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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 3.4x - 3.7x | 3.5x |
| Selected Fwd Revenue Multiple | 3.0x - 3.3x | 3.2x |
| Fair Value | €6.76 - €7.54 | €7.15 |
| Upside | 7.0% - 19.4% | 13.2% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Ermenegildo Zegna N.V. | JN0 | DB:JN0 |
| Brunello Cucinelli S.p.A. | BC | BIT:BC |
| Moncler S.p.A. | MONC | BIT:MONC |
| Hugo Boss AG | BOSS | DB:BOSS |
| Aeffe S.p.A. | AEF | BIT:AEF |
| Prada S.p.A. | PRP | DB:PRP |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| JN0 | BC | MONC | BOSS | AEF | PRP | |||
| DB:JN0 | BIT:BC | BIT:MONC | DB:BOSS | BIT:AEF | DB:PRP | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 7.9% | 16.0% | 13.8% | 8.4% | -0.1% | 11.0% | ||
| 3Y CAGR | 14.6% | 21.5% | 15.0% | 15.6% | 2.5% | 17.3% | ||
| Latest Twelve Months | 2.2% | 12.2% | 4.2% | 2.6% | 9.1% | 14.9% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 9.7% | 12.8% | 28.5% | 6.3% | 0.2% | 16.1% | ||
| Prior Fiscal Year | 11.8% | 17.4% | 30.0% | 9.8% | -6.5% | 22.4% | ||
| Latest Fiscal Year | 9.5% | 16.8% | 29.5% | 8.4% | 13.5% | 23.6% | ||
| Latest Twelve Months | 9.5% | 16.8% | 29.5% | 8.4% | 13.5% | 23.6% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.29x | 6.23x | 4.85x | 0.84x | 0.61x | 3.35x | ||
| EV / LTM EBIT | 13.7x | 37.1x | 16.5x | 10.0x | 4.5x | 14.2x | ||
| Price / LTM Sales | 0.89x | 5.61x | 4.93x | 0.55x | 0.18x | 3.04x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.61x | 1.29x | 6.23x | |||||
| Historical EV / LTM Revenue | 3.28x | 3.86x | 6.55x | |||||
| Selected EV / LTM Revenue | 3.36x | 3.53x | 3.71x | |||||
| (x) LTM Revenue | 5,432 | 5,432 | 5,432 | |||||
| (=) Implied Enterprise Value | 18,224 | 19,183 | 20,143 | |||||
| (-) Non-shareholder Claims * | (1,758) | (1,758) | (1,758) | |||||
| (=) Equity Value | 16,466 | 17,425 | 18,384 | |||||
| (/) Shares Outstanding | 2,558.8 | 2,558.8 | 2,558.8 | |||||
| Implied Value Range | 6.43 | 6.81 | 7.18 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 6.43 | 6.81 | 7.18 | 6.32 | ||||
| Upside / (Downside) | 1.9% | 7.8% | 13.7% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | JN0 | BC | MONC | BOSS | AEF | PRP | |
| Enterprise Value | 2,535 | 7,965 | 15,082 | 3,628 | 217 | 17,925 | |
| (+) Cash & Short Term Investments | 293 | 183 | 1,188 | 211 | 21 | 1,012 | |
| (+) Investments & Other | 26 | 2 | 4 | 6 | 0 | 38 | |
| (-) Debt | (1,050) | (963) | (957) | (1,404) | (173) | (2,787) | |
| (-) Other Liabilities | (67) | (17) | (0) | (23) | (0) | (20) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,736 | 7,171 | 15,316 | 2,417 | 65 | 16,167 | |
| (/) Shares Outstanding | 252.6 | 67.9 | 270.6 | 69.0 | 98.4 | 2,558.8 | |
| Implied Stock Price | 6.88 | 105.60 | 56.60 | 35.02 | 0.66 | 6.32 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 6.88 | 105.60 | 56.60 | 35.02 | 0.66 | 6.32 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |