Project Spirit - Trading Multiples

Enterprise Value to Enterprise Value to Enterprise Value to Equity Value to

Market Cap. Net Debt EV
Company Country Revenues EBITDA EBIT Net Income
(CHFm) (CHFm) (CHFm)
2021 2022 2023 2024 2021 2022 2023 2024 2021 2022 2023 2024 2021 2022 2023 2024

Consumer / Athletic Footwear

Amer Sports Oyj FI 3'422 724 4'146 1.5x 1.4x 1.3x 1.3x 15.0x 13.6x 12.1x 10.7x 18.7x 16.7x 14.5x 12.9x 25.9x 21.9x 18.5x 16.4x
Belle International Ltd KY 5'794 -1'016 4'809 0.8x 0.8x 0.8x 0.7x 5.1x 5.6x 5.9x 6.0x 6.1x 7.0x 7.6x 7.5x 12.4x 11.3x 11.3x 11.1x
Caleres Inc US 1'088 31 1'120 0.4x 0.4x 0.4x 0.4x 6.0x 5.8x 5.4x 5.1x 8.1x 8.0x 7.8x 7.0x 12.9x 12.8x 11.8x 11.0x
Crocs Inc US 586 -140 647 0.6x 0.6x 0.6x 0.5x NM 11.9x 7.5x 6.7x NM 25.5x 11.0x 10.3x NA 41.6x 16.5x 12.0x
Deckers Outdoor Corp US 1'802 -59 1'743 1.0x 0.9x 0.9x 0.9x 7.0x 7.1x 6.8x 6.9x 8.8x 9.2x 8.8x 8.6x 12.0x 13.0x 12.3x 12.0x
Geox Spa IT 563 36 598 0.6x 0.6x 0.6x 0.5x 8.9x 8.8x 6.6x 5.1x 22.1x 22.6x 12.5x 7.9x 51.8x 40.9x 19.0x 12.1x
Grendene SA BR 1'780 -468 1'311 1.9x 1.8x 1.7x 1.6x 9.3x 8.7x 7.7x 7.2x 10.5x 10.1x 9.1x 8.6x 10.3x 9.7x 10.0x 9.6x
Skechers USA Inc US 3'596 -584 3'089 1.0x 0.9x 0.8x 0.7x 7.7x 6.9x 6.1x 5.3x 8.9x 8.0x 6.7x 5.9x 15.7x 13.5x 11.9x 10.7x
Tod's Spa IT 1'855 122 1'981 1.8x 1.8x 1.7x 1.7x 9.0x 9.9x 9.4x 8.8x 12.3x 13.8x 12.9x 11.9x 18.4x 20.2x 18.5x 16.9x
Wolverine World Wide Inc US 2'065 516 2'589 1.0x 1.1x 1.1x 1.1x 10.5x 10.1x 9.0x 8.2x 13.0x 12.4x 11.0x 9.4x 17.0x 16.0x 14.1x 12.5x

Fashion
Burberry Group Plc GB 7'782 -802 7'048 2.3x 2.2x 2.0x 2.0x 10.4x 10.2x 9.7x 8.9x 13.7x 13.6x 12.9x 11.6x 19.8x 19.8x 18.7x 17.0x
Hugo Boss AG DE 4'168 285 4'454 1.5x 1.5x 1.5x 1.4x 7.0x 9.0x 8.3x 7.7x 9.2x 14.4x 12.1x 11.0x 12.0x 18.4x 15.3x 13.8x
Phillips van Heusen US 8'766 2'606 11'372 1.4x 1.4x 1.4x 1.3x 10.9x 10.8x 10.1x 9.5x 14.1x 14.4x 13.7x 12.2x 15.6x 16.3x 14.8x 13.4x
Polo Ralph Lauren Corp US 7'937 -97 7'840 1.1x 1.2x 1.2x 1.2x 7.0x 8.2x 8.0x 7.3x 9.5x 11.6x 11.5x 10.3x 13.9x 17.0x 17.0x 15.1x

Orthopedics
Orthofix International CW 714 -40 674 1.7x 1.6x 1.6x 1.5x 22.6x 9.7x 7.9x 7.6x 73.6x 17.4x 12.5x NA NA 27.8x 21.0x NA
Stryker Corp US 42'392 3'943 46'335 4.7x 4.2x 3.8x 3.6x 20.8x 15.2x 13.5x 12.7x 25.2x 16.4x 14.8x 15.4x 29.8x 20.0x 18.0x 16.4x

Sportswear
Adidas AG DE 36'189 684 36'855 2.0x 1.8x 1.6x 1.5x 23.4x 18.2x 16.1x 13.9x 32.1x 23.5x 20.6x 17.4x 52.6x 33.7x 29.6x 24.9x
Asics Corp JP 4'136 168 4'313 1.1x 1.1x 1.1x 1.0x 12.6x 14.2x 12.2x 11.0x 16.5x 19.9x 16.0x 13.7x 42.4x 32.2x 24.0x 20.7x
Columbia Sportswear Co US 4'139 -407 3'750 1.6x 1.6x 1.5x 1.4x 12.4x 11.9x 10.9x 10.0x 15.2x 14.7x 13.1x 12.1x 24.0x 22.2x 20.1x 18.7x
Nike Inc US 85'443 -2'697 82'746 2.6x 2.5x 2.3x 2.1x 16.6x 15.5x 13.8x 12.1x 19.1x 17.9x 15.9x 13.9x 24.4x 22.1x 20.2x 17.9x
Puma AG DE 3'939 -249 3'697 1.0x 0.9x 0.9x 0.8x 22.2x 18.5x 14.3x 11.6x 35.4x 27.8x 20.1x 15.2x 97.9x 62.5x 39.6x 27.7x
Anta Sports Products Ltd KY 6'536 -755 5'821 3.6x 3.0x 2.6x 2.3x 13.7x 12.0x 10.4x 9.1x 14.7x 12.7x 11.0x 9.7x 21.8x 19.0x 16.5x 14.6x

High 4.7x 4.2x 3.8x 3.6x 23.4x 18.5x 16.1x 13.9x 73.6x 27.8x 20.6x 17.4x 97.9x 62.5x 39.6x 27.7x
Average 1.6x 1.5x 1.4x 1.3x 12.3x 11.0x 9.6x 8.7x 18.4x 15.3x 12.6x 11.1x 26.5x 23.3x 18.1x 15.5x
Average w/o High & Low 1.5x 1.4x 1.4x 1.3x 12.1x 10.9x 9.5x 8.6x 16.2x 15.1x 12.4x 11.0x 23.5x 22.0x 17.4x 15.1x
Median 1.4x 1.4x 1.3x 1.3x 10.5x 10.1x 9.2x 8.5x 14.1x 13.9x 12.5x 11.0x 19.1x 19.9x 17.5x 14.6x
Low 0.4x 0.4x 0.4x 0.4x 5.1x 5.6x 5.4x 5.1x 6.1x 7.0x 6.7x 5.9x 10.3x 9.7x 10.0x 9.6x

Source: FactSet