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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 12.8x - 14.1x | 13.4x |
| Selected Fwd EBIT Multiple | -2,040.0x - -2,254.8x | -2,147.4x |
| Fair Value | €1.28 - €1.61 | €1.44 |
| Upside | -49.2% - -36.2% | -42.7% |
| Benchmarks | Ticker | Full Ticker |
| Under Armour, Inc. | UAA | NYSE:UAA |
| Crocs, Inc. | CROX | NasdaqGS:CROX |
| Deckers Outdoor Corporation | DECK | NYSE:DECK |
| G-III Apparel Group, Ltd. | GIII | NasdaqGS:GIII |
| lululemon athletica inc. | LULU | NasdaqGS:LULU |
| Fossil Group, Inc. | FSL | DB:FSL |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| UAA | CROX | DECK | GIII | LULU | FSL | ||
| NYSE:UAA | NasdaqGS:CROX | NYSE:DECK | NasdaqGS:GIII | NasdaqGS:LULU | DB:FSL | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 52.1% | 28.4% | 4.1% | 23.0% | NM- | |
| 3Y CAGR | -21.6% | 15.3% | 27.7% | -1.8% | 22.2% | NM- | |
| Latest Twelve Months | -1.4% | -6.1% | 21.7% | 2.7% | 12.0% | 135.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 5.5% | 25.1% | 20.2% | 8.6% | 21.6% | -0.4% | |
| Prior Fiscal Year | 4.1% | 26.4% | 21.8% | 9.4% | 23.0% | -6.5% | |
| Latest Fiscal Year | 3.9% | 25.5% | 23.7% | 9.5% | 23.7% | -3.0% | |
| Latest Twelve Months | 4.3% | 24.3% | 23.7% | 9.4% | 23.4% | 2.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.57x | 1.52x | 3.00x | 0.34x | 2.29x | 0.33x | |
| EV / LTM EBITDA | 8.3x | 5.8x | 11.9x | 3.3x | 8.3x | 8.8x | |
| EV / LTM EBIT | 13.3x | 6.3x | 12.6x | 3.6x | 9.8x | 13.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 3.6x | 9.8x | 13.3x | ||||
| Historical EV / LTM EBIT | -7.8x | -5.0x | 9.7x | ||||
| Selected EV / LTM EBIT | 12.8x | 13.4x | 14.1x | ||||
| (x) LTM EBIT | 26 | 26 | 26 | ||||
| (=) Implied Enterprise Value | 337 | 354 | 372 | ||||
| (-) Non-shareholder Claims * | (198) | (198) | (198) | ||||
| (=) Equity Value | 139 | 156 | 174 | ||||
| (/) Shares Outstanding | 46.6 | 46.6 | 46.6 | ||||
| Implied Value Range | 2.97 | 3.35 | 3.73 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.56 | 2.89 | 3.21 | 2.52 | |||
| Upside / (Downside) | 1.6% | 14.6% | 27.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | UAA | CROX | DECK | GIII | LULU | FSL | |
| Enterprise Value | 2,939 | 6,286 | 15,359 | 1,076 | 24,610 | 335 | |
| (+) Cash & Short Term Investments | 911 | 201 | 1,720 | 258 | 1,325 | 110 | |
| (+) Investments & Other | 0 | 0 | 0 | 111 | 0 | 0 | |
| (-) Debt | (1,676) | (1,774) | (312) | (289) | (1,707) | (324) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 16 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,174 | 4,713 | 16,767 | 1,157 | 24,229 | 136 | |
| (/) Shares Outstanding | 428.8 | 54.6 | 148.3 | 43.3 | 119.7 | 46.6 | |
| Implied Stock Price | 5.07 | 86.29 | 113.03 | 26.71 | 202.44 | 2.93 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
| Implied Stock Price (Trading Cur) | 5.07 | 86.29 | 113.03 | 26.71 | 202.44 | 2.52 | |
| 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 | |