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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 12.8x - 14.2x | 13.5x |
| Selected Fwd EBIT Multiple | 11.0x - 12.2x | 11.6x |
| Fair Value | €50.23 - €57.28 | €53.75 |
| Upside | 19.6% - 36.4% | 28.0% |
| Benchmarks | Ticker | Full Ticker |
| PUMA SE | PUM | XTRA:PUM |
| Christian Dior SE | DIO | XTRA:DIO |
| LVMH Moët Hennessy - Louis Vuitton, Société Européenne | MOH | XTRA:MOH |
| Hermès International Société en commandite par actions | HMI | XTRA:HMI |
| Prada S.p.A. | PRP | DB:PRP |
| Hugo Boss AG | BOSS | DB:BOSS |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| PUM | DIO | MOH | HMI | PRP | BOSS | ||
| XTRA:PUM | XTRA:DIO | XTRA:MOH | XTRA:HMI | DB:PRP | DB:BOSS | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 6.5% | 10.9% | 11.3% | 21.4% | 33.0% | 0.3% | |
| 3Y CAGR | 2.5% | 3.9% | 4.5% | 20.1% | 37.7% | 16.3% | |
| Latest Twelve Months | -35.1% | -19.6% | -18.0% | 8.7% | 15.5% | -0.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 6.8% | 24.6% | 24.7% | 40.1% | 18.0% | 6.4% | |
| Prior Fiscal Year | 7.0% | 26.3% | 26.4% | 42.9% | 22.4% | 9.8% | |
| Latest Fiscal Year | 6.8% | 22.6% | 23.1% | 41.1% | 23.5% | 8.4% | |
| Latest Twelve Months | 4.5% | 21.1% | 21.6% | 41.2% | 23.5% | 8.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.57x | 1.81x | 3.24x | 13.56x | 2.50x | 0.94x | |
| EV / LTM EBITDA | 9.0x | 7.4x | 13.0x | 31.5x | 9.0x | 8.3x | |
| EV / LTM EBIT | 12.8x | 8.6x | 15.0x | 32.9x | 10.7x | 11.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 8.6x | 12.8x | 32.9x | ||||
| Historical EV / LTM EBIT | 12.2x | 14.0x | 269.6x | ||||
| Selected EV / LTM EBIT | 12.8x | 13.5x | 14.2x | ||||
| (x) LTM EBIT | 363 | 363 | 363 | ||||
| (=) Implied Enterprise Value | 4,650 | 4,895 | 5,139 | ||||
| (-) Non-shareholder Claims * | (1,157) | (1,157) | (1,157) | ||||
| (=) Equity Value | 3,493 | 3,738 | 3,982 | ||||
| (/) Shares Outstanding | 69.0 | 69.0 | 69.0 | ||||
| Implied Value Range | 50.61 | 54.16 | 57.70 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 50.61 | 54.16 | 57.70 | 41.98 | |||
| Upside / (Downside) | 20.6% | 29.0% | 37.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | PUM | DIO | MOH | HMI | PRP | BOSS | |
| Enterprise Value | 4,931 | 146,968 | 269,692 | 211,377 | 14,005 | 4,054 | |
| (+) Cash & Short Term Investments | 293 | 12,518 | 12,332 | 10,321 | 598 | 106 | |
| (+) Investments & Other | 0 | 2,903 | 2,903 | 1,271 | 66 | 0 | |
| (-) Debt | (2,584) | (39,720) | (39,705) | (2,061) | (2,802) | (1,247) | |
| (-) Other Liabilities | (13) | (40,835) | (1,580) | (16) | (20) | (16) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,627 | 81,834 | 243,642 | 220,892 | 11,847 | 2,897 | |
| (/) Shares Outstanding | 145.4 | 180.4 | 497.0 | 104.8 | 2,558.8 | 69.0 | |
| Implied Stock Price | 18.06 | 453.60 | 490.20 | 2,107.00 | 4.63 | 41.98 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 18.06 | 453.60 | 490.20 | 2,107.00 | 4.63 | 41.98 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |