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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 15.7x - 17.3x | 16.5x |
| Selected Fwd EBIT Multiple | 12.3x - 13.5x | 12.9x |
| Fair Value | €7.11 - €7.93 | €7.52 |
| Upside | 25.6% - 40.1% | 32.9% |
| Benchmarks | Ticker | Full Ticker |
| Ermenegildo Zegna N.V. | JN0 | DB:JN0 |
| Brunello Cucinelli S.p.A. | BC | BIT:BC |
| Moncler S.p.A. | MONC | BIT:MONC |
| Hugo Boss AG | BOSS | DB:BOSS |
| Aeffe S.p.A. | AEF | BIT:AEF |
| Prada S.p.A. | PRP | DB:PRP |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| JN0 | BC | MONC | BOSS | AEF | PRP | ||
| DB:JN0 | BIT:BC | BIT:MONC | DB:BOSS | BIT:AEF | DB:PRP | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 10.8% | 20.4% | 13.3% | 0.3% | NM- | 33.0% | |
| 3Y CAGR | 11.1% | 37.8% | 16.5% | 16.3% | NM- | 37.7% | |
| Latest Twelve Months | -18.0% | 7.9% | 2.5% | -12.1% | -49.5% | 20.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 9.7% | 12.8% | 28.5% | 6.3% | -1.1% | 16.1% | |
| Prior Fiscal Year | 11.8% | 17.4% | 30.0% | 9.8% | -6.5% | 22.4% | |
| Latest Fiscal Year | 9.5% | 16.8% | 29.5% | 8.4% | -11.8% | 23.5% | |
| Latest Twelve Months | 9.5% | 16.8% | 29.5% | 8.4% | -11.8% | 23.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.28x | 5.93x | 4.62x | 0.86x | 0.78x | 2.92x | |
| EV / LTM EBITDA | 9.6x | 29.2x | 14.3x | 7.7x | 52.7x | 10.5x | |
| EV / LTM EBIT | 13.5x | 35.3x | 15.7x | 10.3x | -6.6x | 12.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -6.6x | 13.5x | 35.3x | ||||
| Historical EV / LTM EBIT | 12.4x | 20.8x | 157.1x | ||||
| Selected EV / LTM EBIT | 15.7x | 16.5x | 17.3x | ||||
| (x) LTM EBIT | 1,279 | 1,279 | 1,279 | ||||
| (=) Implied Enterprise Value | 20,069 | 21,126 | 22,182 | ||||
| (-) Non-shareholder Claims * | (1,758) | (1,758) | (1,758) | ||||
| (=) Equity Value | 18,311 | 19,367 | 20,424 | ||||
| (/) Shares Outstanding | 2,558.8 | 2,558.8 | 2,558.8 | ||||
| Implied Value Range | 7.16 | 7.57 | 7.98 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 7.16 | 7.57 | 7.98 | 5.66 | |||
| Upside / (Downside) | 26.5% | 33.8% | 41.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | JN0 | BC | MONC | BOSS | AEF | PRP | |
| Enterprise Value | 2,497 | 7,595 | 14,373 | 3,741 | 211 | 16,236 | |
| (+) Cash & Short Term Investments | 293 | 183 | 1,188 | 211 | 21 | 1,012 | |
| (+) Investments & Other | 26 | 18 | 4 | 6 | 0 | 38 | |
| (-) Debt | (1,050) | (963) | (957) | (1,404) | (173) | (2,787) | |
| (-) Other Liabilities | (67) | (17) | (0) | (23) | (0) | (20) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,699 | 6,815 | 14,607 | 2,529 | 58 | 14,478 | |
| (/) Shares Outstanding | 252.6 | 68.0 | 270.6 | 69.0 | 98.4 | 2,558.8 | |
| Implied Stock Price | 6.73 | 100.30 | 53.98 | 36.65 | 0.59 | 5.66 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 6.73 | 100.30 | 53.98 | 36.65 | 0.59 | 5.66 | |
| 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 | |