The Home Depot, Inc. (HD)

Industry: Home Improvement 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
HD	1	The Home Depot, In	166,189	25.74	24.95	17.25	16.50	20.20	19.29
KGF.L	2	Kingfisher plc	34,367	9.16	10.72	2.77	2.62	4.45	7.27
HBH.DE	3	HORNBACH Holding A	7,402	9.39	9.39	4.87	4.81	3.93	9.14
CAA	4	CalAtlantic Group,	6,468	9.13	6.12	10.91	6.87	11.66	7.64
0ENN.L	5	HORNBACH Baumarkt	5,566	-	-	-	-	-	-
FND	6	Floor & Decor Hold	4,662	38.20	36.52	19.01	16.75	30.59	31.75
7516.T	7	Kohnan Shoji Co.,	3,275	8.27	8.74	7.15	7.11	9.61	12.84
8218.T	8	Komeri Co.,Ltd.	2,451	10.80	11.20	4.22	4.17	7.81	6.13
MDM.PA	9	Maisons du Monde S	2,446	-	-	2.38	2.38	-	-
HMPRO-R.BK	10	Home Product Cente	2,175	15.76	15.34	9.98	9.66	25.50	15.24
ARHS	11	Arhaus, Inc.	1,361	20.38	20.38	9.71	9.71	27.48	18.58
CSB.JO	12	Cashbuild Limited	1,351	10.53	12.16	3.13	2.97	9.04	6.73
LESL	13	Leslie's, Inc.	1,242	-	-	-	-	-	-
5296.KL	14	Mr D.I.Y. Group (M	1,186	25.22	22.12	13.47	11.45	20.92	16.86
2790.T	15	NAFCO Co., Ltd.	1,132	77.08	133.48	6.47	7.96	1,583.39	34.32
ITE.JO	16	Italtile Limited	1,070	4.03	3.38	2.02	1.62	3.03	2.17

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	9.96	10.96	4.87	4.81	9.33	8.39
Full Range Median Multiple	10.66	11.68	6.47	6.87	10.64	10.99
Industry Multiple	19.83	24.13	7.39	6.78	144.78	14.06
Market Implied Multiple	25.86	25.07	17.32	16.57	20.29	19.37
Company (HD) Multiple	25.74	24.95	17.25	16.50	20.20	19.29
(*) Net Income / EBITDA / Revenue	14,582	15,041	25,084	26,220	21,412	22,424
Winsorized Enterprise Value	N/A	N/A	122,229	126,030	199,691	188,132
Full Range Median Enterprise Value	N/A	N/A	162,248	180,002	227,768	246,481
(-) Net Debt	57,262	57,262	57,262	57,262	57,262	57,262
Winsorized Equity Value	145,235	164,848	64,967	68,768	142,429	130,870
Full Range Median Equity Value	155,484	175,715	104,986	122,740	170,506	189,219
(/) Shares Outstanding	992	992	992	992	992	992
Winsorized Fair Value	$146.41	$166.18	$65.49	$69.32	$143.58	$131.93
Full Range Median Fair Value	$156.74	$177.13	$105.83	$123.73	$171.88	$190.75
Current Price	$380.17	$380.17	$380.17	$380.17	$380.17	$380.17
Upside / Downside	-61.49%	-56.29%	-82.77%	-81.77%	-62.23%	-65.30%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$102.48	$116.32	$45.84	$48.53	$100.50	$92.35
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy