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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | -0.5x - -0.6x | -0.6x |
Selected Fwd EBITDA Multiple | -3.4x - -3.8x | -3.6x |
Fair Value | €3.52 - €3.63 | €3.58 |
Upside | -43.5% - -41.8% | -42.7% |
Benchmarks | Ticker | Full Ticker |
RH | RH | NYSE:RH |
Arhaus, Inc. | ARHS | NasdaqGS:ARHS |
Haverty Furniture Companies, Inc. | HVT | NYSE:HVT |
Lowe's Companies, Inc. | LOW | NYSE:LOW |
The Home Depot, Inc. | HD | NYSE:HD |
Beyond, Inc. | OVER | DB:OVER |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
RH | ARHS | HVT | LOW | HD | OVER | ||
NYSE:RH | NasdaqGS:ARHS | NYSE:HVT | NYSE:LOW | NYSE:HD | DB:OVER | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 0.4% | 22.3% | -3.7% | 10.1% | 6.9% | NM- | |
3Y CAGR | -22.3% | 29.3% | -32.5% | -3.4% | -0.8% | NM- | |
Latest Twelve Months | 12.1% | -31.9% | -39.4% | -3.0% | 4.0% | 4.2% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 21.3% | 12.1% | 9.9% | 14.6% | 16.7% | -1.7% | |
Prior Fiscal Year | 16.6% | 15.0% | 10.0% | 15.7% | 16.3% | -6.8% | |
Latest Fiscal Year | 15.2% | 9.8% | 5.7% | 15.1% | 15.9% | -13.1% | |
Latest Twelve Months | 15.3% | 8.9% | 6.2% | 15.0% | 15.6% | -12.0% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 2.34x | 1.28x | 0.64x | 1.96x | 2.64x | 0.18x | |
EV / LTM EBITDA | 15.3x | 14.3x | 10.4x | 13.1x | 16.9x | -1.5x | |
EV / LTM EBIT | 21.0x | 22.5x | 20.9x | 15.6x | 20.0x | -1.5x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 10.4x | 14.3x | 16.9x | ||||
Historical EV / LTM EBITDA | -17.7x | 3.3x | 35.5x | ||||
Selected EV / LTM EBITDA | -0.5x | -0.6x | -0.6x | ||||
(x) LTM EBITDA | (150) | (150) | (150) | ||||
(=) Implied Enterprise Value | 81 | 85 | 89 | ||||
(-) Non-shareholder Claims * | 178 | 178 | 178 | ||||
(=) Equity Value | 259 | 263 | 268 | ||||
(/) Shares Outstanding | 60.9 | 60.9 | 60.9 | ||||
Implied Value Range | 4.25 | 4.32 | 4.39 | ||||
FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
Implied Value Range (Trading Cur) | 3.62 | 3.68 | 3.74 | 6.23 | |||
Upside / (Downside) | -42.0% | -41.0% | -40.1% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | RH | ARHS | HVT | LOW | HD | OVER | |
Enterprise Value | 7,624 | 1,656 | 464 | 163,126 | 430,547 | 268 | |
(+) Cash & Short Term Investments | 46 | 214 | 112 | 3,054 | 1,369 | 115 | |
(+) Investments & Other | 123 | 0 | 0 | 0 | 0 | 96 | |
(-) Debt | (3,938) | (525) | (218) | (38,994) | (61,952) | (32) | |
(-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 3,855 | 1,346 | 358 | 127,186 | 369,964 | 446 | |
(/) Shares Outstanding | 18.7 | 140.9 | 16.2 | 560.4 | 994.9 | 60.9 | |
Implied Stock Price | 205.80 | 9.55 | 22.15 | 226.94 | 371.85 | 7.33 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.18 | |
Implied Stock Price (Trading Cur) | 205.80 | 9.55 | 22.15 | 226.94 | 371.85 | 6.23 | |
Trading Currency | USD | USD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.18 |