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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Ps Multiple | 3.3x - 3.6x | 3.5x |
Selected Fwd Ps Multiple | 2.5x - 2.7x | 2.6x |
Fair Value | €32.68 - €36.12 | €34.40 |
Upside | -22.5% - -14.4% | -18.5% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Deckers Outdoor Corporation | - | NYSE:DECK |
Crocs, Inc. | - | NasdaqGS:CROX |
Skechers U.S.A., Inc. | - | NYSE:SKX |
adidas AG | - | OTCPK:ADDD.F |
Steven Madden, Ltd. | - | NasdaqGS:SHOO |
Birkenstock Holding plc | - | DB:7PV |
Select Price / LTM Sales Ratio | ||||||||
Benchmark Companies | ||||||||
DECK | CROX | SKX | ADDD.F | SHOO | 7PV | |||
NYSE:DECK | NasdaqGS:CROX | NYSE:SKX | OTCPK:ADDD.F | NasdaqGS:SHOO | DB:7PV | |||
Historical Sales Growth | ||||||||
5Y CAGR | 16.2% | 27.2% | 11.3% | 0.0% | 5.0% | NM- | ||
3Y CAGR | 19.0% | 21.0% | 12.4% | 3.7% | 7.0% | 17.6% | ||
Latest Twelve Months | 19.5% | 3.5% | 12.1% | 10.5% | 15.2% | 20.5% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | 15.4% | 20.8% | 7.6% | 4.1% | 7.2% | 8.2% | ||
Prior Fiscal Year | 14.2% | 20.0% | 6.8% | -0.6% | 8.7% | 5.0% | ||
Latest Fiscal Year | 17.7% | 23.2% | 7.1% | 3.2% | 7.4% | 10.6% | ||
Latest Twelve Months | 19.1% | 23.2% | 7.1% | 3.2% | 7.4% | 11.7% | ||
Current Trading Multiples | ||||||||
EV / LTM EBITDA | 12.2x | 6.7x | 8.7x | 23.2x | 7.1x | 16.9x | ||
Price / LTM Sales | 3.4x | 1.4x | 0.9x | 1.7x | 0.8x | 4.3x | ||
LTM P/E Ratio | 18.0x | 6.3x | 13.3x | 52.4x | 11.4x | 36.3x | ||
Low | Mid | High | ||||||
Benchmark LTM P/S Ratio | 0.8x | 1.4x | 3.4x | |||||
Historical LTM P/S Ratio | 0.0x | 2.4x | 4.8x | |||||
Selected Price / Sales Multiple | 3.3x | 3.5x | 3.6x | |||||
(x) LTM Sales | 1,863 | 1,863 | 1,863 | |||||
(=) Equity Value | 6,129 | 6,452 | 6,774 | |||||
(/) Shares Outstanding | 187.8 | 187.8 | 187.8 | |||||
Implied Value Range | 32.63 | 34.35 | 36.07 | |||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 32.63 | 34.35 | 36.07 | 42.19 | ||||
Upside / (Downside) | -22.7% | -18.6% | -14.5% |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | DECK | CROX | SKX | ADDD.F | SHOO | 7PV | |
Value of Common Equity | 16,932 | 5,941 | 8,515 | 39,248 | 1,929 | 7,925 | |
(/) Shares Outstanding | 151.8 | 56.1 | 149.4 | 178.5 | 72.4 | 187.8 | |
Implied Stock Price | 111.56 | 105.99 | 57.01 | 219.82 | 26.65 | 42.19 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.92 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 111.56 | 105.99 | 57.01 | 237.95 | 26.65 | 42.19 | |
Trading Currency | USD | USD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.92 | 1.00 | 1.00 |