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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 13.8x - 15.2x | 14.5x |
| Selected Fwd EBIT Multiple | 12.6x - 13.9x | 13.2x |
| Fair Value | kr104.43 - kr119 | kr111.71 |
| Upside | -27.7% - -17.6% | -22.7% |
| Benchmarks | Ticker | Full Ticker |
| WH Smith PLC | 21Q | DB:21Q |
| The Buckle, Inc. | BK2 | DB:BK2 |
| Kingfisher plc | KFI1 | DB:KFI1 |
| American Eagle Outfitters, Inc. | AFG | DB:AFG |
| The Gap, Inc. | GAP | DB:GAP |
| H & M Hennes & Mauritz AB (publ) | HMBS | BATS-CHIXE:HMBS |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 21Q | BK2 | KFI1 | AFG | GAP | HMBS | ||
| DB:21Q | DB:BK2 | DB:KFI1 | DB:AFG | DB:GAP | BATS-CHIXE:HMBS | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 6.0% | 12.9% | -2.0% | 7.2% | 1.1% | 0.0% | |
| 3Y CAGR | NM- | -10.4% | -15.9% | -9.5% | 8.3% | 4.5% | |
| Latest Twelve Months | 17.6% | -6.6% | -4.3% | -26.3% | 46.6% | -15.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 3.5% | 22.0% | 6.7% | 6.8% | 3.1% | 5.3% | |
| Prior Fiscal Year | 10.2% | 21.5% | 5.2% | 7.2% | 4.1% | 5.7% | |
| Latest Fiscal Year | 11.1% | 19.8% | 5.1% | 8.4% | 7.4% | 7.4% | |
| Latest Twelve Months | 11.0% | 19.8% | 5.1% | 5.8% | 7.7% | 6.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.27x | 2.32x | 0.53x | 0.73x | 0.73x | 1.23x | |
| EV / LTM EBITDA | 9.1x | 10.7x | 7.9x | 7.5x | 6.6x | 13.3x | |
| EV / LTM EBIT | 11.5x | 11.7x | 10.4x | 12.7x | 9.4x | 18.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 9.4x | 11.5x | 12.7x | ||||
| Historical EV / LTM EBIT | 17.3x | 23.0x | 82.2x | ||||
| Selected EV / LTM EBIT | 13.8x | 14.5x | 15.2x | ||||
| (x) LTM EBIT | 15,337 | 15,337 | 15,337 | ||||
| (=) Implied Enterprise Value | 211,083 | 222,193 | 233,303 | ||||
| (-) Non-shareholder Claims * | (54,452) | (54,452) | (54,452) | ||||
| (=) Equity Value | 156,631 | 167,741 | 178,851 | ||||
| (/) Shares Outstanding | 1,603.4 | 1,603.4 | 1,603.4 | ||||
| Implied Value Range | 97.69 | 104.62 | 111.55 | ||||
| FX Rate: SEK/SEK | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 97.69 | 104.62 | 111.55 | 144.45 | |||
| Upside / (Downside) | -32.4% | -27.6% | -22.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 21Q | BK2 | KFI1 | AFG | GAP | HMBS | |
| Enterprise Value | 2,437 | 2,780 | 6,787 | 3,840 | 10,933 | 286,062 | |
| (+) Cash & Short Term Investments | 39 | 292 | 336 | 88 | 2,220 | 16,262 | |
| (+) Investments & Other | 12 | 28 | 29 | 0 | 0 | 2,567 | |
| (-) Debt | (1,094) | (370) | (2,320) | (1,767) | (5,486) | (73,281) | |
| (-) Other Liabilities | (34) | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,360 | 2,730 | 4,832 | 2,161 | 7,667 | 231,610 | |
| (/) Shares Outstanding | 124.6 | 50.2 | 1,736.5 | 173.3 | 373.1 | 1,603.4 | |
| Implied Stock Price | 10.92 | 54.38 | 2.78 | 12.47 | 20.55 | 144.45 | |
| FX Conversion Rate to Trading Currency | 0.87 | 1.17 | 0.87 | 1.17 | 1.17 | 1.00 | |
| Implied Stock Price (Trading Cur) | 12.60 | 46.66 | 3.21 | 10.70 | 17.63 | 144.45 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | SEK | |
| FX Rate to Reporting Currency | 0.87 | 1.17 | 0.87 | 1.17 | 1.17 | 1.00 | |