Bosideng International Holdings Limited (3998.HK)

Industry: Apparel - Manufacturers 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
601233.SS	6	Tongkun Group Co.,	13,151	20.44	21.47	15.77	14.05	-	84.60
VFC	7	V.F. Corporation	9,541	63.69	63.69	13.56	14.05	8.90	29.01
PVH	8	PVH Corp.	8,817	10.64	10.64	16.08	16.08	11.24	11.78
RL	9	Ralph Lauren Corpo	7,571	22.82	22.82	15.80	7.63	21.27	19.65
2313.HK	10	Shenzhou Internati	7,331	6.46	5.22	5.17	4.13	7.06	5.91
MONC.MI	11	Moncler S.p.A.	7,259	10.42	7.23	6.04	4.07	14.68	5.15
LEVI	12	Levi Strauss & Co.	6,356	14.69	14.69	12.12	7.66	16.11	15.88
3998.HK	13	Bosideng Internati	6,313	6.28	4.15	3.33	1.87	2.79	2.78
2678.HK	14	Texhong Textile Gr	5,912	2.42	2.39	1.76	1.52	3.44	3.09
LPP.WA	15	LPP S.A.	5,808	15.83	15.83	8.05	6.20	18.83	7.93
UA	16	Under Armour, Inc.	5,383	76.62	76.62	15.18	15.18	66.01	59.50
298020.KS	17	Hyosung TNC Corpor	5,254	15.57	13.22	6.25	5.93	11.65	12.96
2299.HK	18	Billion Industrial	5,188	6.80	5.48	3.59	2.91	5.69	5.38
BOSS.DE	19	Hugo Boss AG	4,977	12.51	12.51	5.58	5.28	9.48	9.93
2698.HK	20	Weiqiao Textile Co	4,725	-	-	-	-	-	-
ZGN	21	Ermenegildo Zegna	4,551	9.39	9.39	5.32	5.32	11.06	8.48

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	11.57	11.57	6.14	5.63	11.06	9.20
Full Range Median Multiple	13.60	12.86	7.15	6.07	11.24	10.85
Industry Multiple	20.59	20.09	9.31	7.86	15.80	19.95
Market Implied Multiple	7.64	5.04	4.09	2.30	3.43	3.41
Company (3998.HK) Multiple	6.28	4.15	3.33	1.87	2.79	2.78
(*) Net Income / EBITDA / Revenue	847	1,282	1,506	2,684	1,797	1,808
Winsorized Enterprise Value	N/A	N/A	9,253	15,101	19,871	16,640
Full Range Median Enterprise Value	N/A	N/A	10,769	16,284	20,201	19,615
(-) Net Debt	-299	-299	-299	-299	-299	-299
Winsorized Equity Value	9,800	14,842	9,552	15,400	20,170	16,939
Full Range Median Equity Value	11,512	16,494	11,068	16,583	20,500	19,914
(/) Shares Outstanding	1,430	1,430	1,430	1,430	1,430	1,430
Winsorized Fair Value	$6.85	$10.38	$6.68	$10.77	$14.10	$11.84
Full Range Median Fair Value	$8.05	$11.53	$7.74	$11.59	$14.33	$13.92
Current Price	$4.52	$4.52	$4.52	$4.52	$4.52	$4.52
Upside / Downside	51.58%	129.56%	47.75%	138.19%	211.98%	162.00%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$4.80	$7.26	$4.67	$7.54	$9.87	$8.29
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	BUY