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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 13.6x - 15.1x | 14.4x |
| Selected Fwd EBIT Multiple | 12.2x - 13.5x | 12.8x |
| Fair Value | $17.20 - $19.97 | $18.58 |
| Upside | 53.0% - 77.7% | 65.3% |
| Benchmarks | Ticker | Full Ticker |
| Kirkland's, Inc. | KIRK | NasdaqGS:KIRK |
| Arhaus, Inc. | ARHS | NasdaqGS:ARHS |
| Zumiez Inc. | ZUMZ | NasdaqGS:ZUMZ |
| RH | RH | NYSE:RH |
| Best Buy Co., Inc. | BBY | NYSE:BBY |
| Lands' End, Inc. | LE | NasdaqCM:LE |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| KIRK | ARHS | ZUMZ | RH | BBY | LE | ||
| NasdaqGS:KIRK | NasdaqGS:ARHS | NasdaqGS:ZUMZ | NYSE:RH | NYSE:BBY | NasdaqCM:LE | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 23.7% | -47.4% | -1.5% | -3.3% | 5.8% | |
| 3Y CAGR | NM- | 36.4% | -72.0% | -27.7% | -16.8% | -8.9% | |
| Latest Twelve Months | 15.1% | -46.8% | 133.9% | 12.8% | -1.0% | 103.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -1.7% | 9.5% | 5.4% | 17.9% | 4.8% | 3.4% | |
| Prior Fiscal Year | -4.8% | 12.8% | -2.4% | 12.7% | 4.0% | 2.5% | |
| Latest Fiscal Year | -3.2% | 6.8% | 0.4% | 11.1% | 4.2% | 4.4% | |
| Latest Twelve Months | -3.9% | 5.7% | 0.7% | 11.1% | 4.2% | 4.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.47x | 1.20x | 0.37x | 2.23x | 0.42x | 0.47x | |
| EV / LTM EBITDA | -26.0x | 13.5x | 11.7x | 14.6x | 6.7x | 6.8x | |
| EV / LTM EBIT | -11.9x | 21.2x | 50.6x | 20.0x | 10.0x | 10.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -11.9x | 20.0x | 50.6x | ||||
| Historical EV / LTM EBIT | 9.3x | 19.3x | 25.5x | ||||
| Selected EV / LTM EBIT | 13.6x | 14.4x | 15.1x | ||||
| (x) LTM EBIT | 59 | 59 | 59 | ||||
| (=) Implied Enterprise Value | 801 | 843 | 886 | ||||
| (-) Non-shareholder Claims * | (280) | (280) | (280) | ||||
| (=) Equity Value | 521 | 563 | 605 | ||||
| (/) Shares Outstanding | 30.5 | 30.5 | 30.5 | ||||
| Implied Value Range | 17.09 | 18.47 | 19.86 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 17.09 | 18.47 | 19.86 | 11.24 | |||
| Upside / (Downside) | 52.0% | 64.4% | 76.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | KIRK | ARHS | ZUMZ | RH | BBY | LE | |
| Enterprise Value | 201 | 1,459 | 336 | 7,282 | 17,275 | 623 | |
| (+) Cash & Short Term Investments | 4 | 214 | 101 | 46 | 1,339 | 18 | |
| (+) Investments & Other | 0 | 0 | 0 | 123 | 0 | 0 | |
| (-) Debt | (178) | (525) | (202) | (3,938) | (4,059) | (299) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 26 | 1,149 | 235 | 3,513 | 14,555 | 343 | |
| (/) Shares Outstanding | 22.5 | 140.9 | 17.8 | 18.7 | 211.3 | 30.5 | |
| Implied Stock Price | 1.16 | 8.15 | 13.21 | 187.54 | 68.87 | 11.24 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1.16 | 8.15 | 13.21 | 187.54 | 68.87 | 11.24 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |