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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 143.0x - 158.1x | 150.6x |
| Selected Fwd EBITDA Multiple | 27.7x - 30.6x | 29.2x |
| Fair Value | $17.37 - $18.18 | $17.77 |
| Upside | -22.2% - -18.6% | -20.4% |
| Benchmarks | Ticker | Full Ticker |
| Best Buy Co., Inc. | BBY | NYSE:BBY |
| Amazon.com, Inc. | AMZN | NasdaqGS:AMZN |
| Rent the Runway, Inc. | RENT | NasdaqGM:RENT |
| Leslie's, Inc. | LESL | NasdaqGS:LESL |
| Sportsman's Warehouse Holdings, Inc. | SPWH | NasdaqGS:SPWH |
| GameStop Corp. | GME | NYSE:GME |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| BBY | AMZN | RENT | LESL | SPWH | GME | ||
| NYSE:BBY | NasdaqGS:AMZN | NasdaqGM:RENT | NasdaqGS:LESL | NasdaqGS:SPWH | NYSE:GME | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -1.9% | 27.1% | NM- | -8.0% | -20.7% | -24.8% | |
| 3Y CAGR | -12.5% | 26.6% | NM- | -26.2% | -49.3% | NM- | |
| Latest Twelve Months | -1.9% | 40.9% | 154.7% | -33.2% | -60.8% | -12.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 6.7% | 13.4% | -15.6% | 14.5% | 6.4% | -2.3% | |
| Prior Fiscal Year | 6.1% | 14.9% | -10.2% | 10.8% | 6.4% | 0.5% | |
| Latest Fiscal Year | 6.3% | 18.9% | -4.6% | 7.5% | 1.6% | 0.6% | |
| Latest Twelve Months | 6.3% | 18.9% | 3.4% | 7.2% | 1.3% | 0.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.43x | 3.25x | 1.04x | 0.88x | 0.46x | 1.47x | |
| EV / LTM EBITDA | 6.9x | 17.2x | 30.5x | 12.3x | 36.6x | 261.1x | |
| EV / LTM EBIT | 10.3x | 30.2x | -6.6x | 18.6x | -22.2x | -322.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 6.9x | 17.2x | 36.6x | ||||
| Historical EV / LTM EBITDA | -263.0x | -50.4x | 261.1x | ||||
| Selected EV / LTM EBITDA | 143.0x | 150.6x | 158.1x | ||||
| (x) LTM EBITDA | 22 | 22 | 22 | ||||
| (=) Implied Enterprise Value | 3,075 | 3,237 | 3,399 | ||||
| (-) Non-shareholder Claims * | 4,364 | 4,364 | 4,364 | ||||
| (=) Equity Value | 7,440 | 7,601 | 7,763 | ||||
| (/) Shares Outstanding | 447.1 | 447.1 | 447.1 | ||||
| Implied Value Range | 16.64 | 17.00 | 17.36 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 16.64 | 17.00 | 17.36 | 22.32 | |||
| Upside / (Downside) | -25.4% | -23.8% | -22.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BBY | AMZN | RENT | LESL | SPWH | GME | |
| Enterprise Value | 17,858 | 2,065,634 | 317 | 1,178 | 567 | 5,615 | |
| (+) Cash & Short Term Investments | 1,768 | 101,202 | 74 | 12 | 3 | 4,775 | |
| (+) Investments & Other | 0 | 4,889 | 0 | 0 | 0 | 0 | |
| (-) Debt | (4,067) | (155,401) | (374) | (1,054) | (532) | (411) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 15,559 | 2,016,324 | 17 | 136 | 38 | 9,979 | |
| (/) Shares Outstanding | 211.4 | 10,597.7 | 3.9 | 185.2 | 38.0 | 447.1 | |
| Implied Stock Price | 73.61 | 190.26 | 4.46 | 0.74 | 0.99 | 22.32 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 73.61 | 190.26 | 4.46 | 0.74 | 0.99 | 22.32 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |