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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7.7x - 8.5x | 8.1x |
| Selected Fwd EBITDA Multiple | 8.3x - 9.2x | 8.7x |
| Fair Value | $20.14 - $23.31 | $21.72 |
| Upside | -9.8% - 4.3% | -2.8% |
| Benchmarks | Ticker | Full Ticker |
| Caleres, Inc. | CAL | NYSE:CAL |
| Designer Brands Inc. | DBI | NYSE:DBI |
| Genesco Inc. | GCO | NYSE:GCO |
| Foot Locker, Inc. | FL | NYSE:FL |
| The Gap, Inc. | GAP | NYSE:GAP |
| Shoe Carnival, Inc. | SCVL | NasdaqGS:SCVL |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| CAL | DBI | GCO | FL | GAP | SCVL | ||
| NYSE:CAL | NYSE:DBI | NYSE:GCO | NYSE:FL | NYSE:GAP | NasdaqGS:SCVL | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 1.8% | -14.4% | -13.9% | -15.0% | 0.0% | 10.6% | |
| 3Y CAGR | -9.2% | -27.7% | -28.6% | -31.8% | 5.3% | -19.7% | |
| Latest Twelve Months | -26.1% | -30.5% | 24.2% | 9.5% | 27.5% | -10.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 7.6% | 2.6% | 4.4% | 8.3% | 6.5% | 11.1% | |
| Prior Fiscal Year | 9.1% | 4.5% | 2.8% | 4.7% | 7.6% | 10.1% | |
| Latest Fiscal Year | 7.8% | 3.5% | 3.0% | 4.9% | 10.7% | 9.9% | |
| Latest Twelve Months | 6.9% | 3.0% | 3.1% | 4.7% | 11.0% | 9.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.50x | 0.49x | 0.39x | 0.62x | 0.74x | 0.75x | |
| EV / LTM EBITDA | 7.3x | 16.2x | 12.6x | 13.3x | 6.8x | 8.1x | |
| EV / LTM EBIT | 10.2x | 54.8x | 45.3x | 29.3x | 9.6x | 11.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 6.8x | 12.6x | 16.2x | ||||
| Historical EV / LTM EBITDA | 4.8x | 7.6x | 23.7x | ||||
| Selected EV / LTM EBITDA | 7.7x | 8.1x | 8.5x | ||||
| (x) LTM EBITDA | 110 | 110 | 110 | ||||
| (=) Implied Enterprise Value | 844 | 889 | 933 | ||||
| (-) Non-shareholder Claims * | (272) | (272) | (272) | ||||
| (=) Equity Value | 572 | 616 | 661 | ||||
| (/) Shares Outstanding | 27.3 | 27.3 | 27.3 | ||||
| Implied Value Range | 20.92 | 22.54 | 24.17 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 20.92 | 22.54 | 24.17 | 22.34 | |||
| Upside / (Downside) | -6.4% | 0.9% | 8.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CAL | DBI | GCO | FL | GAP | SCVL | |
| Enterprise Value | 1,341 | 1,435 | 923 | 4,899 | 11,287 | 883 | |
| (+) Cash & Short Term Investments | 33 | 46 | 22 | 343 | 2,220 | 93 | |
| (+) Investments & Other | 0 | 55 | 0 | 115 | 0 | 0 | |
| (-) Debt | (850) | (1,363) | (637) | (2,834) | (5,486) | (365) | |
| (-) Other Liabilities | (8) | (4) | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | (1) | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 516 | 169 | 307 | 2,523 | 8,021 | 611 | |
| (/) Shares Outstanding | 33.8 | 48.8 | 10.8 | 95.4 | 373.1 | 27.3 | |
| Implied Stock Price | 15.28 | 3.46 | 28.46 | 26.43 | 21.50 | 22.34 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 15.28 | 3.46 | 28.46 | 26.43 | 21.50 | 22.34 | |
| 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 | |