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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 115.9x - 128.1x | 122.0x |
| Selected Fwd EBIT Multiple | 14.0x - 15.4x | 14.7x |
| Fair Value | €6.90 - €8.01 | €7.46 |
| Upside | -42.5% - -33.2% | -37.9% |
| Benchmarks | Ticker | Full Ticker |
| Dr. Martens plc | DOCS | LSE:DOCS |
| Mulberry Group plc | MUL | AIM:MUL |
| V.F. Corporation | 0R30 | LSE:0R30 |
| Moncler S.p.A. | 0QII | LSE:0QII |
| Tapestry, Inc. | 0LD5 | LSE:0LD5 |
| Burberry Group plc | BB2 | DB:BB2 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| DOCS | MUL | 0R30 | 0QII | 0LD5 | BB2 | ||
| LSE:DOCS | AIM:MUL | LSE:0R30 | LSE:0QII | LSE:0LD5 | DB:BB2 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 11.2% | NM- | -18.2% | 13.3% | 8.9% | -43.2% | |
| 3Y CAGR | -12.6% | NM- | -34.7% | 16.5% | 5.9% | -63.2% | |
| Latest Twelve Months | -57.2% | -850.8% | -0.8% | 2.5% | 8.3% | -93.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 20.5% | -0.1% | 8.9% | 28.5% | 16.7% | 15.4% | |
| Prior Fiscal Year | 19.1% | 3.3% | 4.8% | 30.0% | 17.7% | 14.1% | |
| Latest Fiscal Year | 14.4% | -12.6% | 5.0% | 29.5% | 18.8% | 1.1% | |
| Latest Twelve Months | 8.8% | -16.0% | 5.0% | 29.5% | 20.0% | 1.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.15x | 1.00x | 1.03x | 4.72x | 2.82x | 1.96x | |
| EV / LTM EBITDA | 11.0x | -7.9x | 13.4x | 14.6x | 12.6x | 34.8x | |
| EV / LTM EBIT | 13.1x | -6.3x | 20.8x | 16.0x | 14.1x | 186.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -6.3x | 14.1x | 20.8x | ||||
| Historical EV / LTM EBIT | 10.1x | 17.0x | 186.0x | ||||
| Selected EV / LTM EBIT | 115.9x | 122.0x | 128.1x | ||||
| (x) LTM EBIT | 26 | 26 | 26 | ||||
| (=) Implied Enterprise Value | 3,013 | 3,171 | 3,330 | ||||
| (-) Non-shareholder Claims * | (1,118) | (1,118) | (1,118) | ||||
| (=) Equity Value | 1,895 | 2,053 | 2,212 | ||||
| (/) Shares Outstanding | 359.2 | 359.2 | 359.2 | ||||
| Implied Value Range | 5.27 | 5.72 | 6.16 | ||||
| FX Rate: GBP/EUR | 0.8 | 0.8 | 0.8 | Market Price | |||
| Implied Value Range (Trading Cur) | 6.26 | 6.78 | 7.31 | 12.00 | |||
| Upside / (Downside) | -47.8% | -43.5% | -39.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | DOCS | MUL | 0R30 | 0QII | 0LD5 | BB2 | |
| Enterprise Value | 929 | 139 | 9,731 | 14,665 | 19,385 | 4,750 | |
| (+) Cash & Short Term Investments | 95 | 9 | 429 | 1,188 | 1,057 | 813 | |
| (+) Investments & Other | 1 | 0 | 38 | 4 | 1 | 0 | |
| (-) Debt | (450) | (78) | (5,366) | (957) | (4,108) | (1,924) | |
| (-) Other Liabilities | 0 | 7 | 0 | (0) | 0 | (7) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 575 | 77 | 4,833 | 14,900 | 16,336 | 3,632 | |
| (/) Shares Outstanding | 965.2 | 70.1 | 389.7 | 270.6 | 207.7 | 359.2 | |
| Implied Stock Price | 0.60 | 1.10 | 12.40 | 55.06 | 78.66 | 10.11 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.84 | |
| Implied Stock Price (Trading Cur) | 0.60 | 1.10 | 12.40 | 55.06 | 78.66 | 12.00 | |
| Trading Currency | GBP | GBP | USD | EUR | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.84 | |