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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 195.0x - 215.6x | 205.3x |
| Selected Fwd EBIT Multiple | 45.6x - 50.4x | 48.0x |
| Fair Value | $39.82 - $41.63 | $40.72 |
| Upside | -31.1% - -28.0% | -29.5% |
| Benchmarks | Ticker | Full Ticker |
| eBay Inc. | EBA | DB:EBA |
| Amazon.com, Inc. | AMZ | DB:AMZ |
| Macy's, Inc. | FDO | DB:FDO |
| Dillard's, Inc. | DL7A | DB:DL7A |
| Kohl's Corporation | KHP | DB:KHP |
| Prosus N.V. | PROS.F | OTCPK:PROS.F |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| EBA | AMZ | FDO | DL7A | KHP | PROS.F | ||
| DB:EBA | DB:AMZ | DB:FDO | DB:DL7A | DB:KHP | OTCPK:PROS.F | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 4.2% | 36.4% | -4.7% | 35.0% | -16.3% | NM- | |
| 3Y CAGR | -8.7% | 40.2% | -26.9% | -13.6% | -33.3% | NM- | |
| Latest Twelve Months | -2.1% | 40.1% | -27.0% | -20.3% | -22.2% | 212.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 24.8% | 6.3% | 4.5% | 11.1% | 3.4% | -9.9% | |
| Prior Fiscal Year | 21.2% | 6.4% | 5.3% | 13.2% | 4.1% | -3.1% | |
| Latest Fiscal Year | 21.9% | 10.8% | 4.0% | 10.9% | 3.1% | 3.0% | |
| Latest Twelve Months | 20.7% | 11.4% | 3.8% | 10.6% | 3.2% | 3.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.24x | 3.62x | 0.35x | 1.02x | 0.53x | 13.05x | |
| EV / LTM EBITDA | 17.6x | 18.1x | 5.6x | 7.7x | 6.9x | 290.7x | |
| EV / LTM EBIT | 20.5x | 31.8x | 9.4x | 9.6x | 16.7x | 428.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 9.4x | 16.7x | 31.8x | ||||
| Historical EV / LTM EBIT | -192.9x | -97.6x | 428.3x | ||||
| Selected EV / LTM EBIT | 195.0x | 205.3x | 215.6x | ||||
| (x) LTM EBIT | 188 | 188 | 188 | ||||
| (=) Implied Enterprise Value | 36,668 | 38,598 | 40,528 | ||||
| (-) Non-shareholder Claims * | 50,372 | 50,372 | 50,372 | ||||
| (=) Equity Value | 87,040 | 88,970 | 90,900 | ||||
| (/) Shares Outstanding | 2,226.3 | 2,226.3 | 2,226.3 | ||||
| Implied Value Range | 39.10 | 39.96 | 40.83 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 39.10 | 39.96 | 40.83 | 57.80 | |||
| Upside / (Downside) | -32.4% | -30.9% | -29.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | EBA | AMZ | FDO | DL7A | KHP | PROS.F | |
| Enterprise Value | 43,506 | 2,427,440 | 8,037 | 6,691 | 8,475 | 78,306 | |
| (+) Cash & Short Term Investments | 3,750 | 93,180 | 932 | 1,159 | 153 | 18,898 | |
| (+) Investments & Other | 2,520 | 9,900 | 0 | 0 | 0 | 48,074 | |
| (-) Debt | (7,162) | (159,570) | (5,664) | (554) | (7,371) | (16,521) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | (79) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 42,614 | 2,370,950 | 3,305 | 7,296 | 1,257 | 128,678 | |
| (/) Shares Outstanding | 457.0 | 10,664.9 | 271.5 | 15.6 | 112.0 | 2,226.3 | |
| Implied Stock Price | 93.25 | 222.31 | 12.17 | 467.29 | 11.22 | 57.80 | |
| FX Conversion Rate to Trading Currency | 1.17 | 1.17 | 1.17 | 1.17 | 1.17 | 1.00 | |
| Implied Stock Price (Trading Cur) | 79.82 | 190.30 | 10.42 | 400.00 | 9.61 | 57.80 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | USD | |
| FX Rate to Reporting Currency | 1.17 | 1.17 | 1.17 | 1.17 | 1.17 | 1.00 | |