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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | -152.7x - -168.7x | -160.7x |
Selected Fwd EBIT Multiple | 35.0x - 38.7x | 36.9x |
Fair Value | €14.71 - €15.35 | €15.03 |
Upside | -38.5% - -35.8% | -37.2% |
Benchmarks | Ticker | Full Ticker |
Best Buy Co., Inc. | BBY | NYSE:BBY |
Amazon.com, Inc. | AMZN | NasdaqGS:AMZN |
Burlington Stores, Inc. | BURL | NYSE:BURL |
Five Below, Inc. | FIVE | NasdaqGS:FIVE |
Urban Outfitters, Inc. | URBN | NasdaqGS:URBN |
GameStop Corp. | GME | WBAG:GME |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
BBY | AMZN | BURL | FIVE | URBN | GME | ||
NYSE:BBY | NasdaqGS:AMZN | NYSE:BURL | NasdaqGS:FIVE | NasdaqGS:URBN | WBAG:GME | ||
Historical EBIT Growth | |||||||
5Y CAGR | -3.3% | 36.4% | 2.1% | 8.3% | 12.9% | NM- | |
3Y CAGR | -16.8% | 40.2% | -2.8% | -5.2% | 5.4% | NM- | |
Latest Twelve Months | 0.4% | 86.1% | 28.9% | -16.0% | 23.3% | 45.1% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 4.8% | 5.7% | 4.4% | 10.4% | 6.1% | -3.5% | |
Prior Fiscal Year | 4.0% | 6.4% | 5.8% | 10.8% | 7.5% | -0.6% | |
Latest Fiscal Year | 4.2% | 10.8% | 6.8% | 8.4% | 8.6% | -0.5% | |
Latest Twelve Months | 4.2% | 10.8% | 6.8% | 8.4% | 8.6% | -0.5% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.37x | 3.07x | 1.80x | 1.28x | 0.74x | 2.00x | |
EV / LTM EBITDA | 5.9x | 16.3x | 18.3x | 10.1x | 6.8x | 355.6x | |
EV / LTM EBIT | 8.8x | 28.6x | 26.4x | 15.3x | 8.6x | -439.3x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 8.6x | 15.3x | 28.6x | ||||
Historical EV / LTM EBIT | -439.3x | -41.2x | -11.9x | ||||
Selected EV / LTM EBIT | -152.7x | -160.7x | -168.7x | ||||
(x) LTM EBIT | (17) | (17) | (17) | ||||
(=) Implied Enterprise Value | 2,656 | 2,796 | 2,936 | ||||
(-) Non-shareholder Claims * | 4,364 | 4,364 | 4,364 | ||||
(=) Equity Value | 7,020 | 7,160 | 7,300 | ||||
(/) Shares Outstanding | 447.1 | 447.1 | 447.1 | ||||
Implied Value Range | 15.70 | 16.02 | 16.33 | ||||
FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
Implied Value Range (Trading Cur) | 13.80 | 14.07 | 14.35 | 23.93 | |||
Upside / (Downside) | -42.3% | -41.2% | -40.1% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | BBY | AMZN | BURL | FIVE | URBN | GME | |
Enterprise Value | 15,222 | 1,955,184 | 19,094 | 4,903 | 4,523 | 7,813 | |
(+) Cash & Short Term Investments | 1,768 | 101,202 | 995 | 529 | 610 | 4,775 | |
(+) Investments & Other | 0 | 4,889 | 46 | 0 | 441 | 0 | |
(-) Debt | (4,067) | (155,401) | (5,372) | (1,982) | (1,098) | (411) | |
(-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 12,923 | 1,905,874 | 14,763 | 3,450 | 4,476 | 12,177 | |
(/) Shares Outstanding | 211.4 | 10,612.4 | 62.6 | 55.0 | 92.7 | 447.1 | |
Implied Stock Price | 61.14 | 179.59 | 236.02 | 62.67 | 48.31 | 27.24 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.14 | |
Implied Stock Price (Trading Cur) | 61.14 | 179.59 | 236.02 | 62.67 | 48.31 | 23.93 | |
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 |