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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 21.8x - 24.1x | 23.0x |
| Selected Fwd EBITDA Multiple | 17.4x - 19.3x | 18.3x |
| Fair Value | €104.70 - €116.95 | €110.82 |
| Upside | 7.8% - 20.4% | 14.1% |
| Benchmarks | Ticker | Full Ticker |
| Moncler S.p.A. | MONC | BIT:MONC |
| Prada S.p.A. | PRP | DB:PRP |
| Ermenegildo Zegna N.V. | JN0 | DB:JN0 |
| Compagnie Financière Richemont SA | CFR | SWX:CFR |
| LVMH Moët Hennessy - Louis Vuitton, Société Européenne | 1MC | BIT:1MC |
| Brunello Cucinelli S.p.A. | BC | BIT:BC |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| MONC | PRP | JN0 | CFR | 1MC | BC | ||
| BIT:MONC | DB:PRP | DB:JN0 | SWX:CFR | BIT:1MC | BIT:BC | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 12.7% | 23.4% | 9.1% | 16.0% | 10.0% | 27.3% | |
| 3Y CAGR | 14.3% | 30.1% | -3.4% | 36.2% | 5.3% | 46.5% | |
| Latest Twelve Months | 2.1% | 17.2% | -10.5% | -9.0% | -11.2% | 52.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 32.5% | 21.9% | 15.5% | 23.0% | 28.3% | 17.9% | |
| Prior Fiscal Year | 33.0% | 27.3% | 15.3% | 28.7% | 29.3% | 21.2% | |
| Latest Fiscal Year | 32.4% | 27.9% | 13.4% | 26.6% | 26.5% | 28.7% | |
| Latest Twelve Months | 32.4% | 27.9% | 13.4% | 24.8% | 26.5% | 28.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.72x | 3.14x | 1.15x | 4.27x | 3.55x | 5.78x | |
| EV / LTM EBITDA | 14.6x | 11.3x | 8.6x | 17.2x | 13.4x | 20.1x | |
| EV / LTM EBIT | 16.0x | 13.3x | 12.1x | 19.8x | 15.4x | 34.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 8.6x | 13.4x | 17.2x | ||||
| Historical EV / LTM EBITDA | 20.1x | 31.5x | 60.1x | ||||
| Selected EV / LTM EBITDA | 21.8x | 23.0x | 24.1x | ||||
| (x) LTM EBITDA | 367 | 367 | 367 | ||||
| (=) Implied Enterprise Value | 8,020 | 8,442 | 8,864 | ||||
| (-) Non-shareholder Claims * | (794) | (794) | (794) | ||||
| (=) Equity Value | 7,226 | 7,648 | 8,070 | ||||
| (/) Shares Outstanding | 67.9 | 67.9 | 67.9 | ||||
| Implied Value Range | 106.41 | 112.62 | 118.84 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 106.41 | 112.62 | 118.84 | 97.15 | |||
| Upside / (Downside) | 9.5% | 15.9% | 22.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MONC | PRP | JN0 | CFR | 1MC | BC | |
| Enterprise Value | 14,676 | 16,942 | 2,366 | 88,396 | 296,896 | 7,391 | |
| (+) Cash & Short Term Investments | 1,188 | 1,012 | 293 | 19,170 | 13,609 | 183 | |
| (+) Investments & Other | 4 | 38 | 26 | 932 | 2,979 | 2 | |
| (-) Debt | (957) | (2,787) | (1,050) | (17,387) | (41,304) | (963) | |
| (-) Other Liabilities | (0) | (20) | (67) | (67) | (1,770) | (17) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 14,910 | 15,184 | 1,567 | 91,044 | 270,410 | 6,597 | |
| (/) Shares Outstanding | 270.6 | 2,558.8 | 252.6 | 590.4 | 499.4 | 67.9 | |
| Implied Stock Price | 55.10 | 5.93 | 6.21 | 154.22 | 541.50 | 97.15 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.07 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 55.10 | 5.93 | 6.21 | 144.55 | 541.50 | 97.15 | |
| Trading Currency | EUR | EUR | EUR | CHF | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.07 | 1.00 | 1.00 | |