Beruflich Dokumente
Kultur Dokumente
Revenue
% growth
Burberry
Actual
2015A
2016A
2,523
2,515
(0.3%)
2017E
2,590
3.0%
Ebitda
% margin
579
22.9%
550
21.9%
531
20.5%
590
21.5%
649
22.4%
710
23.3%
139
89.0%
147
106.6%
142
99.7%
144
95.3%
152
95.2%
159
95.2%
EBIT
% margin
440
17.5%
403
16.0%
389
15.0%
447
16.3%
497
17.1%
550
18.0%
Capex
% of sales
156
6.2%
138
5.5%
142
5.5%
151
5.5%
159
5.5%
167
5.5%
FYE Jan
Revenue
% growth
Prada
Actual
2015A
2016A
2,842
2,572
(9.5%)
2017E
2,837
10.3%
Broker projections
2018E
2019E
2,928
3,060
3.2%
4.5%
2020E
3,251
6.2%
Ebitda
% margin
764
26.9%
582
22.6%
616
21.7%
641
21.9%
667
21.8%
734
22.6%
199
68.7%
237
83.1%
265
125.6%
229
106.0%
236
109.8%
219
85.9%
EBIT
% margin
565
19.9%
345
13.4%
351
12.4%
412
14.1%
431
14.1%
515
15.8%
Capex
% of sales
289
10.2%
286
11.1%
211
7.4%
216
7.4%
215
7.0%
255
7.8%
FYE Dec
Revenue
% growth
TOD's
Actual
2014A
2015A
778
753
(3.2%)
2016E
787
4.6%
Broker projections
2017E
2018E
823
854
4.6%
3.8%
2019E
891
4.3%
Ebitda
% margin
147
18.9%
138
18.4%
144
18.4%
157
19.1%
170
19.9%
179
20.1%
34
64.5%
35
100.6%
31
77.6%
33
78.5%
33
78.4%
38
81.6%
EBIT
% margin
113
14.6%
103
13.7%
113
14.4%
124
15.1%
137
16.1%
141
15.8%
Capex
% of sales
52
6.7%
35
4.6%
41
5.2%
42
5.1%
42
5.0%
46
5.2%
Broker projections
2018E
2019E
2,746
2,900
6.0%
5.6%
2020E
3,052
5.3%
Comparable trading metrics and multiples (calendarised March year end, firm value and market cap in mm)
Company
Pure Luxury
LVMH
Herms
Kering
Prada
Burberry
Moncler
Tods
Brunello
JimmyChoo
Average
Median
Soft Luxury
Richemont
Luxottica
Swatch
Tiffany
Average
Median
Overall Average
Overall Median
Market
Firm
Net debt/
FV/EBITDA
cap
value
57,230
30,230
15,816
6,070
5,187
3,058
1,329
915
409
61,392
28,845
20,357
6,195
4,582
3,101
1,218
961
530
0.5x
(0.9x)
2.2x
0.2x
(1.2x)
0.2x
(0.8x)
0.8x
2.3x
0.4x
0.2x
8.7x
19.4x
11.5x
10.5x
8.3x
11.8x
8.7x
15.9x
10.0x
11.7x
10.5x
8.3x
18.0x
10.7x
10.0x
8.6x
10.6x
8.2x
14.3x
8.7x
10.8x
10.0x
7.7x
16.6x
9.8x
9.6x
7.8x
9.6x
7.6x
12.9x
7.8x
9.9x
9.6x
8.6x
19.0x
11.3x
10.4x
8.4x
11.5x
8.6x
15.4x
9.6x
11.4x
10.4x
8.1x
17.6x
10.4x
9.9x
8.4x
10.3x
8.1x
13.9x
8.4x
10.6x
9.9x
18.4x
35.3x
17.5x
22.0x
16.6x
20.3x
15.9x
31.6x
20.5x
22.0x
20.3x
16.5x
31.5x
15.0x
21.8x
16.6x
18.3x
16.5x
28.7x
16.6x
20.2x
16.6x
15.2x
28.9x
13.4x
20.0x
15.5x
16.3x
15.0x
25.0x
14.0x
18.1x
15.5x
17.8x
34.1x
16.7x
22.1x
16.6x
19.7x
16.2x
30.9x
19.3x
21.5x
19.3x
16.1x
30.7x
14.5x
21.3x
16.2x
17.7x
16.0x
27.7x
15.7x
19.6x
16.2x
23.0%
35.6%
17.9%
22.5%
21.9%
33.8%
18.4%
16.7%
16.1%
22.9%
21.9%
24,618
17,857
11,772
5,965
17,998
18,662
10,532
6,220
(2.4x)
0.5x
(0.9x)
0.3x
(0.6x)
(0.3x)
8.1x
11.7x
7.4x
8.1x
8.8x
8.1x
9.0x
10.9x
7.8x
8.5x
9.1x
8.7x
8.2x
10.1x
7.3x
7.9x
8.4x
8.1x
8.3x
11.5x
7.6x
8.2x
8.9x
8.3x
8.8x
10.7x
7.7x
8.3x
8.9x
8.6x
17.1x
24.1x
14.2x
16.2x
17.9x
16.6x
18.8x
22.9x
15.0x
16.7x
18.4x
17.8x
17.2x
20.6x
13.8x
15.3x
16.7x
16.3x
17.5x
23.9x
14.6x
16.4x
18.1x
17.0x
18.4x
22.3x
14.7x
16.3x
17.9x
17.4x
23.6%
21.1%
21.6%
24.4%
22.7%
22.6%
0.1x
0.2x
10.8x
10.0x
10.3x
9.0x
9.5x
8.2x
10.6x
9.6x
10.0x
8.8x
20.7x
18.4x
19.6x
16.7x
17.7x
15.5x
20.4x
17.8x
19.1x
16.3x
22.8%
21.9%
Mar-17 Mar-18
P/E
LTM
NTM
Mar-16
Mar-17 Mar-18
EBITDA mar
LTM
NTM
Mar-16
Comparable trading metrics and multiples (calendarised March year end, firm value and market cap in mm)
EBITDA margin
Company
Pure Luxury
LVMH
Herms
Kering
Prada
Burberry
Moncler
Tods
Brunello
JimmyChoo
Average
Median
Mar-17
LTM
Mar-2015-17E CAGR
NTM
Sales
EBITDA
EPS
23.3%
35.8%
18.3%
21.7%
20.5%
33.1%
18.6%
17.0%
16.8%
22.8%
20.5%
23.1%
35.6%
18.0%
22.2%
21.5%
33.5%
18.4%
16.8%
16.3%
22.8%
21.5%
23.3%
35.9%
18.5%
21.8%
20.8%
33.1%
18.8%
17.1%
17.0%
22.9%
20.8%
8.5%
10.5%
8.2%
1.0%
1.3%
18.4%
1.6%
11.8%
9.3%
7.8%
8.5%
8.4%
11.4%
5.5%
(8.1)%
(4.2)%
17.4%
1.0%
10.7%
10.1%
5.8%
8.4%
13.0%
12.6%
4.2%
(16.3)%
(4.5)%
18.1%
(4.5)%
6.0%
131.2%
17.8%
6.0%
Soft Luxury
Richemont
Luxottica
Swatch
Tiffany
Average
Median
21.8%
21.4%
20.7%
23.7%
21.9%
21.6%
23.1%
21.1%
21.2%
24.1%
22.4%
22.2%
22.1%
21.6%
20.9%
23.8%
22.1%
21.9%
(3.5)%
8.5%
(2.0)%
(2.3)%
0.2%
(2.2%)
(17.6)%
11.2%
(8.4)%
(5.7)%
(5.1%)
(7.1%)
1.9%
14.2%
(12.4)%
(5.9)%
(0.5%)
(2.0%)
Overall Average
Overall Median
22.5%
21.4%
22.7%
21.5%
22.7%
21.6%
5.5%
8.2%
2.4%
5.5%
12.1%
4.2%
Date
Bidder
Target
Jun 15
May 15
May 15
Apr 15
Jan 15
Jan 15
June 14
May 14
Apr 14
Mar 14
Feb 14
Dec 13
Dec 13
Dec 13
Nov 13
Oct 13
Jul 13
Jun 13
May 13
May 13
Apr 13
Mar 13
Feb 13
Jun 13
Jan 13
Jan 13
Nov 12
Average
Median
Mayhools Investments
Ascena Retail Group
Brait, Singh family, Management
Clessidra
Foschini
M1 Group and L Capital Asia
HanesBrands
Samsonite
Sanpower Group
Eurazeo
Jos. A. Bank
Blackstone
Sycamore Partners
Leonard Green & Partners
Men's Wearhouse
Permira
Joe's Jeans
SMS Finance
Apax Partners
TowerBrook
KKR
Sycamore Partners
Iconix Brand Group
E.Land
Gap
BDT & General Atlantic
Fast Retailing
Deal Value
FV/Sales
(mm)
300
1.20x
1,902
0.77x
1,242
n/a
390
1.54x
209
1.80x
900
n/a
400
0.62x
62
0.60x
545
0.73x
285
3.44x
1,295
1.39x
144
0.97x
875
0.57x
163
0.47x
1,135
1.19x
351
1.87x
75
0.82x
69
0.64x
766
1.03x
644
1.33x
423
1.67x
457
0.75x
54
n/a
127
0.58x
99
1.00x
357
4.34x
220
3.00x
1.35x
1.02x
FV/EBITDA
FVEBIT
14.7x
8.1x
9.0x
21.8x
10.8x
11.0x
7.4x
n/a
8.5x
11.9x
10.6x
8.0x
11.1x
7.2x
9.1x
11.7x
n/a
n/a
9.2x
8.3x
10.8x
8.7x
n/a
n/m
n/a
14.3x
n/a
10.6x
9.9x
26.3x
15.1x
n/a
n/a
12.8x
n/a
n/a
n/a
24.5x
n/a
13.9x
11.3x
20.1x
15.1x
11.7x
12.4x
n/a
n/a
13.6x
10.0x
n/a
18.0x
n/a
n/m
n/a
n/a
n/a
15.8x
13.9x