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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 8.0x - 8.8x | 8.4x |
| Selected Fwd EBIT Multiple | 6.4x - 7.1x | 6.7x |
| Fair Value | €9.29 - €10.90 | €10.09 |
| Upside | -9.8% - 5.8% | -2.0% |
| Benchmarks | Ticker | Full Ticker |
| Zalando SE | ZAL | XTRA:ZAL |
| ASOS Plc | DYQ | DB:DYQ |
| boohoo group plc | 1B9 | DB:1B9 |
| Bike24 Holding AG | BIKE | XTRA:BIKE |
| Westwing Group SE | WEW | XTRA:WEW |
| The Platform Group AG | TPG | DB:TPG |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| ZAL | DYQ | 1B9 | BIKE | WEW | TPG | ||
| XTRA:ZAL | DB:DYQ | DB:1B9 | XTRA:BIKE | XTRA:WEW | DB:TPG | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 17.0% | NM- | NM- | NM- | NM- | 35.7% | |
| 3Y CAGR | -2.7% | NM- | NM- | NM- | -45.8% | NM- | |
| Latest Twelve Months | 46.7% | -32.5% | -449.9% | 61.1% | 244.2% | 44.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 3.1% | -2.2% | -0.3% | -1.9% | 1.0% | 2.3% | |
| Prior Fiscal Year | 2.2% | -7.0% | -3.0% | -9.5% | -1.1% | 3.1% | |
| Latest Fiscal Year | 3.7% | -11.4% | -30.5% | -5.9% | 0.7% | 4.4% | |
| Latest Twelve Months | 3.8% | -10.9% | -30.5% | -2.9% | 2.8% | 5.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.54x | 0.31x | 0.49x | 0.67x | 0.53x | 0.52x | |
| EV / LTM EBITDA | 10.4x | -3.2x | -2.1x | 36.5x | 19.6x | 8.0x | |
| EV / LTM EBIT | 14.2x | -2.8x | -1.6x | -23.0x | 18.5x | 9.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -23.0x | -1.6x | 18.5x | ||||
| Historical EV / LTM EBIT | -43.7x | 29.9x | 38.6x | ||||
| Selected EV / LTM EBIT | 8.0x | 8.4x | 8.8x | ||||
| (x) LTM EBIT | 37 | 37 | 37 | ||||
| (=) Implied Enterprise Value | 295 | 310 | 326 | ||||
| (-) Non-shareholder Claims * | (122) | (122) | (122) | ||||
| (=) Equity Value | 173 | 189 | 204 | ||||
| (/) Shares Outstanding | 20.4 | 20.4 | 20.4 | ||||
| Implied Value Range | 8.48 | 9.24 | 10.00 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 8.48 | 9.24 | 10.00 | 10.30 | |||
| Upside / (Downside) | -17.7% | -10.3% | -2.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ZAL | DYQ | 1B9 | BIKE | WEW | TPG | |
| Enterprise Value | 5,937 | 826 | 386 | 167 | 229 | 332 | |
| (+) Cash & Short Term Investments | 2,183 | 221 | 45 | 13 | 50 | 14 | |
| (+) Investments & Other | 1 | 46 | 9 | 0 | 0 | 0 | |
| (-) Debt | (1,685) | (732) | (243) | (46) | (34) | (131) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | (5) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 6,436 | 361 | 197 | 135 | 245 | 210 | |
| (/) Shares Outstanding | 259.4 | 119.3 | 1,388.0 | 44.2 | 18.8 | 20.4 | |
| Implied Stock Price | 24.81 | 3.03 | 0.14 | 3.05 | 13.00 | 10.30 | |
| FX Conversion Rate to Trading Currency | 1.00 | 0.86 | 0.86 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 24.81 | 3.51 | 0.16 | 3.05 | 13.00 | 10.30 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 0.86 | 0.86 | 1.00 | 1.00 | 1.00 | |