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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0.9x - 1.0x | 1.0x |
| Selected Fwd Revenue Multiple | 0.8x - 0.9x | 0.8x |
| Fair Value | €81.13 - €89.83 | €85.48 |
| Upside | 7.8% - 19.4% | 13.6% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Tilly's, Inc. | TLYS | NYSE:TLYS |
| Victoria's Secret & Co. | VSCO | NYSE:VSCO |
| Urban Outfitters, Inc. | URBN | NasdaqGS:URBN |
| RH | RH | NYSE:RH |
| The Children's Place, Inc. | PLCE | NasdaqGS:PLCE |
| Abercrombie & Fitch Co. | AFT | DB:AFT |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| TLYS | VSCO | URBN | RH | PLCE | AFT | |||
| NYSE:TLYS | NYSE:VSCO | NasdaqGS:URBN | NYSE:RH | NasdaqGS:PLCE | DB:AFT | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | -1.7% | -3.7% | 6.9% | 3.9% | -3.7% | 6.4% | ||
| 3Y CAGR | -9.8% | -2.8% | 6.9% | 2.1% | 1.7% | 10.1% | ||
| Latest Twelve Months | -8.6% | 0.8% | 7.7% | 1.4% | -10.7% | 15.6% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 1.3% | 8.2% | 6.1% | 18.2% | 2.5% | 7.1% | ||
| Prior Fiscal Year | -4.4% | 4.9% | 7.5% | 20.4% | 0.3% | 11.5% | ||
| Latest Fiscal Year | -8.0% | 5.2% | 8.6% | 12.7% | -1.9% | 15.2% | ||
| Latest Twelve Months | -8.0% | 5.2% | 8.6% | 10.6% | -1.1% | 15.2% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.37x | 0.64x | 0.94x | 2.67x | 0.63x | 0.79x | ||
| EV / LTM EBIT | -4.7x | 12.1x | 10.9x | 25.2x | -56.3x | 5.2x | ||
| Price / LTM Sales | 0.12x | 0.24x | 0.92x | 1.50x | 0.14x | 0.78x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.37x | 0.64x | 2.67x | |||||
| Historical EV / LTM Revenue | 0.65x | 0.71x | 1.39x | |||||
| Selected EV / LTM Revenue | 0.90x | 0.95x | 1.00x | |||||
| (x) LTM Revenue | 4,949 | 4,949 | 4,949 | |||||
| (=) Implied Enterprise Value | 4,467 | 4,702 | 4,937 | |||||
| (-) Non-shareholder Claims * | (78) | (78) | (78) | |||||
| (=) Equity Value | 4,388 | 4,623 | 4,858 | |||||
| (/) Shares Outstanding | 48.9 | 48.9 | 48.9 | |||||
| Implied Value Range | 89.80 | 94.61 | 99.42 | |||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | ||||
| Implied Value Range (Trading Cur) | 82.76 | 87.20 | 91.63 | 75.25 | ||||
| Upside / (Downside) | 10.0% | 15.9% | 21.8% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TLYS | VSCO | URBN | RH | PLCE | AFT | |
| Enterprise Value | 214 | 3,897 | 4,964 | 8,091 | 885 | 4,068 | |
| (+) Cash & Short Term Investments | 47 | 227 | 610 | 87 | 6 | 889 | |
| (+) Investments & Other | 0 | 47 | 441 | 130 | 0 | 0 | |
| (-) Debt | (194) | (2,698) | (1,098) | (3,861) | (702) | (952) | |
| (-) Other Liabilities | 0 | (24) | 0 | 0 | 0 | (16) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 67 | 1,449 | 4,918 | 4,447 | 189 | 3,990 | |
| (/) Shares Outstanding | 30.2 | 78.9 | 92.7 | 18.6 | 22.0 | 48.9 | |
| Implied Stock Price | 2.23 | 18.37 | 53.07 | 239.06 | 8.59 | 81.64 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.08 | |
| Implied Stock Price (Trading Cur) | 2.23 | 18.37 | 53.07 | 239.06 | 8.59 | 75.25 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.08 | |