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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -16.8x - -18.5x | -17.7x |
| Selected Fwd EBITDA Multiple | 26.8x - 29.6x | 28.2x |
| Fair Value | $0.52 - $0.73 | $0.63 |
| Upside | -35.7% - -10.2% | -22.9% |
| Benchmarks | Ticker | Full Ticker |
| Luvu Brands, Inc. | LUVU | OTCPK:LUVU |
| Nova LifeStyle, Inc. | NVFY | NasdaqCM:NVFY |
| Flexsteel Industries, Inc. | FLXS | NasdaqGS:FLXS |
| Leggett & Platt, Incorporated | LEG | NYSE:LEG |
| Somnigroup International Inc. | SGI | NYSE:SGI |
| Purple Innovation, Inc. | PRPL | NasdaqGS:PRPL |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| LUVU | NVFY | FLXS | LEG | SGI | PRPL | ||
| OTCPK:LUVU | NasdaqCM:NVFY | NasdaqGS:FLXS | NYSE:LEG | NYSE:SGI | NasdaqGS:PRPL | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 0.4% | NM- | 41.0% | -11.7% | 13.2% | NM- | |
| 3Y CAGR | -34.3% | NM- | -15.1% | -21.4% | -7.8% | NM- | |
| Latest Twelve Months | 68.4% | 39.9% | 44.8% | -22.2% | 8.7% | 83.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 6.0% | -99.0% | 3.7% | 12.3% | 16.6% | -2.6% | |
| Prior Fiscal Year | 6.5% | -57.4% | 3.1% | 10.7% | 14.7% | -13.8% | |
| Latest Fiscal Year | 2.4% | -54.8% | 5.0% | 8.2% | 15.8% | -4.4% | |
| Latest Twelve Months | 2.5% | -40.3% | 6.7% | 8.4% | 14.6% | -2.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.23x | 2.12x | 0.45x | 0.67x | 3.77x | 0.52x | |
| EV / LTM EBITDA | 9.3x | -5.3x | 6.7x | 7.9x | 25.9x | -21.5x | |
| EV / LTM EBIT | 31.6x | -5.2x | 7.7x | 12.5x | 33.9x | -5.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -5.3x | 7.9x | 25.9x | ||||
| Historical EV / LTM EBITDA | -11.7x | -3.0x | 39.9x | ||||
| Selected EV / LTM EBITDA | -16.8x | -17.7x | -18.5x | ||||
| (x) LTM EBITDA | (11) | (11) | (11) | ||||
| (=) Implied Enterprise Value | 191 | 201 | 212 | ||||
| (-) Non-shareholder Claims * | (157) | (157) | (157) | ||||
| (=) Equity Value | 34 | 44 | 54 | ||||
| (/) Shares Outstanding | 108.2 | 108.2 | 108.2 | ||||
| Implied Value Range | 0.31 | 0.41 | 0.50 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.31 | 0.41 | 0.50 | 0.82 | |||
| Upside / (Downside) | -61.4% | -50.0% | -38.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | LUVU | NVFY | FLXS | LEG | SGI | PRPL | |
| Enterprise Value | 6 | 21 | 199 | 2,873 | 20,148 | 246 | |
| (+) Cash & Short Term Investments | 1 | 0 | 23 | 413 | 111 | 22 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (4) | (2) | (61) | (2,108) | (6,939) | (179) | |
| (-) Other Liabilities | 0 | 0 | 0 | (1) | (9) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3 | 20 | 160 | 1,177 | 13,312 | 88 | |
| (/) Shares Outstanding | 76.8 | 13.2 | 5.3 | 135.1 | 208.6 | 108.2 | |
| Implied Stock Price | 0.04 | 1.48 | 30.34 | 8.71 | 63.82 | 0.82 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.04 | 1.48 | 30.34 | 8.71 | 63.82 | 0.82 | |
| 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 | |