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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 1.8x - 2.0x | 1.9x |
| Selected Fwd Ps Multiple | 1.8x - 1.9x | 1.9x |
| Fair Value | €256.54 - €283.54 | €270.04 |
| Upside | 34.4% - 48.5% | 41.4% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| LVMH Moët Hennessy - Louis Vuitton, Société Européenne | - | ENXTPA:MC |
| Hermès International Société en commandite par actions | - | ENXTPA:RMS |
| Moncler S.p.A. | - | BIT:MONC |
| Compagnie Financière Richemont SA | - | SWX:CFR |
| Ermenegildo Zegna N.V. | - | DB:JN0 |
| Kering SA | - | ENXTPA:KER |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| MC | RMS | MONC | CFR | JN0 | KER | |||
| ENXTPA:MC | ENXTPA:RMS | BIT:MONC | SWX:CFR | DB:JN0 | ENXTPA:KER | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 9.6% | 17.1% | 13.8% | 8.1% | 7.9% | 1.6% | ||
| 3Y CAGR | 9.7% | 19.1% | 15.0% | 16.2% | 14.6% | -0.9% | ||
| Latest Twelve Months | -1.7% | 13.0% | 4.2% | -0.1% | 2.2% | -12.1% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 16.8% | 27.6% | 20.9% | 7.9% | 1.2% | 16.3% | ||
| Prior Fiscal Year | 17.6% | 32.1% | 20.5% | 19.7% | 6.4% | 15.2% | ||
| Latest Fiscal Year | 14.8% | 30.3% | 20.6% | 18.6% | 4.0% | 6.6% | ||
| Latest Twelve Months | 14.8% | 30.3% | 20.6% | 16.6% | 4.0% | 6.6% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 14.0x | 34.8x | 15.0x | 17.5x | 9.7x | 11.0x | ||
| Price / LTM Sales | 3.4x | 16.6x | 4.9x | 4.5x | 0.9x | 1.4x | ||
| LTM P/E Ratio | 22.7x | 54.9x | 23.9x | 26.9x | 22.4x | 20.7x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.9x | 4.5x | 16.6x | |||||
| Historical LTM P/S Ratio | 1.4x | 2.9x | 5.6x | |||||
| Selected Price / Sales Multiple | 1.8x | 1.9x | 2.0x | |||||
| (x) LTM Sales | 17,194 | 17,194 | 17,194 | |||||
| (=) Equity Value | 31,307 | 32,955 | 34,603 | |||||
| (/) Shares Outstanding | 122.6 | 122.6 | 122.6 | |||||
| Implied Value Range | 255.36 | 268.80 | 282.24 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 255.36 | 268.80 | 282.24 | 190.92 | ||||
| Upside / (Downside) | 33.8% | 40.8% | 47.8% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | MC | RMS | MONC | CFR | JN0 | KER | |
| Value of Common Equity | 285,491 | 252,762 | 15,316 | 94,740 | 1,736 | 23,407 | |
| (/) Shares Outstanding | 499.4 | 104.8 | 270.6 | 590.4 | 252.6 | 122.6 | |
| Implied Stock Price | 571.70 | 2,411.00 | 56.60 | 160.48 | 6.88 | 190.92 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.05 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 571.70 | 2,411.00 | 56.60 | 152.95 | 6.88 | 190.92 | |
| Trading Currency | EUR | EUR | EUR | CHF | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.05 | 1.00 | 1.00 | |