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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 12.2x - 13.5x | 12.8x |
| Selected Fwd EBITDA Multiple | 11.9x - 13.2x | 12.6x |
| Fair Value | €10.24 - €13.51 | €11.87 |
| Upside | -18.7% - 7.2% | -5.7% |
| Benchmarks | Ticker | Full Ticker |
| Hanesbrands Inc. | HBI | NYSE:HBI |
| Fossil Group, Inc. | FOSL | NasdaqGS:FOSL |
| Vera Bradley, Inc. | VRA | NasdaqGS:VRA |
| Under Armour, Inc. | UAA | NYSE:UAA |
| lululemon athletica inc. | LULU | NasdaqGS:LULU |
| Capri Holdings Limited | MKO | DB:MKO |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| HBI | FOSL | VRA | UAA | LULU | MKO | ||
| NYSE:HBI | NasdaqGS:FOSL | NasdaqGS:VRA | NYSE:UAA | NasdaqGS:LULU | DB:MKO | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -13.0% | NM- | NM- | -2.2% | 22.9% | -12.2% | |
| 3Y CAGR | -20.7% | NM- | NM- | -16.9% | 22.7% | -0.1% | |
| Latest Twelve Months | 42.0% | 74.9% | -166.5% | -3.0% | 14.0% | -43.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 12.7% | 0.8% | 5.3% | 7.8% | 25.4% | 15.4% | |
| Prior Fiscal Year | 9.9% | -5.2% | 6.3% | 6.8% | 26.9% | 17.8% | |
| Latest Fiscal Year | 14.6% | -1.6% | -5.3% | 6.6% | 27.9% | 11.1% | |
| Latest Twelve Months | 14.6% | -1.6% | -5.3% | 7.0% | 27.9% | 7.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.11x | 0.20x | 0.31x | 0.56x | 2.92x | 0.96x | |
| EV / LTM EBITDA | 7.6x | -12.5x | -5.8x | 7.9x | 10.5x | 13.0x | |
| EV / LTM EBIT | 9.0x | -6.7x | -3.8x | 12.5x | 12.3x | 30.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -12.5x | 7.6x | 10.5x | ||||
| Historical EV / LTM EBITDA | 5.8x | 8.8x | 20.3x | ||||
| Selected EV / LTM EBITDA | 12.2x | 12.8x | 13.5x | ||||
| (x) LTM EBITDA | 342 | 342 | 342 | ||||
| (=) Implied Enterprise Value | 4,175 | 4,394 | 4,614 | ||||
| (-) Non-shareholder Claims * | (2,764) | (2,764) | (2,764) | ||||
| (=) Equity Value | 1,411 | 1,630 | 1,850 | ||||
| (/) Shares Outstanding | 117.9 | 117.9 | 117.9 | ||||
| Implied Value Range | 11.96 | 13.83 | 15.69 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 10.60 | 12.25 | 13.90 | 12.60 | |||
| Upside / (Downside) | -15.8% | -2.7% | 10.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | HBI | FOSL | VRA | UAA | LULU | MKO | |
| Enterprise Value | 3,744 | 230 | 110 | 3,046 | 30,431 | 4,440 | |
| (+) Cash & Short Term Investments | 215 | 125 | 30 | 727 | 1,984 | 356 | |
| (+) Investments & Other | 160 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (2,551) | (316) | (90) | (1,305) | (1,576) | (3,117) | |
| (-) Other Liabilities | 0 | 12 | 0 | 0 | 0 | (3) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,568 | 51 | 50 | 2,467 | 30,840 | 1,676 | |
| (/) Shares Outstanding | 353.1 | 53.3 | 27.7 | 429.9 | 120.6 | 117.9 | |
| Implied Stock Price | 4.44 | 0.97 | 1.82 | 5.74 | 255.64 | 14.22 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.13 | |
| Implied Stock Price (Trading Cur) | 4.44 | 0.97 | 1.82 | 5.74 | 255.64 | 12.60 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.13 | |