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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 13.3x - 14.7x | 14.0x |
| Selected Fwd EBITDA Multiple | 9.4x - 10.4x | 9.9x |
| Fair Value | €12.16 - €13.26 | €12.71 |
| Upside | 22.9% - 34.0% | 28.4% |
| Benchmarks | Ticker | Full Ticker |
| 361 Degrees International Limited | 1361 | SEHK:1361 |
| JNBY Design Limited | 3306 | SEHK:3306 |
| Li Ning Company Limited | 2331 | SEHK:2331 |
| Daphne International Holdings Limited | 210 | SEHK:210 |
| Ningbo Peacebird Fashion Co.,Ltd. | 603877 | SHSE:603877 |
| ANTA Sports Products Limited | AS7 | DB:AS7 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 1361 | 3306 | 2331 | 210 | 603877 | AS7 | ||
| SEHK:1361 | SEHK:3306 | SEHK:2331 | SEHK:210 | SHSE:603877 | DB:AS7 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 12.2% | 14.3% | 21.7% | NM- | -9.2% | 14.3% | |
| 3Y CAGR | 14.3% | 11.7% | -3.2% | NM- | -25.1% | 15.4% | |
| Latest Twelve Months | 15.8% | 6.8% | 12.7% | 18.6% | -31.2% | 7.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 16.3% | 21.6% | 19.7% | 2.2% | 6.8% | 24.9% | |
| Prior Fiscal Year | 16.4% | 21.5% | 16.6% | 36.5% | 7.8% | 26.3% | |
| Latest Fiscal Year | 15.9% | 25.2% | 18.0% | 35.2% | 5.6% | 24.9% | |
| Latest Twelve Months | 15.9% | 25.0% | 18.0% | 35.2% | 5.2% | 24.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.86x | 1.37x | 0.72x | 1.52x | 0.95x | 2.72x | |
| EV / LTM EBITDA | 5.4x | 5.5x | 4.0x | 4.3x | 18.4x | 10.9x | |
| EV / LTM EBIT | 5.7x | 6.0x | 5.2x | 5.1x | 27.1x | 11.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.0x | 5.4x | 18.4x | ||||
| Historical EV / LTM EBITDA | 10.2x | 19.5x | 29.7x | ||||
| Selected EV / LTM EBITDA | 13.3x | 14.0x | 14.7x | ||||
| (x) LTM EBITDA | 17,666 | 17,666 | 17,666 | ||||
| (=) Implied Enterprise Value | 235,708 | 248,114 | 260,519 | ||||
| (-) Non-shareholder Claims * | 41,324 | 41,324 | 41,324 | ||||
| (=) Equity Value | 277,032 | 289,438 | 301,843 | ||||
| (/) Shares Outstanding | 2,807.2 | 2,807.2 | 2,807.2 | ||||
| Implied Value Range | 98.69 | 103.10 | 107.52 | ||||
| FX Rate: CNY/EUR | 8.3 | 8.3 | 8.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 11.89 | 12.42 | 12.95 | 9.90 | |||
| Upside / (Downside) | 20.1% | 25.5% | 30.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 1361 | 3306 | 2331 | 210 | 603877 | AS7 | |
| Enterprise Value | 8,583 | 7,344 | 20,178 | 477 | 6,331 | 189,323 | |
| (+) Cash & Short Term Investments | 4,256 | 1,860 | 15,763 | 510 | 1,960 | 35,079 | |
| (+) Investments & Other | 19 | 215 | 4,572 | 1 | 4 | 39,375 | |
| (-) Debt | (265) | (689) | (1,936) | (7) | (1,481) | (28,120) | |
| (-) Other Liabilities | (454) | (47) | 0 | (4) | (7) | (5,010) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 12,139 | 8,682 | 38,577 | 977 | 6,807 | 230,647 | |
| (/) Shares Outstanding | 2,067.7 | 516.0 | 2,575.5 | 1,978.6 | 471.1 | 2,807.2 | |
| Implied Stock Price | 5.87 | 16.83 | 14.98 | 0.49 | 14.45 | 82.16 | |
| FX Conversion Rate to Trading Currency | 0.91 | 0.91 | 0.91 | 0.91 | 1.00 | 8.30 | |
| Implied Stock Price (Trading Cur) | 6.42 | 18.40 | 16.38 | 0.54 | 14.45 | 9.90 | |
| Trading Currency | HKD | HKD | HKD | HKD | CNY | EUR | |
| FX Rate to Reporting Currency | 0.91 | 0.91 | 0.91 | 0.91 | 1.00 | 8.30 | |