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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 10.2x - 11.3x | 10.8x |
| Selected Fwd EBITDA Multiple | 6.0x - 6.6x | 6.3x |
| Fair Value | €7.71 - €8.86 | €8.28 |
| Upside | 15.1% - 32.2% | 23.6% |
| Benchmarks | Ticker | Full Ticker |
| Brunello Cucinelli S.p.A. | BCUC.F | OTCPK:BCUC.F |
| Prada S.p.A. | PRDS.F | OTCPK:PRDS.F |
| Hermès International Société en commandite par actions | HESA.F | OTCPK:HESA.F |
| Compagnie Financière Richemont SA | CFRH.F | OTCPK:CFRH.F |
| LVMH Moët Hennessy - Louis Vuitton, Société Européenne | LVMH.F | OTCPK:LVMH.F |
| Ermenegildo Zegna N.V. | JN0 | DB:JN0 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| BCUC.F | PRDS.F | HESA.F | CFRH.F | LVMH.F | JN0 | ||
| OTCPK:BCUC.F | OTCPK:PRDS.F | OTCPK:HESA.F | OTCPK:CFRH.F | OTCPK:LVMH.F | DB:JN0 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 18.8% | 23.4% | 20.3% | 17.9% | 10.0% | 9.1% | |
| 3Y CAGR | 30.5% | 30.1% | 19.6% | 4.9% | 5.3% | -3.4% | |
| Latest Twelve Months | 7.5% | 11.9% | 8.0% | -5.6% | -16.2% | -10.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 17.3% | 23.5% | 42.7% | 23.8% | 28.6% | 15.5% | |
| Prior Fiscal Year | 21.2% | 27.3% | 45.0% | 26.6% | 29.3% | 15.3% | |
| Latest Fiscal Year | 20.3% | 27.9% | 43.2% | 24.2% | 26.5% | 13.4% | |
| Latest Twelve Months | 20.3% | 27.8% | 43.0% | 24.2% | 24.8% | 13.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.80x | 2.47x | 13.28x | 3.71x | 3.23x | 1.26x | |
| EV / LTM EBITDA | 28.5x | 8.9x | 30.9x | 15.3x | 13.0x | 9.4x | |
| EV / LTM EBIT | 34.6x | 10.5x | 32.2x | 17.7x | 14.9x | 13.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 8.9x | 15.3x | 30.9x | ||||
| Historical EV / LTM EBITDA | 8.0x | 8.8x | 14.9x | ||||
| Selected EV / LTM EBITDA | 10.2x | 10.8x | 11.3x | ||||
| (x) LTM EBITDA | 260 | 260 | 260 | ||||
| (=) Implied Enterprise Value | 2,661 | 2,801 | 2,941 | ||||
| (-) Non-shareholder Claims * | (799) | (799) | (799) | ||||
| (=) Equity Value | 1,862 | 2,002 | 2,142 | ||||
| (/) Shares Outstanding | 252.6 | 252.6 | 252.6 | ||||
| Implied Value Range | 7.37 | 7.93 | 8.48 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 7.37 | 7.93 | 8.48 | 6.70 | |||
| Upside / (Downside) | 10.0% | 18.3% | 26.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BCUC.F | PRDS.F | HESA.F | CFRH.F | LVMH.F | JN0 | |
| Enterprise Value | 7,284 | 13,611 | 208,432 | 80,154 | 267,714 | 2,491 | |
| (+) Cash & Short Term Investments | 183 | 598 | 10,321 | 16,768 | 12,332 | 293 | |
| (+) Investments & Other | 18 | 66 | 1,271 | 968 | 2,903 | 26 | |
| (-) Debt | (963) | (2,802) | (2,061) | (13,147) | (39,705) | (1,050) | |
| (-) Other Liabilities | (17) | (20) | (16) | (67) | (1,580) | (67) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 6,505 | 11,453 | 217,947 | 84,676 | 241,664 | 1,692 | |
| (/) Shares Outstanding | 68.0 | 2,558.8 | 104.8 | 587.9 | 497.0 | 252.6 | |
| Implied Stock Price | 95.73 | 4.48 | 2,078.90 | 144.02 | 486.22 | 6.70 | |
| FX Conversion Rate to Trading Currency | 0.86 | 0.86 | 0.86 | 0.86 | 0.86 | 1.00 | |
| Implied Stock Price (Trading Cur) | 111.00 | 5.19 | 2,410.60 | 167.00 | 563.80 | 6.70 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 0.86 | 0.86 | 0.86 | 0.86 | 0.86 | 1.00 | |