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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | -12.2x - -13.4x | -12.8x |
Selected Fwd EBIT Multiple | 139.7x - 154.4x | 147.1x |
Fair Value | 2.91$ - 3.57$ | 3.24$ |
Upside | -48.2% - -36.5% | -42.4% |
Benchmarks | Ticker | Full Ticker |
ThredUp Inc. | TDUP | NasdaqGS:TDUP |
Amazon.com, Inc. | AMZN | NasdaqGS:AMZN |
Petco Health and Wellness Company, Inc. | WOOF | NasdaqGS:WOOF |
RumbleOn, Inc. | RMBL | NasdaqCM:RMBL |
Barnes & Noble Education, Inc. | BNED | NYSE:BNED |
The RealReal, Inc. | REAL | NasdaqGS:REAL |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
TDUP | AMZN | WOOF | RMBL | BNED | REAL | ||
NasdaqGS:TDUP | NasdaqGS:AMZN | NasdaqGS:WOOF | NasdaqCM:RMBL | NYSE:BNED | NasdaqGS:REAL | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | 36.4% | -45.2% | NM- | -30.0% | NM- | |
3Y CAGR | NM- | 40.2% | -71.1% | NM- | NM- | NM- | |
Latest Twelve Months | 23.4% | 86.1% | -84.3% | 1857.1% | 307.8% | 54.2% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | -24.9% | 5.7% | 3.0% | -0.6% | -3.4% | -34.3% | |
Prior Fiscal Year | -20.5% | 6.4% | 0.7% | -0.1% | -3.3% | -22.4% | |
Latest Fiscal Year | -15.6% | 10.8% | 0.1% | 2.0% | 0.4% | -9.4% | |
Latest Twelve Months | -15.6% | 10.8% | 0.1% | 2.0% | 2.1% | -9.4% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.21x | 3.29x | 0.59x | 0.57x | 0.45x | 1.66x | |
EV / LTM EBITDA | -13.6x | 17.4x | 17.3x | 17.6x | 9.6x | -43.1x | |
EV / LTM EBIT | -7.8x | 30.6x | 507.9x | 27.9x | 21.1x | -17.8x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -7.8x | 27.9x | 507.9x | ||||
Historical EV / LTM EBIT | -17.8x | -5.5x | -2.2x | ||||
Selected EV / LTM EBIT | -12.2x | -12.8x | -13.4x | ||||
(x) LTM EBIT | (56) | (56) | (56) | ||||
(=) Implied Enterprise Value | 685 | 721 | 757 | ||||
(-) Non-shareholder Claims * | (374) | (374) | (374) | ||||
(=) Equity Value | 310 | 347 | 383 | ||||
(/) Shares Outstanding | 111.2 | 111.2 | 111.2 | ||||
Implied Value Range | 2.79 | 3.12 | 3.44 | ||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 2.79 | 3.12 | 3.44 | 5.62 | |||
Upside / (Downside) | -50.3% | -44.6% | -38.8% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | TDUP | AMZN | WOOF | RMBL | BNED | REAL | |
Enterprise Value | 316 | 2,091,704 | 3,581 | 687 | 699 | 1,000 | |
(+) Cash & Short Term Investments | 44 | 101,202 | 166 | 85 | 9 | 172 | |
(+) Investments & Other | 0 | 4,889 | 0 | 0 | 0 | 0 | |
(-) Debt | (59) | (155,401) | (2,927) | (666) | (364) | (547) | |
(-) 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 | 301 | 2,042,394 | 820 | 106 | 344 | 625 | |
(/) Shares Outstanding | 116.2 | 10,597.7 | 276.9 | 37.8 | 34.1 | 111.2 | |
Implied Stock Price | 2.59 | 192.72 | 2.96 | 2.81 | 10.10 | 5.62 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 2.59 | 192.72 | 2.96 | 2.81 | 10.10 | 5.62 | |
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 |