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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 12.6x - 14.0x | 13.3x |
| Selected Fwd EBIT Multiple | 11.4x - 12.6x | 12.0x |
| Fair Value | €152.96 - €171.72 | €162.34 |
| Upside | 10.7% - 24.3% | 17.5% |
| Benchmarks | Ticker | Full Ticker |
| Hugo Boss AG | BOSS | DB:BOSS |
| LVMH Moët Hennessy - Louis Vuitton, Société Européenne | MC | ENXTPA:MC |
| PVH Corp. | PVH | DB:PVH |
| Ralph Lauren Corporation | PRL | MUN:PRL |
| Tapestry, Inc. | COY | DB:COY |
| Pandora A/S | 3P7 | DB:3P7 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| BOSS | MC | PVH | PRL | COY | 3P7 | ||
| DB:BOSS | ENXTPA:MC | DB:PVH | MUN:PRL | DB:COY | DB:3P7 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 0.3% | 11.3% | -1.6% | 8.9% | 8.9% | 6.4% | |
| 3Y CAGR | 16.3% | 4.5% | -9.1% | 12.6% | 5.9% | 11.3% | |
| Latest Twelve Months | -0.4% | -18.0% | -23.0% | 22.2% | 8.3% | 11.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 6.4% | 24.7% | 7.8% | 10.7% | 16.7% | 24.0% | |
| Prior Fiscal Year | 9.8% | 26.4% | 10.1% | 12.0% | 17.7% | 25.0% | |
| Latest Fiscal Year | 8.4% | 23.1% | 8.6% | 13.0% | 18.8% | 25.2% | |
| Latest Twelve Months | 8.5% | 21.6% | 8.2% | 13.6% | 20.0% | 25.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.94x | 3.08x | 0.81x | 2.53x | 3.74x | 2.94x | |
| EV / LTM EBITDA | 8.3x | 12.4x | 7.2x | 15.2x | 16.7x | 10.3x | |
| EV / LTM EBIT | 11.1x | 14.3x | 9.8x | 18.6x | 18.7x | 11.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 9.8x | 14.3x | 18.7x | ||||
| Historical EV / LTM EBIT | 8.6x | 13.6x | 22.5x | ||||
| Selected EV / LTM EBIT | 12.6x | 13.3x | 14.0x | ||||
| (x) LTM EBIT | 8,108 | 8,108 | 8,108 | ||||
| (=) Implied Enterprise Value | 102,481 | 107,875 | 113,269 | ||||
| (-) Non-shareholder Claims * | (14,469) | (14,469) | (14,469) | ||||
| (=) Equity Value | 88,012 | 93,406 | 98,800 | ||||
| (/) Shares Outstanding | 76.8 | 76.8 | 76.8 | ||||
| Implied Value Range | 1,146.45 | 1,216.71 | 1,286.97 | ||||
| FX Rate: DKK/EUR | 7.5 | 7.5 | 7.5 | Market Price | |||
| Implied Value Range (Trading Cur) | 153.63 | 163.04 | 172.46 | 138.20 | |||
| Upside / (Downside) | 11.2% | 18.0% | 24.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BOSS | MC | PVH | PRL | COY | 3P7 | |
| Enterprise Value | 3,993 | 255,353 | 7,057 | 959 | 25,361 | 93,643 | |
| (+) Cash & Short Term Investments | 106 | 12,332 | 191 | 2,277 | 1,057 | 744 | |
| (+) Investments & Other | 0 | 2,903 | 0 | 3 | 1 | 0 | |
| (-) Debt | (1,247) | (39,705) | (3,735) | (3,239) | (4,108) | (15,213) | |
| (-) Other Liabilities | (16) | (1,580) | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,836 | 229,303 | 3,514 | 0 | 22,312 | 79,174 | |
| (/) Shares Outstanding | 69.0 | 497.0 | 48.1 | 60.6 | 207.7 | 76.8 | |
| Implied Stock Price | 41.09 | 461.35 | 73.10 | 0.00 | 107.43 | 1,031.32 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.16 | 1.00 | 1.16 | 7.46 | |
| Implied Stock Price (Trading Cur) | 41.09 | 461.35 | 62.98 | 92.56 | 138.20 | ||
| Trading Currency | EUR | EUR | EUR | USD | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.16 | 1.00 | 1.16 | 7.46 | |