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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 12.9x - 14.2x | 13.5x |
| Selected Fwd EBITDA Multiple | 9.2x - 10.1x | 9.7x |
| Fair Value | €11.70 - €12.75 | €12.22 |
| Upside | 17.9% - 28.5% | 23.2% |
| Benchmarks | Ticker | Full Ticker |
| 361 Degrees International Limited | 1361 | SEHK:1361 |
| JNBY Design Limited | 3306 | SEHK:3306 |
| Li Ning Company Limited | 2331 | SEHK:2331 |
| Daphne International Holdings Limited | 210 | SEHK:210 |
| Ningbo Peacebird Fashion Co.,Ltd. | 603877 | SHSE:603877 |
| ANTA Sports Products Limited | AS7 | DB:AS7 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 1361 | 3306 | 2331 | 210 | 603877 | AS7 | ||
| SEHK:1361 | SEHK:3306 | SEHK:2331 | SEHK:210 | SHSE:603877 | DB:AS7 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 12.2% | 14.3% | 21.7% | NM- | -9.2% | 14.3% | |
| 3Y CAGR | 14.3% | 11.7% | -3.2% | NM- | -25.1% | 15.4% | |
| Latest Twelve Months | 20.0% | 6.8% | 12.7% | 18.6% | -31.2% | 7.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 16.4% | 21.6% | 19.7% | 2.2% | 6.8% | 24.9% | |
| Prior Fiscal Year | 16.4% | 21.5% | 16.6% | 36.5% | 7.8% | 26.3% | |
| Latest Fiscal Year | 15.9% | 25.2% | 18.0% | 35.2% | 5.6% | 24.9% | |
| Latest Twelve Months | 16.3% | 25.0% | 18.0% | 35.2% | 5.2% | 24.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.70x | 1.34x | 0.85x | 1.30x | 0.97x | 2.76x | |
| EV / LTM EBITDA | 4.3x | 5.3x | 4.7x | 3.7x | 18.7x | 11.1x | |
| EV / LTM EBIT | 4.5x | 5.9x | 6.2x | 4.3x | 27.6x | 11.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 3.7x | 4.7x | 18.7x | ||||
| Historical EV / LTM EBITDA | 10.2x | 19.5x | 29.7x | ||||
| Selected EV / LTM EBITDA | 12.9x | 13.5x | 14.2x | ||||
| (x) LTM EBITDA | 17,666 | 17,666 | 17,666 | ||||
| (=) Implied Enterprise Value | 227,114 | 239,068 | 251,021 | ||||
| (-) Non-shareholder Claims * | 41,324 | 41,324 | 41,324 | ||||
| (=) Equity Value | 268,438 | 280,392 | 292,345 | ||||
| (/) Shares Outstanding | 2,807.2 | 2,807.2 | 2,807.2 | ||||
| Implied Value Range | 95.62 | 99.88 | 104.14 | ||||
| FX Rate: CNY/EUR | 8.4 | 8.4 | 8.4 | Market Price | |||
| Implied Value Range (Trading Cur) | 11.37 | 11.88 | 12.39 | 9.92 | |||
| Upside / (Downside) | 14.6% | 19.7% | 24.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 1361 | 3306 | 2331 | 210 | 603877 | AS7 | |
| Enterprise Value | 7,452 | 7,192 | 24,106 | 408 | 6,449 | 192,832 | |
| (+) Cash & Short Term Investments | 4,604 | 1,860 | 15,763 | 510 | 1,960 | 35,079 | |
| (+) Investments & Other | 22 | 215 | 4,572 | 1 | 4 | 39,375 | |
| (-) Debt | (317) | (689) | (1,936) | (7) | (1,481) | (28,120) | |
| (-) Other Liabilities | (469) | (47) | 0 | (4) | (7) | (5,010) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 11,293 | 8,530 | 42,505 | 908 | 6,925 | 234,156 | |
| (/) Shares Outstanding | 2,067.7 | 516.0 | 2,575.5 | 1,978.6 | 471.1 | 2,807.2 | |
| Implied Stock Price | 5.46 | 16.53 | 16.50 | 0.46 | 14.70 | 83.41 | |
| FX Conversion Rate to Trading Currency | 0.92 | 0.92 | 0.92 | 0.92 | 1.00 | 8.41 | |
| Implied Stock Price (Trading Cur) | 5.95 | 18.01 | 17.98 | 0.50 | 14.70 | 9.92 | |
| Trading Currency | HKD | HKD | HKD | HKD | CNY | EUR | |
| FX Rate to Reporting Currency | 0.92 | 0.92 | 0.92 | 0.92 | 1.00 | 8.41 | |