 7PV | |
| Enterprise Value | 34,260 | 6,128 | 10,756 | 14,387 | 2,443 | 9,017 | |
| (+) Cash & Short Term Investments | 790 | 201 | 1,483 | 1,720 | 112 | 235 | |
| (+) Investments & Other | 376 | 0 | 77 | 0 | 0 | 0 | |
| (-) Debt | (5,476) | (1,774) | (2,247) | (312) | (539) | (1,396) | |
| (-) Other Liabilities | (359) | 0 | (600) | 0 | (30) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 29,591 | 4,555 | 9,470 | 15,796 | 1,986 | 7,856 | |
| (/) Shares Outstanding | 178.5 | 54.6 | 150.3 | 148.3 | 72.7 | 183.9 | |
| Implied Stock Price | 165.73 | 83.40 | 63.02 | 106.48 | 27.33 | 42.72 | |
| FX Conversion Rate to Trading Currency | 0.85 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 193.88 | 83.40 | 63.02 | 106.48 | 27.33 | 42.72 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 0.85 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |