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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 11.7x - 13.0x | 12.3x |
| Selected Fwd EBIT Multiple | 3.0x - 3.4x | 3.2x |
| Fair Value | $15.87 - $17.01 | $16.44 |
| Upside | 21.0% - 29.7% | 25.3% |
| Benchmarks | Ticker | Full Ticker |
| Tapestry, Inc. | TPR | NYSE:TPR |
| Ralph Lauren Corporation | RL | NYSE:RL |
| PVH Corp. | PVH | NYSE:PVH |
| Kontoor Brands, Inc. | KTB | NYSE:KTB |
| V.F. Corporation | VFC | NYSE:VFC |
| Movado Group, Inc. | MOV | NYSE:MOV |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| TPR | RL | PVH | KTB | VFC | MOV | ||
| NYSE:TPR | NYSE:RL | NYSE:PVH | NYSE:KTB | NYSE:VFC | NYSE:MOV | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 8.9% | 2.4% | -1.6% | 11.1% | -13.0% | -14.1% | |
| 3Y CAGR | 5.9% | 58.6% | -9.1% | 10.4% | -7.6% | -44.6% | |
| Latest Twelve Months | 6.8% | 54.6% | -20.0% | 14.1% | -18.5% | -57.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 16.3% | 9.8% | 7.5% | 11.6% | 9.3% | 9.9% | |
| Prior Fiscal Year | 17.7% | 9.0% | 10.1% | 12.8% | 9.1% | 7.3% | |
| Latest Fiscal Year | 18.8% | 12.0% | 8.6% | 14.7% | 6.0% | 3.1% | |
| Latest Twelve Months | 19.8% | 12.9% | 8.6% | 14.7% | 5.4% | 3.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.39x | 1.89x | 0.71x | 1.39x | 0.83x | 0.29x | |
| EV / LTM EBITDA | 10.7x | 11.8x | 6.0x | 8.5x | 10.1x | 6.7x | |
| EV / LTM EBIT | 12.1x | 14.7x | 8.2x | 9.5x | 15.3x | 9.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 8.2x | 12.1x | 15.3x | ||||
| Historical EV / LTM EBIT | 5.2x | 7.4x | 46.1x | ||||
| Selected EV / LTM EBIT | 11.7x | 12.3x | 13.0x | ||||
| (x) LTM EBIT | 21 | 21 | 21 | ||||
| (=) Implied Enterprise Value | 241 | 254 | 266 | ||||
| (-) Non-shareholder Claims * | 112 | 112 | 112 | ||||
| (=) Equity Value | 353 | 366 | 378 | ||||
| (/) Shares Outstanding | 22.3 | 22.3 | 22.3 | ||||
| Implied Value Range | 15.85 | 16.42 | 16.99 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 15.85 | 16.42 | 16.99 | 13.12 | |||
| Upside / (Downside) | 20.8% | 25.1% | 29.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TPR | RL | PVH | KTB | VFC | MOV | |
| Enterprise Value | 16,182 | 13,141 | 6,104 | 3,629 | 8,461 | 180 | |
| (+) Cash & Short Term Investments | 1,003 | 2,143 | 748 | 334 | 1,369 | 209 | |
| (+) Investments & Other | 1 | 2 | 198 | 0 | 0 | 0 | |
| (-) Debt | (4,107) | (2,684) | (3,397) | (791) | (5,751) | (95) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | (2) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 13,079 | 12,602 | 3,653 | 3,172 | 4,079 | 292 | |
| (/) Shares Outstanding | 207.0 | 61.8 | 52.6 | 55.3 | 389.6 | 22.3 | |
| Implied Stock Price | 63.18 | 204.04 | 69.40 | 57.33 | 10.47 | 13.12 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 63.18 | 204.04 | 69.40 | 57.33 | 10.47 | 13.12 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |