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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 9.7x - 10.8x | 10.2x |
| Selected Fwd EBIT Multiple | 9.5x - 10.5x | 10.0x |
| Fair Value | $10.45 - $14.81 | $12.63 |
| Upside | -38.9% - -13.3% | -26.1% |
| Benchmarks | Ticker | Full Ticker |
| Abercrombie & Fitch Co. | ANF | NYSE:ANF |
| Foot Locker, Inc. | FL | NYSE:FL |
| Urban Outfitters, Inc. | URBN | NasdaqGS:URBN |
| Burlington Stores, Inc. | BURL | NYSE:BURL |
| Ulta Beauty, Inc. | ULTA | NasdaqGS:ULTA |
| Victoria's Secret & Co. | VSCO | NYSE:VSCO |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| ANF | FL | URBN | BURL | ULTA | VSCO | ||
| NYSE:ANF | NYSE:FL | NasdaqGS:URBN | NYSE:BURL | NasdaqGS:ULTA | NYSE:VSCO | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 40.7% | -23.0% | 12.9% | 2.1% | 11.7% | 29.2% | |
| 3Y CAGR | 28.8% | -43.1% | 5.4% | -2.8% | 6.4% | -27.8% | |
| Latest Twelve Months | 52.7% | 3.2% | 23.3% | 28.9% | -6.7% | 8.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 7.1% | 6.1% | 6.1% | 4.4% | 12.9% | 8.2% | |
| Prior Fiscal Year | 11.5% | 2.3% | 7.5% | 5.8% | 15.0% | 4.9% | |
| Latest Fiscal Year | 15.2% | 2.4% | 8.6% | 6.8% | 13.9% | 5.2% | |
| Latest Twelve Months | 15.2% | 2.4% | 8.6% | 6.8% | 13.9% | 5.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.74x | 0.42x | 0.72x | 1.83x | 1.56x | 0.62x | |
| EV / LTM EBITDA | 4.1x | 8.6x | 6.6x | 18.6x | 9.6x | 6.6x | |
| EV / LTM EBIT | 4.9x | 17.5x | 8.3x | 26.8x | 11.2x | 11.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 4.9x | 11.2x | 26.8x | ||||
| Historical EV / LTM EBIT | 7.3x | 10.7x | 14.9x | ||||
| Selected EV / LTM EBIT | 9.7x | 10.2x | 10.8x | ||||
| (x) LTM EBIT | 327 | 327 | 327 | ||||
| (=) Implied Enterprise Value | 3,182 | 3,350 | 3,517 | ||||
| (-) Non-shareholder Claims * | (2,448) | (2,448) | (2,448) | ||||
| (=) Equity Value | 734 | 902 | 1,069 | ||||
| (/) Shares Outstanding | 78.9 | 78.9 | 78.9 | ||||
| Implied Value Range | 9.31 | 11.43 | 13.55 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 9.31 | 11.43 | 13.55 | 17.09 | |||
| Upside / (Downside) | -45.6% | -33.1% | -20.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ANF | FL | URBN | BURL | ULTA | VSCO | |
| Enterprise Value | 3,676 | 3,383 | 4,379 | 19,409 | 17,598 | 3,796 | |
| (+) Cash & Short Term Investments | 889 | 401 | 610 | 995 | 703 | 227 | |
| (+) Investments & Other | 0 | 121 | 441 | 46 | 0 | 47 | |
| (-) Debt | (952) | (2,784) | (1,098) | (5,372) | (1,923) | (2,698) | |
| (-) Other Liabilities | (16) | 0 | 0 | 0 | 0 | (24) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,597 | 1,121 | 4,332 | 15,078 | 16,378 | 1,348 | |
| (/) Shares Outstanding | 48.9 | 95.0 | 92.7 | 62.6 | 45.3 | 78.9 | |
| Implied Stock Price | 73.61 | 11.81 | 46.75 | 241.05 | 361.46 | 17.09 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 73.61 | 11.81 | 46.75 | 241.05 | 361.46 | 17.09 | |
| 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 | |