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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 12.4x - 13.7x | 13.0x |
| Selected Fwd EBITDA Multiple | 8.7x - 9.6x | 9.1x |
| Fair Value | €229.82 - €267.28 | €248.55 |
| Upside | 11.1% - 29.2% | 20.2% |
| Benchmarks | Ticker | Full Ticker |
| LVMH Moët Hennessy - Louis Vuitton, Société Européenne | MC | ENXTPA:MC |
| Hermès International Société en commandite par actions | RMS | ENXTPA:RMS |
| Moncler S.p.A. | MONC | BIT:MONC |
| Compagnie Financière Richemont SA | CFR | SWX:CFR |
| Ermenegildo Zegna N.V. | JN0 | DB:JN0 |
| Kering SA | KER | ENXTPA:KER |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| MC | RMS | MONC | CFR | JN0 | KER | ||
| ENXTPA:MC | ENXTPA:RMS | BIT:MONC | SWX:CFR | DB:JN0 | ENXTPA:KER | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 10.0% | 21.8% | 12.7% | 16.0% | 12.8% | -7.8% | |
| 3Y CAGR | 5.3% | 22.2% | 14.3% | 36.2% | 76.0% | -14.5% | |
| Latest Twelve Months | -11.2% | 15.7% | 2.1% | -9.0% | -22.6% | -37.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 28.3% | 42.0% | 32.5% | 23.0% | 14.8% | 29.2% | |
| Prior Fiscal Year | 29.3% | 45.0% | 33.0% | 28.7% | 14.0% | 28.6% | |
| Latest Fiscal Year | 26.5% | 46.1% | 32.4% | 26.6% | 15.3% | 20.5% | |
| Latest Twelve Months | 26.5% | 46.1% | 32.4% | 24.8% | 10.0% | 20.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.89x | 16.76x | 5.11x | 4.81x | 1.24x | 2.35x | |
| EV / LTM EBITDA | 14.7x | 36.4x | 15.8x | 19.4x | 12.4x | 11.5x | |
| EV / LTM EBIT | 16.8x | 41.4x | 17.3x | 22.3x | 13.5x | 15.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 12.4x | 15.8x | 36.4x | ||||
| Historical EV / LTM EBITDA | 9.4x | 11.5x | 20.8x | ||||
| Selected EV / LTM EBITDA | 12.4x | 13.0x | 13.7x | ||||
| (x) LTM EBITDA | 3,520 | 3,520 | 3,520 | ||||
| (=) Implied Enterprise Value | 43,561 | 45,853 | 48,146 | ||||
| (-) Non-shareholder Claims * | (15,452) | (15,452) | (15,452) | ||||
| (=) Equity Value | 28,109 | 30,401 | 32,694 | ||||
| (/) Shares Outstanding | 122.6 | 122.6 | 122.6 | ||||
| Implied Value Range | 229.27 | 247.97 | 266.67 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 229.27 | 247.97 | 266.67 | 206.80 | |||
| Upside / (Downside) | 10.9% | 19.9% | 29.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MC | RMS | MONC | CFR | JN0 | KER | |
| Enterprise Value | 327,358 | 252,439 | 16,137 | 97,590 | 2,423 | 40,806 | |
| (+) Cash & Short Term Investments | 13,609 | 11,642 | 1,188 | 19,170 | 321 | 3,518 | |
| (+) Investments & Other | 2,979 | 1,288 | 4 | 932 | 19 | 1,998 | |
| (-) Debt | (41,304) | (2,174) | (957) | (17,387) | (1,020) | (20,142) | |
| (-) Other Liabilities | (1,770) | (7) | (0) | (67) | (62) | (826) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 300,872 | 263,188 | 16,372 | 100,238 | 1,681 | 25,354 | |
| (/) Shares Outstanding | 499.4 | 104.7 | 270.6 | 590.4 | 252.4 | 122.6 | |
| Implied Stock Price | 602.50 | 2,513.00 | 60.50 | 169.79 | 6.66 | 206.80 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.05 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 602.50 | 2,513.00 | 60.50 | 162.25 | 6.66 | 206.80 | |
| Trading Currency | EUR | EUR | EUR | CHF | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.05 | 1.00 | 1.00 | |