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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 14.3x - 15.8x | 15.0x |
| Selected Fwd EBIT Multiple | 12.5x - 13.8x | 13.1x |
| Fair Value | €6.51 - €7.28 | €6.89 |
| Upside | 44.4% - 61.6% | 53.0% |
| Benchmarks | Ticker | Full Ticker |
| Brunello Cucinelli S.p.A. | BC | BIT:BC |
| Ermenegildo Zegna N.V. | JN0 | DB:JN0 |
| Moncler S.p.A. | MONC | BIT:MONC |
| Hugo Boss AG | BOSS | DB:BOSS |
| Salvatore Ferragamo S.p.A. | SFER | BIT:SFER |
| Prada S.p.A. | PRP | DB:PRP |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| BC | JN0 | MONC | BOSS | SFER | PRP | ||
| BIT:BC | DB:JN0 | BIT:MONC | DB:BOSS | BIT:SFER | DB:PRP | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 20.4% | 10.8% | 13.3% | 0.3% | NM- | 33.0% | |
| 3Y CAGR | 37.8% | 11.1% | 16.5% | 16.3% | NM- | 37.7% | |
| Latest Twelve Months | 7.9% | -18.0% | -4.0% | -0.4% | -286.2% | 15.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 12.8% | 9.7% | 28.8% | 6.4% | 4.9% | 18.0% | |
| Prior Fiscal Year | 17.4% | 11.8% | 30.0% | 9.8% | 6.8% | 22.4% | |
| Latest Fiscal Year | 16.8% | 9.5% | 29.5% | 8.4% | -4.9% | 23.5% | |
| Latest Twelve Months | 16.8% | 9.5% | 28.7% | 8.5% | -12.5% | 23.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.74x | 1.27x | 4.09x | 0.94x | 2.49x | 2.46x | |
| EV / LTM EBITDA | 28.2x | 9.5x | 14.4x | 8.3x | -58.9x | 8.8x | |
| EV / LTM EBIT | 34.2x | 13.4x | 14.3x | 11.1x | -19.9x | 10.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -19.9x | 13.4x | 34.2x | ||||
| Historical EV / LTM EBIT | 14.5x | 20.8x | 157.1x | ||||
| Selected EV / LTM EBIT | 14.3x | 15.0x | 15.8x | ||||
| (x) LTM EBIT | 1,322 | 1,322 | 1,322 | ||||
| (=) Implied Enterprise Value | 18,882 | 19,876 | 20,870 | ||||
| (-) Non-shareholder Claims * | (2,158) | (2,158) | (2,158) | ||||
| (=) Equity Value | 16,724 | 17,718 | 18,712 | ||||
| (/) Shares Outstanding | 2,558.8 | 2,558.8 | 2,558.8 | ||||
| Implied Value Range | 6.54 | 6.92 | 7.31 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 6.54 | 6.92 | 7.31 | 4.51 | |||
| Upside / (Downside) | 45.1% | 53.7% | 62.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BC | JN0 | MONC | BOSS | SFER | PRP | |
| Enterprise Value | 7,316 | 2,459 | 12,696 | 4,024 | 2,450 | 13,685 | |
| (+) Cash & Short Term Investments | 183 | 293 | 890 | 106 | 0 | 598 | |
| (+) Investments & Other | 18 | 26 | 3 | 0 | 0 | 66 | |
| (-) Debt | (963) | (1,050) | (959) | (1,247) | (1,702) | (2,802) | |
| (-) Other Liabilities | (17) | (67) | (0) | (16) | (1) | (20) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 6,537 | 1,661 | 12,629 | 2,867 | 747 | 11,528 | |
| (/) Shares Outstanding | 68.0 | 252.6 | 271.6 | 69.0 | 165.7 | 2,558.8 | |
| Implied Stock Price | 96.20 | 6.58 | 46.50 | 41.54 | 4.51 | 4.51 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 96.20 | 6.58 | 46.50 | 41.54 | 4.51 | 4.51 | |
| 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 | |