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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 13.9x - 15.4x | 14.7x |
| Selected Fwd EBIT Multiple | 12.7x - 14.0x | 13.3x |
| Fair Value | €103.36 - €113.38 | €108.37 |
| Upside | 19.7% - 31.4% | 25.5% |
| Benchmarks | Ticker | Full Ticker |
| Hanesbrands Inc. | HBI | NYSE:HBI |
| Under Armour, Inc. | UAA | NYSE:UAA |
| Fossil Group, Inc. | FOSL | NasdaqGS:FOSL |
| Crocs, Inc. | CROX | NasdaqGS:CROX |
| Skechers U.S.A., Inc. | SKX | NYSE:SKX |
| Deckers Outdoor Corporation | DO2 | DB:DO2 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| HBI | UAA | FOSL | CROX | SKX | DO2 | ||
| NYSE:HBI | NYSE:UAA | NasdaqGS:FOSL | NasdaqGS:CROX | NYSE:SKX | DB:DO2 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -14.9% | NM- | NM- | 52.1% | 11.8% | 28.4% | |
| 3Y CAGR | -24.2% | -21.6% | NM- | 15.3% | 14.8% | 27.7% | |
| Latest Twelve Months | 48.9% | -1.4% | 92.9% | -6.1% | -1.6% | 21.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 10.8% | 5.5% | -0.8% | 25.1% | 8.3% | 20.2% | |
| Prior Fiscal Year | 6.8% | 4.1% | -6.5% | 26.4% | 9.8% | 21.8% | |
| Latest Fiscal Year | 11.3% | 3.9% | -3.0% | 25.5% | 10.1% | 23.7% | |
| Latest Twelve Months | 12.9% | 4.3% | -0.5% | 24.3% | 8.9% | 23.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.17x | 0.59x | 0.28x | 1.37x | 1.15x | 2.67x | |
| EV / LTM EBITDA | 8.1x | 8.7x | 35.9x | 5.3x | 10.1x | 10.6x | |
| EV / LTM EBIT | 9.1x | 13.9x | -51.7x | 5.7x | 12.9x | 11.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -51.7x | 9.1x | 13.9x | ||||
| Historical EV / LTM EBIT | 12.1x | 17.5x | 25.5x | ||||
| Selected EV / LTM EBIT | 13.9x | 14.7x | 15.4x | ||||
| (x) LTM EBIT | 1,216 | 1,216 | 1,216 | ||||
| (=) Implied Enterprise Value | 16,925 | 17,816 | 18,707 | ||||
| (-) Non-shareholder Claims * | 1,408 | 1,408 | 1,408 | ||||
| (=) Equity Value | 18,333 | 19,224 | 20,115 | ||||
| (/) Shares Outstanding | 148.3 | 148.3 | 148.3 | ||||
| Implied Value Range | 123.59 | 129.59 | 135.60 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 106.15 | 111.31 | 116.47 | 86.32 | |||
| Upside / (Downside) | 23.0% | 28.9% | 34.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | HBI | UAA | FOSL | CROX | SKX | DO2 | |
| Enterprise Value | 4,072 | 3,083 | 317 | 5,682 | 10,705 | 13,500 | |
| (+) Cash & Short Term Investments | 220 | 911 | 78 | 201 | 1,483 | 1,720 | |
| (+) Investments & Other | 81 | 0 | 0 | 0 | 77 | 0 | |
| (-) Debt | (2,662) | (1,676) | (322) | (1,774) | (2,247) | (312) | |
| (-) Other Liabilities | 0 | 0 | 16 | 0 | (600) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,712 | 2,318 | 90 | 4,109 | 9,419 | 14,909 | |
| (/) Shares Outstanding | 353.7 | 426.1 | 53.6 | 54.6 | 149.6 | 148.3 | |
| Implied Stock Price | 4.84 | 5.44 | 1.67 | 75.24 | 62.96 | 100.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
| Implied Stock Price (Trading Cur) | 4.84 | 5.44 | 1.67 | 75.24 | 62.96 | 86.32 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |