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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7.9x - 8.7x | 8.3x |
| Selected Fwd EBITDA Multiple | 5.5x - 6.1x | 5.8x |
| Fair Value | $20.64 - $23.21 | $21.92 |
| Upside | 31.2% - 47.6% | 39.4% |
| Benchmarks | Ticker | Full Ticker |
| JAKKS Pacific, Inc. | JAKK | NasdaqGS:JAKK |
| Hasbro, Inc. | HAS * | BMV:HAS* |
| Mattel, Inc. | MAT * | BMV:MAT* |
| Acushnet Holdings Corp. | GOLF | NYSE:GOLF |
| Polaris Inc. | PII * | BMV:PII* |
| Spin Master Corp. | SNMS.F | OTCPK:SNMS.F |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| JAKK | HAS * | MAT * | GOLF | PII * | SNMS.F | ||
| NasdaqGS:JAKK | BMV:HAS* | BMV:MAT* | NYSE:GOLF | BMV:PII* | OTCPK:SNMS.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 25.8% | 2.4% | 23.5% | 9.6% | -4.3% | 12.3% | |
| 3Y CAGR | 0.5% | -6.9% | -1.1% | 6.2% | -14.7% | -5.0% | |
| Latest Twelve Months | 34.8% | 33.3% | -0.9% | 4.5% | -43.7% | 63.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 8.0% | 17.6% | 15.7% | 13.8% | 11.0% | 13.5% | |
| Prior Fiscal Year | 9.5% | 10.6% | 14.9% | 13.6% | 10.6% | 15.9% | |
| Latest Fiscal Year | 7.2% | 23.0% | 16.8% | 14.1% | 7.9% | 12.4% | |
| Latest Twelve Months | 8.3% | 23.2% | 16.8% | 13.8% | 6.3% | 13.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.29x | 3.22x | 1.37x | 2.15x | 0.65x | 0.86x | |
| EV / LTM EBITDA | 3.6x | 13.9x | 8.2x | 15.6x | 10.4x | 6.3x | |
| EV / LTM EBIT | 4.3x | 16.3x | 10.1x | 18.0x | 33.4x | 7.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 3.6x | 10.4x | 15.6x | ||||
| Historical EV / LTM EBITDA | 4.9x | 12.1x | 30.5x | ||||
| Selected EV / LTM EBITDA | 7.9x | 8.3x | 8.7x | ||||
| (x) LTM EBITDA | 316 | 316 | 316 | ||||
| (=) Implied Enterprise Value | 2,480 | 2,611 | 2,741 | ||||
| (-) Non-shareholder Claims * | (384) | (384) | (384) | ||||
| (=) Equity Value | 2,096 | 2,227 | 2,357 | ||||
| (/) Shares Outstanding | 101.2 | 101.2 | 101.2 | ||||
| Implied Value Range | 20.71 | 22.00 | 23.29 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 20.71 | 22.00 | 23.29 | 15.73 | |||
| Upside / (Downside) | 31.7% | 39.9% | 48.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | JAKK | HAS * | MAT * | GOLF | PII * | SNMS.F | |
| Enterprise Value | 202 | 13,763 | 7,216 | 5,342 | 4,350 | 1,976 | |
| (+) Cash & Short Term Investments | 38 | 547 | 870 | 60 | 325 | 128 | |
| (+) Investments & Other | 0 | 0 | 0 | 14 | 0 | 20 | |
| (-) Debt | (56) | (3,349) | (2,682) | (1,010) | (1,953) | (532) | |
| (-) Other Liabilities | (1) | (29) | 0 | (5) | (4) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 183 | 10,932 | 5,405 | 4,402 | 2,718 | 1,592 | |
| (/) Shares Outstanding | 11.1 | 140.2 | 322.2 | 58.7 | 47.1 | 101.2 | |
| Implied Stock Price | 16.42 | 77.96 | 16.77 | 75.04 | 57.69 | 15.73 | |
| FX Conversion Rate to Trading Currency | 1.00 | 0.05 | 0.05 | 1.00 | 0.05 | 1.00 | |
| Implied Stock Price (Trading Cur) | 16.42 | 1,450.00 | 312.01 | 75.04 | 1,072.99 | 15.73 | |
| Trading Currency | USD | MXN | MXN | USD | MXN | USD | |
| FX Rate to Reporting Currency | 1.00 | 0.05 | 0.05 | 1.00 | 0.05 | 1.00 | |