361 Degrees International Limited (1361.HK)

Industry: Apparel - Footwear & Accessories Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
SKX	4	Skechers U.S.A., I	9,412	14.22	10.47	9.69	7.81	14.93	9.50
8404.TW	5	Paiho Shih Holding	9,080	17.54	17.66	7.48	7.23	14.68	13.02
DECK	6	Deckers Outdoor Co	5,244	14.81	11.69	10.14	8.06	10.70	9.02
7936.T	7	ASICS Corporation	4,999	32.58	32.58	17.47	9.96	14.74	7.85
3813.HK	8	Pou Sheng Internat	4,143	2.98	1.75	0.98	0.81	2.47	2.03
1910.HK	9	Samsonite Internat	4,088	8.69	8.69	6.89	5.25	8.49	5.02
CROX	10	Crocs, Inc.	4,073	25.25	24.26	16.29	14.11	7.42	28.86
1361.HK	11	361 Degrees Intern	2,823	4.16	3.26	1.61	0.70	1.13	1.33
9910.TW	12	Feng Tay Enterpris	2,721	24.74	25.18	11.56	11.36	13.08	15.58
BIRK	13	Birkenstock Holdin	2,711	25.35	25.35	13.96	13.96	11.22	16.61
CAL	14	Caleres, Inc.	2,702	17.42	17.42	9.58	9.58	10.78	16.98
TOD.MI	15	TOD'S S.p.A.	2,505	15.46	20.21	3.46	3.44	11.28	13.18
SHOO	16	Steven Madden, Ltd	2,363	42.18	42.18	25.09	22.47	22.37	30.71
WWW	17	Wolverine World Wi	1,852	26.00	21.38	17.34	15.74	17.68	17.02
241590.KS	18	Hwaseung Enterpris	1,119	67.29	101.43	5.48	5.05	1,602.19	15.16
603477.SS	19	Leshan Giantstar F	1,102	27.34	17.34	15.82	11.52	-	33.33

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	17.54	17.66	9.69	8.06	11.25	13.18
Full Range Median Multiple	24.74	20.21	10.14	9.58	12.18	15.16
Industry Multiple	24.12	25.17	11.42	9.76	125.86	15.59
Market Implied Multiple	5.37	4.21	2.48	1.08	1.73	2.04
Company (1361.HK) Multiple	4.16	3.26	1.61	0.70	1.13	1.33
(*) Net Income / EBITDA / Revenue	321	410	451	1,033	646	548
Winsorized Enterprise Value	N/A	N/A	4,370	8,322	7,264	7,226
Full Range Median Enterprise Value	N/A	N/A	4,572	9,895	7,864	8,316
(-) Net Debt	-608	-608	-608	-608	-608	-608
Winsorized Equity Value	5,638	7,232	4,979	8,931	7,873	7,834
Full Range Median Equity Value	7,949	8,278	5,180	10,503	8,472	8,924
(/) Shares Outstanding	293	293	293	293	293	293
Winsorized Fair Value	$19.21	$24.64	$16.96	$30.43	$26.83	$26.69
Full Range Median Fair Value	$27.09	$28.21	$17.65	$35.79	$28.87	$30.41
Current Price	$5.88	$5.88	$5.88	$5.88	$5.88	$5.88
Upside / Downside	226.71%	319.08%	188.51%	417.54%	356.22%	353.99%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$13.45	$17.25	$11.88	$21.30	$18.78	$18.69
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	BUY