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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 17.4x - 19.2x | 18.3x |
| Selected Fwd EBITDA Multiple | 12.7x - 14.0x | 13.4x |
| Fair Value | €9.56 - €12.80 | €11.18 |
| Upside | -41.9% - -22.2% | -32.1% |
| Benchmarks | Ticker | Full Ticker |
| Burberry Group plc | BBRY.F | OTCPK:BBRY.F |
| Deckers Outdoor Corporation | DECK | NYSE:DECK |
| Vera Bradley, Inc. | VRA | NasdaqGS:VRA |
| Hanesbrands Inc. | HBI | NYSE:HBI |
| lululemon athletica inc. | LULU | NasdaqGS:LULU |
| Capri Holdings Limited | MKO | DB:MKO |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| BBRY.F | DECK | VRA | HBI | LULU | MKO | ||
| OTCPK:BBRY.F | NYSE:DECK | NasdaqGS:VRA | NYSE:HBI | NasdaqGS:LULU | DB:MKO | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -23.3% | 27.1% | NM- | -14.2% | 22.9% | -23.3% | |
| 3Y CAGR | -38.9% | 27.1% | NM- | -22.6% | 22.7% | -40.9% | |
| Latest Twelve Months | -73.4% | 26.0% | -212.3% | 42.2% | 13.1% | -56.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 18.8% | 21.3% | 4.5% | 12.8% | 25.5% | 14.8% | |
| Prior Fiscal Year | 17.6% | 23.2% | 6.3% | 9.0% | 26.9% | 10.8% | |
| Latest Fiscal Year | 5.6% | 25.1% | -5.3% | 13.6% | 27.9% | 5.5% | |
| Latest Twelve Months | 5.6% | 25.1% | -7.4% | 14.1% | 27.7% | 5.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.36x | 2.84x | 0.37x | 1.16x | 2.53x | 1.18x | |
| EV / LTM EBITDA | 41.7x | 11.3x | -5.1x | 8.3x | 9.1x | 21.3x | |
| EV / LTM EBIT | 222.9x | 12.0x | -3.7x | 9.6x | 10.8x | 100.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -5.1x | 9.1x | 41.7x | ||||
| Historical EV / LTM EBITDA | 8.3x | 14.4x | 21.3x | ||||
| Selected EV / LTM EBITDA | 17.4x | 18.3x | 19.2x | ||||
| (x) LTM EBITDA | 245 | 245 | 245 | ||||
| (=) Implied Enterprise Value | 4,258 | 4,483 | 4,707 | ||||
| (-) Non-shareholder Claims * | (2,941) | (2,941) | (2,941) | ||||
| (=) Equity Value | 1,317 | 1,542 | 1,766 | ||||
| (/) Shares Outstanding | 117.9 | 117.9 | 117.9 | ||||
| Implied Value Range | 11.17 | 13.07 | 14.97 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 9.51 | 11.12 | 12.74 | 16.46 | |||
| Upside / (Downside) | -42.2% | -32.4% | -22.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BBRY.F | DECK | VRA | HBI | LULU | MKO | |
| Enterprise Value | 5,862 | 14,182 | 133 | 4,001 | 27,182 | 5,222 | |
| (+) Cash & Short Term Investments | 813 | 1,889 | 11 | 176 | 1,325 | 166 | |
| (+) Investments & Other | 0 | 0 | 0 | 97 | 0 | 0 | |
| (-) Debt | (1,927) | (277) | (81) | (2,630) | (1,707) | (3,103) | |
| (-) Other Liabilities | (7) | 0 | 0 | 0 | 0 | (4) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 4,741 | 15,794 | 63 | 1,644 | 26,801 | 2,281 | |
| (/) Shares Outstanding | 359.2 | 149.4 | 27.9 | 353.6 | 119.7 | 117.9 | |
| Implied Stock Price | 13.20 | 105.69 | 2.26 | 4.65 | 223.93 | 19.34 | |
| FX Conversion Rate to Trading Currency | 0.74 | 1.00 | 1.00 | 1.00 | 1.00 | 1.18 | |
| Implied Stock Price (Trading Cur) | 17.86 | 105.69 | 2.26 | 4.65 | 223.93 | 16.46 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 0.74 | 1.00 | 1.00 | 1.00 | 1.00 | 1.18 | |