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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 17.5x - 19.4x | 18.4x |
| Selected Fwd EBIT Multiple | 9.8x - 10.9x | 10.4x |
| Fair Value | €12.57 - €14.65 | €13.61 |
| Upside | 39.7% - 62.7% | 51.2% |
| Benchmarks | Ticker | Full Ticker |
| Steven Madden, Ltd. | SHOO | NasdaqGS:SHOO |
| V.F. Corporation | VFC | NYSE:VFC |
| Deckers Outdoor Corporation | DECK | NYSE:DECK |
| Crocs, Inc. | CROX | NasdaqGS:CROX |
| Skechers U.S.A., Inc. | SKX | NYSE:SKX |
| Wolverine World Wide, Inc. | WW4 | DB:WW4 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| SHOO | VFC | DECK | CROX | SKX | WW4 | ||
| NasdaqGS:SHOO | NYSE:VFC | NYSE:DECK | NasdaqGS:CROX | NYSE:SKX | DB:WW4 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 5.9% | -13.0% | 23.5% | 52.1% | 11.8% | -9.4% | |
| 3Y CAGR | 1.8% | -7.6% | 21.6% | 15.3% | 14.8% | -11.1% | |
| Latest Twelve Months | 11.7% | -18.5% | 29.9% | 0.0% | 15.0% | 258.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 10.5% | 9.3% | 19.5% | 23.7% | 8.0% | 4.3% | |
| Prior Fiscal Year | 11.4% | 9.1% | 18.1% | 26.4% | 9.8% | 1.3% | |
| Latest Fiscal Year | 11.1% | 6.0% | 21.8% | 25.5% | 10.1% | 5.9% | |
| Latest Twelve Months | 11.1% | 5.4% | 23.5% | 25.5% | 10.1% | 5.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.61x | 0.83x | 2.81x | 1.58x | 0.92x | 0.86x | |
| EV / LTM EBITDA | 5.2x | 10.1x | 11.3x | 5.8x | 7.4x | 11.6x | |
| EV / LTM EBIT | 5.5x | 15.2x | 11.9x | 6.2x | 9.1x | 14.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 5.5x | 9.1x | 15.2x | ||||
| Historical EV / LTM EBIT | 14.5x | 22.5x | 37.8x | ||||
| Selected EV / LTM EBIT | 17.5x | 18.4x | 19.4x | ||||
| (x) LTM EBIT | 104 | 104 | 104 | ||||
| (=) Implied Enterprise Value | 1,829 | 1,925 | 2,022 | ||||
| (-) Non-shareholder Claims * | (655) | (655) | (655) | ||||
| (=) Equity Value | 1,175 | 1,271 | 1,367 | ||||
| (/) Shares Outstanding | 81.0 | 81.0 | 81.0 | ||||
| Implied Value Range | 14.49 | 15.68 | 16.87 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 12.76 | 13.81 | 14.85 | 9.00 | |||
| Upside / (Downside) | 41.8% | 53.4% | 65.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SHOO | VFC | DECK | CROX | SKX | WW4 | |
| Enterprise Value | 1,392 | 8,399 | 13,652 | 6,491 | 8,141 | 1,483 | |
| (+) Cash & Short Term Investments | 203 | 1,369 | 2,241 | 180 | 1,235 | 152 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 73 | 0 | |
| (-) Debt | (153) | (5,751) | (257) | (1,701) | (1,929) | (798) | |
| (-) Other Liabilities | (28) | 0 | 0 | 0 | (543) | (9) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,414 | 4,017 | 15,636 | 4,970 | 6,976 | 828 | |
| (/) Shares Outstanding | 72.4 | 389.6 | 151.8 | 56.1 | 149.4 | 81.0 | |
| Implied Stock Price | 19.54 | 10.31 | 103.02 | 88.67 | 46.71 | 10.22 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.14 | |
| Implied Stock Price (Trading Cur) | 19.54 | 10.31 | 103.02 | 88.67 | 46.71 | 9.00 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.14 | |