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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 9.7x - 10.8x | 10.3x |
| Selected Fwd EBITDA Multiple | 6.2x - 6.8x | 6.5x |
| Fair Value | $25.21 - $28.22 | $26.72 |
| Upside | 39.1% - 55.7% | 47.4% |
| Benchmarks | Ticker | Full Ticker |
| JAKKS Pacific, Inc. | JAKK | NasdaqGS:JAKK |
| Mattel, Inc. | MAT * | BMV:MAT* |
| Hasbro, Inc. | HAS * | BMV:HAS* |
| Outdoor Holding Company | POWW | NasdaqCM:POWW |
| Interactive Strength Inc. | TRNR | NasdaqCM:TRNR |
| Spin Master Corp. | SNMS.F | OTCPK:SNMS.F |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| JAKK | MAT * | HAS * | POWW | TRNR | SNMS.F | ||
| NasdaqGS:JAKK | BMV:MAT* | BMV:HAS* | NasdaqCM:POWW | NasdaqCM:TRNR | OTCPK:SNMS.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 25.8% | 23.5% | 1.6% | NM- | NM- | 12.3% | |
| 3Y CAGR | 0.5% | -1.1% | -8.1% | 178.5% | NM- | -5.0% | |
| Latest Twelve Months | 31.8% | 5.0% | 50.7% | -46.8% | 51.4% | 5.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 7.8% | 15.2% | 17.3% | -8.3% | -5229.1% | 13.1% | |
| Prior Fiscal Year | 9.5% | 14.9% | 10.8% | 8.5% | -5192.7% | 15.9% | |
| Latest Fiscal Year | 7.2% | 16.8% | 22.1% | 7.7% | -450.9% | 12.4% | |
| Latest Twelve Months | 9.4% | 16.8% | 22.9% | 4.7% | -450.9% | 12.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.33x | 1.47x | 2.86x | 1.42x | 3.54x | 0.97x | |
| EV / LTM EBITDA | 3.5x | 8.7x | 12.5x | 30.4x | -0.8x | 7.6x | |
| EV / LTM EBIT | 4.1x | 10.7x | 14.9x | -15.2x | -0.7x | 9.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -0.8x | 8.7x | 30.4x | ||||
| Historical EV / LTM EBITDA | 4.9x | 12.1x | 30.5x | ||||
| Selected EV / LTM EBITDA | 9.7x | 10.3x | 10.8x | ||||
| (x) LTM EBITDA | 292 | 292 | 292 | ||||
| (=) Implied Enterprise Value | 2,845 | 2,994 | 3,144 | ||||
| (-) Non-shareholder Claims * | (344) | (344) | (344) | ||||
| (=) Equity Value | 2,501 | 2,651 | 2,800 | ||||
| (/) Shares Outstanding | 101.5 | 101.5 | 101.5 | ||||
| Implied Value Range | 24.64 | 26.12 | 27.59 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 24.64 | 26.12 | 27.59 | 18.12 | |||
| Upside / (Downside) | 36.0% | 44.1% | 52.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | JAKK | MAT * | HAS * | POWW | TRNR | SNMS.F | |
| Enterprise Value | 235 | 7,743 | 9,768 | 192 | 19 | 2,183 | |
| (+) Cash & Short Term Investments | 59 | 1,244 | 621 | 51 | 0 | 153 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 18 | |
| (-) Debt | (57) | (2,680) | (3,360) | (15) | (12) | (514) | |
| (-) Other Liabilities | (1) | 0 | (28) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | (0) | (0) | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 237 | 6,306 | 7,001 | 228 | 7 | 1,839 | |
| (/) Shares Outstanding | 11.1 | 322.9 | 122.2 | 118.8 | 8.0 | 101.5 | |
| Implied Stock Price | 21.28 | 19.53 | 57.30 | 1.92 | 0.94 | 18.12 | |
| FX Conversion Rate to Trading Currency | 1.00 | 0.05 | 0.05 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 21.28 | 380.00 | 1,115.00 | 1.92 | 0.94 | 18.12 | |
| Trading Currency | USD | MXN | MXN | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 0.05 | 0.05 | 1.00 | 1.00 | 1.00 | |