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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0.8x - 0.9x | 0.9x |
| Selected Fwd Revenue Multiple | 0.7x - 0.8x | 0.8x |
| Fair Value | 71.81€ - 79.52€ | 75.66€ |
| Upside | -4.6% - 5.7% | 0.6% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Victoria's Secret & Co. | VSCO | NYSE:VSCO |
| Tilly's, Inc. | TLYS | NYSE:TLYS |
| RH | RH | NYSE:RH |
| DICK'S Sporting Goods, Inc. | DKS | NYSE:DKS |
| Winmark Corporation | WINA | NasdaqGM:WINA |
| Abercrombie & Fitch Co. | AFT | DB:AFT |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| VSCO | TLYS | RH | DKS | WINA | AFT | |||
| NYSE:VSCO | NYSE:TLYS | NYSE:RH | NYSE:DKS | NasdaqGM:WINA | DB:AFT | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | -3.7% | -1.7% | 3.9% | 9.0% | 2.1% | 6.4% | ||
| 3Y CAGR | -2.8% | -9.8% | 2.1% | 3.0% | 1.3% | 10.1% | ||
| Latest Twelve Months | 0.8% | -8.6% | 1.4% | 3.5% | -2.3% | 15.6% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 8.2% | 1.3% | 18.2% | 11.4% | 63.9% | 7.1% | ||
| Prior Fiscal Year | 4.9% | -4.4% | 20.4% | 10.5% | 64.0% | 11.5% | ||
| Latest Fiscal Year | 5.2% | -8.0% | 12.7% | 11.0% | 65.1% | 15.0% | ||
| Latest Twelve Months | 5.2% | -8.0% | 10.6% | 11.0% | 65.1% | 15.0% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.62x | 0.37x | 2.57x | 1.39x | 14.25x | 0.80x | ||
| EV / LTM EBIT | 11.8x | -4.7x | 24.3x | 12.7x | 21.9x | 5.3x | ||
| Price / LTM Sales | 0.23x | 0.12x | 1.39x | 1.19x | 13.62x | 0.78x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.37x | 1.39x | 14.25x | |||||
| Historical EV / LTM Revenue | 0.65x | 0.71x | 1.39x | |||||
| Selected EV / LTM Revenue | 0.81x | 0.86x | 0.90x | |||||
| (x) LTM Revenue | 4,949 | 4,949 | 4,949 | |||||
| (=) Implied Enterprise Value | 4,020 | 4,232 | 4,443 | |||||
| (-) Non-shareholder Claims * | (78) | (78) | (78) | |||||
| (=) Equity Value | 3,942 | 4,153 | 4,365 | |||||
| (/) Shares Outstanding | 50.4 | 50.4 | 50.4 | |||||
| Implied Value Range | 78.25 | 82.45 | 86.65 | |||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | ||||
| Implied Value Range (Trading Cur) | 72.34 | 76.23 | 80.11 | 75.25 | ||||
| Upside / (Downside) | -3.9% | 1.3% | 6.5% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | VSCO | TLYS | RH | DKS | WINA | AFT | |
| Enterprise Value | 3,893 | 213 | 8,040 | 18,926 | 1,167 | 4,178 | |
| (+) Cash & Short Term Investments | 227 | 47 | 87 | 1,690 | 12 | 889 | |
| (+) Investments & Other | 47 | 0 | 130 | 0 | 0 | 0 | |
| (-) Debt | (2,698) | (194) | (3,861) | (4,488) | (64) | (952) | |
| (-) Other Liabilities | (24) | 0 | 0 | 0 | 0 | (16) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,445 | 66 | 4,395 | 16,128 | 1,115 | 4,100 | |
| (/) Shares Outstanding | 78.9 | 30.2 | 18.6 | 79.9 | 3.5 | 50.4 | |
| Implied Stock Price | 18.32 | 2.19 | 236.28 | 201.97 | 315.00 | 81.40 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.08 | |
| Implied Stock Price (Trading Cur) | 18.32 | 2.19 | 236.28 | 201.97 | 315.00 | 75.25 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.08 | |