Topsports International Holdings Limited (6110.HK)

Industry: Apparel - Retail 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
ROST	2	Ross Stores, Inc.	22,027	24.61	16.74	14.83	10.88	20.23	14.96
6288.HK	3	Fast Retailing Co.	21,845	0.32	0.24	-0.12	-0.10	-0.22	-0.14
GPS	4	The Gap, Inc.	15,279	8.81	8.81	10.81	10.81	8.05	9.39
BURL	5	Burlington Stores,	11,189	31.27	31.27	19.87	19.87	36.76	22.02
0K2F.L	6	Mohawk Industries,	10,723	19.02	19.94	8.38	8.30	17.97	17.86
0JVT.L	7	Lululemon Athletic	8,031	13.50	10.75	8.17	6.55	13.55	7.82
FL	8	Foot Locker, Inc.	7,860	-	-	-	-	-	-
6110.HK	9	Topsports Internat	7,191	5.59	5.59	3.78	3.78	11.15	4.71
VSCO	10	Victoria's Secret	6,390	16.32	16.32	10.19	10.19	-	18.46
URBN	11	Urban Outfitters,	6,000	11.94	11.94	10.31	7.82	11.48	6.73
0LN5.L	12	Hunter Douglas N.V	5,410	11.20	9.43	7.22	5.88	5.85	6.78
AEO	13	American Eagle Out	5,341	13.54	13.54	8.67	8.67	9.93	15.42
0JZH.L	14	Mattel, Inc.	5,228	12.55	12.55	8.08	7.16	4.43	10.13
ANF	15	Abercrombie & Fitc	5,181	6.51	6.51	4.36	3.12	6.23	5.45
0J3K.L	16	Hasbro, Inc.	4,357	-	-	-	-	9.90	15.51
ONON	17	On Holding AG	3,617	50.13	50.13	27.08	27.08	21.62	31.03

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	12.55	11.94	8.53	8.06	9.91	10.13
Full Range Median Multiple	13.50	12.55	9.43	8.48	10.70	14.96
Industry Multiple	16.90	16.01	11.50	10.53	13.83	13.97
Market Implied Multiple	4.98	4.98	3.39	3.39	10.02	4.23
Company (6110.HK) Multiple	5.59	5.59	3.78	3.78	11.15	4.71
(*) Net Income / EBITDA / Revenue	450	450	716	716	243	574
Winsorized Enterprise Value	N/A	N/A	6,105	5,771	2,404	5,819
Full Range Median Enterprise Value	N/A	N/A	6,751	6,075	2,596	8,588
(-) Net Debt	190	190	190	190	190	190
Winsorized Equity Value	5,643	5,370	5,915	5,581	2,214	5,629
Full Range Median Equity Value	6,070	5,643	6,562	5,885	2,406	8,398
(/) Shares Outstanding	797	797	797	797	797	797
Winsorized Fair Value	$7.08	$6.74	$7.42	$7.00	$2.78	$7.06
Full Range Median Fair Value	$7.62	$7.08	$8.23	$7.38	$3.02	$10.54
Current Price	$2.81	$2.81	$2.81	$2.81	$2.81	$2.81
Upside / Downside	151.97%	139.75%	164.11%	149.20%	-1.13%	151.34%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$4.96	$4.72	$5.19	$4.90	$1.94	$4.94
Buy / Don't Buy	BUY	BUY	BUY	BUY	Don’t Buy	BUY