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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6.0x - 6.6x | 6.3x |
| Selected Fwd EBITDA Multiple | 4.7x - 5.2x | 5.0x |
| Fair Value | €2.02 - €2.25 | €2.13 |
| Upside | 44.3% - 60.6% | 52.5% |
| Benchmarks | Ticker | Full Ticker |
| Crocs, Inc. | CROX | NasdaqGS:CROX |
| Skechers U.S.A., Inc. | SKX | NYSE:SKX |
| Deckers Outdoor Corporation | DECK | NYSE:DECK |
| NIKE, Inc. | NKE_KZ | KAS:NKE_KZ |
| Steven Madden, Ltd. | SHOO | NasdaqGS:SHOO |
| Yue Yuen Industrial (Holdings) Limited | YUE1 | DB:YUE1 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| CROX | SKX | DECK | NKE_KZ | SHOO | YUE1 | ||
| NasdaqGS:CROX | NYSE:SKX | NYSE:DECK | KAS:NKE_KZ | NasdaqGS:SHOO | DB:YUE1 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 48.9% | 12.1% | 27.1% | 1.1% | 5.3% | -1.3% | |
| 3Y CAGR | 16.0% | 14.8% | 27.1% | -15.9% | 2.3% | 17.9% | |
| Latest Twelve Months | -4.7% | 1.9% | 21.3% | -40.7% | -13.3% | 4.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 26.6% | 10.7% | 21.6% | 14.4% | 11.6% | 6.4% | |
| Prior Fiscal Year | 27.8% | 12.1% | 23.2% | 14.7% | 12.0% | 7.0% | |
| Latest Fiscal Year | 27.2% | 12.4% | 25.1% | 9.7% | 11.8% | 8.4% | |
| Latest Twelve Months | 26.1% | 11.3% | 25.1% | 9.7% | 9.9% | 7.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.49x | 1.15x | 2.73x | 2.50x | 1.03x | 0.36x | |
| EV / LTM EBITDA | 5.7x | 10.2x | 10.9x | 25.9x | 10.5x | 4.6x | |
| EV / LTM EBIT | 6.1x | 12.9x | 11.5x | 31.3x | 11.5x | 7.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.7x | 10.5x | 25.9x | ||||
| Historical EV / LTM EBITDA | 5.7x | 6.6x | 18.3x | ||||
| Selected EV / LTM EBITDA | 6.0x | 6.3x | 6.6x | ||||
| (x) LTM EBITDA | 642 | 642 | 642 | ||||
| (=) Implied Enterprise Value | 3,857 | 4,060 | 4,263 | ||||
| (-) Non-shareholder Claims * | (260) | (260) | (260) | ||||
| (=) Equity Value | 3,597 | 3,800 | 4,003 | ||||
| (/) Shares Outstanding | 1,605.5 | 1,605.5 | 1,605.5 | ||||
| Implied Value Range | 2.24 | 2.37 | 2.49 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.92 | 2.03 | 2.14 | 1.40 | |||
| Upside / (Downside) | 37.2% | 45.0% | 52.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CROX | SKX | DECK | NKE_KZ | SHOO | YUE1 | |
| Enterprise Value | 6,162 | 10,756 | 13,999 | 119,068 | 2,400 | 2,881 | |
| (+) Cash & Short Term Investments | 201 | 1,483 | 1,720 | 9,151 | 112 | 720 | |
| (+) Investments & Other | 0 | 77 | 0 | 24 | 0 | 675 | |
| (-) Debt | (1,774) | (2,247) | (312) | (11,021) | (539) | (1,162) | |
| (-) Other Liabilities | 0 | (600) | 0 | 0 | (30) | (492) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 4,589 | 9,470 | 15,407 | 117,222 | 1,943 | 2,622 | |
| (/) Shares Outstanding | 54.6 | 150.3 | 148.3 | 1,476.9 | 72.7 | 1,605.5 | |
| Implied Stock Price | 84.03 | 63.02 | 103.86 | 79.37 | 26.74 | 1.63 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
| Implied Stock Price (Trading Cur) | 84.03 | 63.02 | 103.86 | 79.37 | 26.74 | 1.40 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |