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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -10.8x - -12.0x | -11.4x |
| Selected Fwd EBIT Multiple | 19.7x - 21.7x | 20.7x |
| Fair Value | €0.48 - €1.52 | €1 |
| Upside | -43.3% - 80.4% | 18.6% |
| Benchmarks | Ticker | Full Ticker |
| Purple Innovation, Inc. | PRPL | NasdaqGS:PRPL |
| Luvu Brands, Inc. | LUVU | OTCPK:LUVU |
| Nova LifeStyle, Inc. | NVFY | NasdaqCM:NVFY |
| Leggett & Platt, Incorporated | LEG | NYSE:LEG |
| Natuzzi S.p.A. | NTZ | NYSE:NTZ |
| Dorel Industries Inc. | DO4B | DB:DO4B |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| PRPL | LUVU | NVFY | LEG | NTZ | DO4B | ||
| NasdaqGS:PRPL | OTCPK:LUVU | NasdaqCM:NVFY | NYSE:LEG | NYSE:NTZ | DB:DO4B | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | -15.8% | NM- | -14.4% | NM- | NM- | |
| 3Y CAGR | NM- | -54.5% | NM- | -26.0% | NM- | NM- | |
| Latest Twelve Months | 51.9% | 597.2% | 39.5% | -23.4% | 61.7% | -29.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -5.9% | 4.7% | -99.6% | 8.7% | -0.3% | -1.3% | |
| Prior Fiscal Year | -18.7% | 5.3% | -57.9% | 6.9% | -1.5% | -3.4% | |
| Latest Fiscal Year | -11.6% | 0.7% | -55.4% | 5.1% | -0.6% | -2.1% | |
| Latest Twelve Months | -9.6% | 0.7% | -40.9% | 5.3% | -0.6% | -2.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.51x | 0.26x | 2.09x | 0.69x | 0.21x | 0.30x | |
| EV / LTM EBITDA | -21.1x | 10.6x | -5.2x | 8.2x | 9.3x | -26.7x | |
| EV / LTM EBIT | -5.3x | 35.9x | -5.1x | 12.9x | -36.2x | -11.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -36.2x | -5.1x | 35.9x | ||||
| Historical EV / LTM EBIT | -19.3x | -6.3x | 31.5x | ||||
| Selected EV / LTM EBIT | -10.8x | -11.4x | -12.0x | ||||
| (x) LTM EBIT | (34) | (34) | (34) | ||||
| (=) Implied Enterprise Value | 372 | 391 | 411 | ||||
| (-) Non-shareholder Claims * | (357) | (357) | (357) | ||||
| (=) Equity Value | 15 | 35 | 54 | ||||
| (/) Shares Outstanding | 32.7 | 32.7 | 32.7 | ||||
| Implied Value Range | 0.47 | 1.06 | 1.66 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.40 | 0.92 | 1.43 | 0.84 | |||
| Upside / (Downside) | -52.3% | 9.1% | 70.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | PRPL | LUVU | NVFY | LEG | NTZ | DO4B | |
| Enterprise Value | 241 | 7 | 21 | 2,958 | 77 | 388 | |
| (+) Cash & Short Term Investments | 22 | 1 | 0 | 413 | 20 | 31 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 41 | 0 | |
| (-) Debt | (179) | (4) | (2) | (2,108) | (100) | (387) | |
| (-) Other Liabilities | 0 | 0 | 0 | (1) | (4) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 84 | 4 | 19 | 1,262 | 33 | 32 | |
| (/) Shares Outstanding | 108.2 | 76.8 | 13.7 | 135.1 | 11.0 | 32.7 | |
| Implied Stock Price | 0.77 | 0.05 | 1.40 | 9.34 | 3.04 | 0.98 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.86 | 1.16 | |
| Implied Stock Price (Trading Cur) | 0.77 | 0.05 | 1.40 | 9.34 | 3.53 | 0.84 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.86 | 1.16 | |