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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 15.1x - 16.6x | 15.9x |
| Selected Fwd EBITDA Multiple | 11.5x - 12.7x | 12.1x |
| Fair Value | €15.39 - €17.89 | €16.64 |
| Upside | 4.7% - 21.7% | 13.2% |
| Benchmarks | Ticker | Full Ticker |
| V.F. Corporation | VFC | NYSE:VFC |
| Steven Madden, Ltd. | SHOO | NasdaqGS:SHOO |
| Deckers Outdoor Corporation | DECK | NYSE:DECK |
| Skechers U.S.A., Inc. | SKX | NYSE:SKX |
| Under Armour, Inc. | UAA | NYSE:UAA |
| Wolverine World Wide, Inc. | WW4 | DB:WW4 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| VFC | SHOO | DECK | SKX | UAA | WW4 | ||
| NYSE:VFC | NasdaqGS:SHOO | NYSE:DECK | NYSE:SKX | NYSE:UAA | DB:WW4 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -8.9% | 5.3% | 21.8% | 12.1% | 16.9% | -8.5% | |
| 3Y CAGR | -3.5% | 2.3% | 20.9% | 14.8% | -15.9% | -10.4% | |
| Latest Twelve Months | -13.9% | 5.7% | 29.7% | 3.7% | -11.8% | 251.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 11.9% | 11.4% | 20.9% | 10.5% | 8.0% | 5.8% | |
| Prior Fiscal Year | 11.2% | 12.0% | 19.4% | 12.1% | 6.6% | 2.9% | |
| Latest Fiscal Year | 9.0% | 11.8% | 23.2% | 12.4% | 6.5% | 7.4% | |
| Latest Twelve Months | 8.2% | 11.7% | 24.9% | 11.9% | 6.5% | 8.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.98x | 0.84x | 3.52x | 1.19x | 0.69x | 1.21x | |
| EV / LTM EBITDA | 11.9x | 7.2x | 14.2x | 10.0x | 10.6x | 14.8x | |
| EV / LTM EBIT | 18.0x | 7.7x | 15.0x | 12.5x | 17.9x | 18.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.2x | 10.6x | 14.2x | ||||
| Historical EV / LTM EBITDA | 13.5x | 18.5x | 103.9x | ||||
| Selected EV / LTM EBITDA | 15.1x | 15.9x | 16.6x | ||||
| (x) LTM EBITDA | 145 | 145 | 145 | ||||
| (=) Implied Enterprise Value | 2,178 | 2,293 | 2,407 | ||||
| (-) Non-shareholder Claims * | (764) | (764) | (764) | ||||
| (=) Equity Value | 1,414 | 1,529 | 1,644 | ||||
| (/) Shares Outstanding | 81.0 | 81.0 | 81.0 | ||||
| Implied Value Range | 17.45 | 18.87 | 20.28 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 15.52 | 16.78 | 18.04 | 14.70 | |||
| Upside / (Downside) | 5.6% | 14.1% | 22.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | VFC | SHOO | DECK | SKX | UAA | WW4 | |
| Enterprise Value | 9,961 | 1,919 | 17,354 | 10,818 | 3,614 | 2,103 | |
| (+) Cash & Short Term Investments | 1,369 | 147 | 2,241 | 1,101 | 501 | 107 | |
| (+) Investments & Other | 0 | 0 | 0 | 63 | 0 | 0 | |
| (-) Debt | (5,751) | (166) | (257) | (2,147) | (1,299) | (860) | |
| (-) Other Liabilities | 0 | (28) | 0 | (567) | 0 | (10) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 5,579 | 1,872 | 19,337 | 9,268 | 2,816 | 1,339 | |
| (/) Shares Outstanding | 389.6 | 72.6 | 151.8 | 149.6 | 429.9 | 81.0 | |
| Implied Stock Price | 14.32 | 25.77 | 127.41 | 61.95 | 6.55 | 16.53 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.12 | |
| Implied Stock Price (Trading Cur) | 14.32 | 25.77 | 127.41 | 61.95 | 6.55 | 14.70 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.12 | |