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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -0.4x - -0.4x | -0.4x |
| Selected Fwd EBIT Multiple | -1.9x - -2.1x | -2.0x |
| Fair Value | $2.40 - $2.62 | $2.51 |
| Upside | -20.1% - -12.6% | -16.3% |
| Benchmarks | Ticker | Full Ticker |
| Guess?, Inc. | GES | NYSE:GES |
| Chewy, Inc. | CHWY | NYSE:CHWY |
| Kirkland's, Inc. | KIRK | NasdaqGS:KIRK |
| Citi Trends, Inc. | CTRN | NasdaqGS:CTRN |
| BARK, Inc. | BARK | NYSE:BARK |
| Xcel Brands, Inc. | XELB | NasdaqCM:XELB |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| GES | CHWY | KIRK | CTRN | BARK | XELB | ||
| NYSE:GES | NYSE:CHWY | NasdaqGS:KIRK | NasdaqGS:CTRN | NYSE:BARK | NasdaqCM:XELB | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 3.6% | NM- | NM- | NM- | NM- | NM- | |
| 3Y CAGR | -16.5% | NM- | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | -29.7% | 576.6% | 65.2% | -62.8% | 35.5% | 45.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 7.5% | -0.6% | -2.0% | 1.7% | -10.6% | -59.8% | |
| Prior Fiscal Year | 9.2% | -0.2% | -8.2% | -2.5% | -11.2% | -87.4% | |
| Latest Fiscal Year | 6.0% | 0.9% | -4.8% | -4.0% | -8.7% | -109.2% | |
| Latest Twelve Months | 6.0% | 0.9% | -2.7% | -4.0% | -6.5% | -133.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.61x | 1.28x | 0.50x | 0.43x | 0.36x | 0.64x | |
| EV / LTM EBITDA | 7.4x | 79.9x | -122.7x | -29.1x | -7.2x | -0.9x | |
| EV / LTM EBIT | 10.2x | 134.5x | -18.7x | -10.8x | -5.6x | -0.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -18.7x | -5.6x | 134.5x | ||||
| Historical EV / LTM EBIT | -13.8x | -0.4x | 21.8x | ||||
| Selected EV / LTM EBIT | -0.4x | -0.4x | -0.4x | ||||
| (x) LTM EBIT | (12) | (12) | (12) | ||||
| (=) Implied Enterprise Value | 5 | 5 | 5 | ||||
| (-) Non-shareholder Claims * | 1 | 1 | 1 | ||||
| (=) Equity Value | 5 | 5 | 6 | ||||
| (/) Shares Outstanding | 2.4 | 2.4 | 2.4 | ||||
| Implied Value Range | 2.19 | 2.29 | 2.40 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.19 | 2.29 | 2.40 | 3.00 | |||
| Upside / (Downside) | -26.9% | -23.5% | -20.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | GES | CHWY | KIRK | CTRN | BARK | XELB | |
| Enterprise Value | 1,829 | 14,843 | 228 | 325 | 183 | 6 | |
| (+) Cash & Short Term Investments | 188 | 597 | 7 | 61 | 115 | 0 | |
| (+) Investments & Other | 54 | 0 | 0 | 0 | 0 | 10 | |
| (-) Debt | (1,421) | (536) | (219) | (220) | (86) | (11) | |
| (-) Other Liabilities | (46) | 0 | 0 | 0 | 0 | 2 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 604 | 14,903 | 17 | 165 | 212 | 7 | |
| (/) Shares Outstanding | 51.8 | 413.6 | 13.1 | 7.9 | 174.9 | 2.4 | |
| Implied Stock Price | 11.65 | 36.03 | 1.26 | 20.83 | 1.21 | 3.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 11.65 | 36.03 | 1.26 | 20.83 | 1.21 | 3.00 | |
| 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 | |