Academy Sports and Outdoors, Inc. (ASO)

Industry: Specialty 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
BBWI	45	Bath & Body Works,	7,354	7.41	7.41	6.61	5.74	15.41	5.98
PTG-R.BK	46	PTG Energy Public	7,193	16.81	18.66	6.83	6.68	30.31	29.48
MGLU3.SA	47	Magazine Luiza S.A	6,944	19.25	18.96	8.02	7.03	7.78	7.26
002416.SZ	48	Shenzhen Aisidi CO	6,775	38.41	40.57	20.63	21.83	14.18	21.67
ODP	49	The ODP Corporatio	6,533	-	-	9.39	9.39	9.60	42.11
4200.SR	50	Aldrees Petroleum	6,426	30.78	29.14	13.42	11.97	27.10	25.50
3048.T	51	Bic Camera Inc.	6,198	13.91	11.13	7.29	6.36	7.76	8.49
ASO	52	Academy Sports and	6,012	8.47	7.71	6.64	6.14	10.68	7.92
WOOF	53	Petco Health and W	5,998	-	-	6.60	6.74	17.48	19.47
9843.T	54	Nitori Holdings Co	5,960	19.96	19.56	9.92	9.31	11.20	12.98
7419.T	55	Nojima Corporation	5,930	10.44	10.83	5.72	6.12	7.31	9.05
MVID.ME	56	PJSC M.video	5,594	-	-	0.70	0.68	179.28	1.37
SUL.AX	57	Super Retail Group	5,251	6.96	5.92	3.63	2.95	6.39	4.82
BHIA3.SA	58	Grupo Casas Bahia	5,199	-	-	8.95	8.77	12.38	11.56
SMWH.L	59	WH Smith PLC	5,086	20.89	24.20	4.77	3.72	9.77	6.15
2730.T	60	EDION Corporation	4,992	14.76	14.97	8.57	8.47	15.80	11.65

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	14.76	14.97	6.83	6.68	11.20	9.05
Full Range Median Multiple	16.81	18.66	7.29	6.74	12.38	11.56
Industry Multiple	18.14	18.30	8.07	7.72	24.78	14.50
Market Implied Multiple	10.37	9.44	7.74	7.17	12.46	9.24
Company (ASO) Multiple	8.47	7.71	6.64	6.14	10.68	7.92
(*) Net Income / EBITDA / Revenue	377	414	646	698	402	542
Winsorized Enterprise Value	N/A	N/A	4,417	4,664	4,498	4,903
Full Range Median Enterprise Value	N/A	N/A	4,714	4,705	4,973	6,266
(-) Net Debt	1,098	1,098	1,098	1,098	1,098	1,098
Winsorized Equity Value	5,559	6,196	3,319	3,566	3,399	3,804
Full Range Median Equity Value	6,332	7,726	3,615	3,607	3,875	5,168
(/) Shares Outstanding	67	67	67	67	67	67
Winsorized Fair Value	$83.41	$92.97	$49.80	$53.51	$51.00	$57.08
Full Range Median Fair Value	$95.00	$115.93	$54.25	$54.12	$58.14	$77.54
Current Price	$58.61	$58.61	$58.61	$58.61	$58.61	$58.61
Upside / Downside	42.32%	58.62%	-15.03%	-8.71%	-12.98%	-2.60%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$58.39	$65.08	$34.86	$37.45	$35.70	$39.96
Buy / Don't Buy	Don’t Buy	BUY	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy