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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 19.0x - 21.0x | 20.0x |
| Selected Fwd EBIT Multiple | 7.2x - 7.9x | 7.5x |
| Fair Value | €6.06 - €6.51 | €6.28 |
| Upside | -20.0% - -14.2% | -17.1% |
| Benchmarks | Ticker | Full Ticker |
| Zalando SE | ZAL | XTRA:ZAL |
| Maisons du Monde S.A. | ZMM | DB:ZMM |
| BHG Group AB (publ) | 7B1 | DB:7B1 |
| Leon's Furniture Limited | 74W | DB:74W |
| Ceconomy AG | CEC | XTRA:CEC |
| Westwing Group SE | WEW | DB:WEW |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| ZAL | ZMM | 7B1 | 74W | CEC | WEW | ||
| XTRA:ZAL | DB:ZMM | DB:7B1 | DB:74W | XTRA:CEC | DB:WEW | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 17.0% | NM- | NM- | 2.7% | 2.0% | NM- | |
| 3Y CAGR | -2.7% | NM- | NM- | -12.8% | 24.1% | -45.8% | |
| Latest Twelve Months | 75.5% | -375.1% | -96.8% | 3.4% | 46.4% | 169.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 3.0% | 4.9% | 2.9% | 9.2% | 0.8% | 0.2% | |
| Prior Fiscal Year | 2.2% | 2.9% | -1.4% | 7.6% | 0.8% | -1.1% | |
| Latest Fiscal Year | 3.7% | -8.9% | -3.3% | 7.7% | 1.0% | 0.7% | |
| Latest Twelve Months | 3.7% | -8.9% | -3.3% | 7.7% | 1.2% | 0.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.65x | 0.67x | 0.63x | 0.64x | 0.06x | 0.24x | |
| EV / LTM EBITDA | 12.8x | 5.1x | 21.4x | 7.3x | 2.8x | 17.8x | |
| EV / LTM EBIT | 17.4x | -7.6x | -19.1x | 8.4x | 4.9x | 32.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -19.1x | 4.9x | 17.4x | ||||
| Historical EV / LTM EBIT | -28.1x | 11.7x | 59.5x | ||||
| Selected EV / LTM EBIT | 19.0x | 20.0x | 21.0x | ||||
| (x) LTM EBIT | 3 | 3 | 3 | ||||
| (=) Implied Enterprise Value | 61 | 64 | 67 | ||||
| (-) Non-shareholder Claims * | 35 | 35 | 35 | ||||
| (=) Equity Value | 96 | 99 | 103 | ||||
| (/) Shares Outstanding | 18.8 | 18.8 | 18.8 | ||||
| Implied Value Range | 5.11 | 5.28 | 5.45 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 5.11 | 5.28 | 5.45 | 7.58 | |||
| Upside / (Downside) | -32.6% | -30.4% | -28.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ZAL | ZMM | 7B1 | 74W | CEC | WEW | |
| Enterprise Value | 6,830 | 694 | 6,962 | 1,570 | 1,302 | 107 | |
| (+) Cash & Short Term Investments | 2,677 | 91 | 451 | 325 | 2,491 | 69 | |
| (+) Investments & Other | 96 | 13 | 0 | 0 | 268 | 0 | |
| (-) Debt | (1,726) | (696) | (2,839) | (426) | (2,592) | (33) | |
| (-) Other Liabilities | 0 | 0 | (196) | 0 | 1 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 7,877 | 101 | 4,378 | 1,470 | 1,470 | 143 | |
| (/) Shares Outstanding | 259.4 | 39.0 | 211.4 | 68.2 | 485.2 | 18.8 | |
| Implied Stock Price | 30.37 | 2.59 | 20.71 | 21.55 | 3.03 | 7.58 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 11.00 | 1.57 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 30.37 | 2.59 | 1.88 | 13.70 | 3.03 | 7.58 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 11.00 | 1.57 | 1.00 | 1.00 | |