| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| FOSL | HBI | VRA | CROX | SKX | | U9R | |
| NasdaqGS:FOSL | NYSE:HBI | NasdaqGS:VRA | NasdaqGS:CROX | NYSE:SKX | | DB:U9R | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | -12.4% | -11.4% | -5.6% | 27.2% | 11.3% | | 2.9% | |
| 3Y CAGR | -15.1% | -19.8% | -11.7% | 21.0% | 12.4% | | -3.4% | |
| Latest Twelve Months | -16.3% | 0.7% | -20.0% | 2.1% | 10.7% | | -9.4% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | -0.8% | 10.8% | 1.5% | 24.4% | 8.1% | | 5.5% | |
| Prior Fiscal Year | -6.5% | 6.8% | 4.0% | 26.4% | 9.8% | | 4.1% | |
| Latest Fiscal Year | -3.0% | 11.3% | -8.0% | 25.5% | 10.1% | | 3.9% | |
| Latest Twelve Months | -0.5% | 12.2% | -10.0% | 24.9% | 9.5% | | 3.9% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 0.27x | 1.16x | 0.34x | 1.75x | 1.20x | | 0.68x | |
| EV / LTM EBIT | -48.7x | 9.5x | -3.4x | 7.0x | 12.6x | | 17.4x | |
| Price / LTM Sales | 0.06x | 0.46x | 0.14x | 1.33x | 1.02x | | 0.53x | |
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| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.27x | 1.16x | 1.75x | | | | | |
| Historical EV / LTM Revenue | 0.62x | 0.74x | 1.75x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 0.95x | 1.00x | 1.05x | | | | | |
| (x) LTM Revenue | 5,164 | 5,164 | 5,164 | | | | | |
| (=) Implied Enterprise Value | 4,909 | 5,167 | 5,426 | | | | | |
| (-) Non-shareholder Claims * | (798) | (798) | (798) | | | | | |
| (=) Equity Value | 4,111 | 4,369 | 4,628 | | | | | |
| (/) Shares Outstanding | 426.1 | 426.1 | 426.1 | | | | | |
| Implied Value Range | 9.65 | 10.25 | 10.86 | | | | | |
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 8.36 | 8.88 | 9.41 | | 5.65 | | | |
| Upside / (Downside) | 47.9% | 57.2% | 66.5% | | | | | |