NIKE, Inc. (NKE)

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
NKE	1	NIKE, Inc.	46,440	39.46	38.89	27.56	27.82	31.90	34.42
9802.TW	2	Fulgent Sun Intern	20,863	13.98	13.21	7.33	6.94	17.15	12.21
PUM.DE	3	PUMA Se	9,703	-	-	30.43	32.40	40.59	61.81
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

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	15.13	15.31	9.58	7.81	11.22	12.21
Full Range Median Multiple	16.44	17.54	9.69	8.06	11.28	13.02
Industry Multiple	18.53	18.14	11.46	10.27	13.40	16.25
Market Implied Multiple	32.84	32.36	23.09	23.31	26.73	28.84
Company (NKE) Multiple	39.46	38.89	27.56	27.82	31.90	34.42
(*) Net Income / EBITDA / Revenue	2,895	2,938	4,292	4,252	3,708	3,437
Winsorized Enterprise Value	N/A	N/A	41,111	33,214	41,608	41,948
Full Range Median Enterprise Value	N/A	N/A	41,603	34,254	41,832	44,746
(-) Net Debt	4,037	4,037	4,037	4,037	4,037	4,037
Winsorized Equity Value	43,815	44,989	37,074	29,177	37,571	37,911
Full Range Median Equity Value	47,592	51,524	37,566	30,217	37,795	40,709
(/) Shares Outstanding	1,477	1,477	1,477	1,477	1,477	1,477
Winsorized Fair Value	$29.67	$30.47	$25.11	$19.76	$25.44	$25.67
Full Range Median Fair Value	$32.23	$34.89	$25.44	$20.46	$25.60	$27.57
Current Price	$64.38	$64.38	$64.38	$64.38	$64.38	$64.38
Upside / Downside	-53.91%	-52.67%	-61.00%	-69.31%	-60.48%	-60.12%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$20.77	$21.33	$17.58	$13.83	$17.81	$17.97
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy