Hibbett, Inc. (HIBB)

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
CHS	28	Chico's FAS, Inc.	2,109	8.01	7.49	7.99	8.16	31.83	10.96
BOOT	29	Boot Barn Holdings	2,071	24.81	17.45	16.55	13.20	25.57	15.20
TRENT.BO	30	Trent Limited	2,056	102.53	102.53	65.13	65.13	85.57	27.50
AX1.AX	31	Accent Group Limit	1,931	7.10	5.08	2.87	1.77	11.23	1.69
3709.HK	32	EEKA Fashion Holdi	1,883	4.26	3.18	4.05	3.19	6.14	6.96
GUAR3.SA	33	Guararapes Confec�	1,866	10.74	6.91	4.15	3.44	7.31	4.16
EXPR	34	Express, Inc.	1,787	0.18	0.13	1.60	1.39	-	-
HIBB	35	Hibbett, Inc.	1,721	10.33	8.35	24.43	25.97	8.02	32.75
0RDG.L	36	Steinhoff Internat	1,480	-	-	-	-	13.98	19.97
0ZFN.L	37	Sonos, Inc.	1,443	-	-	115.77	120.02	-	-
2726.T	38	PAL Group Holdings	1,437	9.87	6.78	1.91	1.22	2.17	1.22
0L9Q.L	39	Fiskars Oyj Abp	1,342	67.41	81.62	14.29	14.84	77.31	51.49
4240.SR	40	Fawaz Abdulaziz Al	1,303	-	-	5.44	5.26	13.72	12.97
SFIX	41	Stitch Fix, Inc.	1,290	-	-	-	-	-	-
PLCE	42	The Children's Pla	1,288	-	-	25.28	25.28	22.13	-
BKE	43	The Buckle, Inc.	1,278	13.35	11.80	9.95	8.94	11.53	9.73

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	9.87	6.91	5.44	5.26	12.62	9.73
Full Range Median Multiple	10.30	7.20	7.99	8.16	13.85	10.96
Industry Multiple	24.83	24.30	21.15	20.91	25.71	14.71
Market Implied Multiple	10.44	8.44	24.62	26.18	8.09	33.01
Company (HIBB) Multiple	10.33	8.35	24.43	25.97	8.02	32.75
(*) Net Income / EBITDA / Revenue	100	124	54	51	165	40
Winsorized Enterprise Value	N/A	N/A	295	268	2,086	394
Full Range Median Enterprise Value	N/A	N/A	434	417	2,288	444
(-) Net Debt	295	295	295	295	295	295
Winsorized Equity Value	985	854	1	-26	1,791	99
Full Range Median Equity Value	1,028	890	139	122	1,993	149
(/) Shares Outstanding	12	12	12	12	12	12
Winsorized Fair Value	$82.67	$71.68	$0.08	$-2.19	$150.40	$8.33
Full Range Median Fair Value	$86.33	$74.69	$11.67	$10.25	$167.39	$12.53
Current Price	$87.49	$87.49	$87.49	$87.49	$87.49	$87.49
Upside / Downside	-5.51%	-18.07%	-99.91%	-102.51%	71.91%	-90.48%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$57.87	$50.17	$0.05	$-1.54	$105.28	$5.83
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	BUY	Don’t Buy