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ELEVATION CAPITAL ESTIMATED INTRINSIC VALUE RANGE Elevation Capital – Estimated Intrinsic Value Range:

Downside/Upside Potential Range:

¤39.45 – ¤118.08

-26.0% – +121.3%

PER SHARE

VALUATION SUMMARY € 140

€ 120 +121.3%

€ 100

Upside

+95.1%

+85.5%

Upside

€ 80

+63.5% Upside

€ 60

+34.2% Upside

+52.6% +34.7%

+64.2%

+95.8% Upside

Upside

Upside

+56.6%

Upside

Upside

Upside

€ 40 -26.0%

Downside

€ 20

€0 Current Share Price*

430

EC Pessimistic GFC Scenario 8.2x EV/EBITDA (FY2018E)

EC Takeover EC Standalone EC Standalone EC Standalone Scenario #2 Scenario #3 Scenario #1 Scenario #1 14.9x EV/EBITDA 14.9x EV/EBITDA 14.9x EV/EBITDA 15x EV/EBITDA (Low FY2020E) (High FY2020E) (FY2018E) (FY2018E) (10% Discount to (10% Discount to (10% Discount to Peer Average) Peer Average) Peer Average)

EC Takeover Scenario #2 17x EV/EBITDA (FY2018E)

EC Takeover Scenario #3 15x EV/EBITDA (Low FY2020E)

EC Takeover Scenario #4 17x EV/EBITDA (Low FY2020E)

EC Takeover Scenario #5 15x EV/EBITDA (High FY2020E)

EC Takeover Diego Della Valle Scenario #6 Roger Vivier 17x EV/EBITDA Settlement Price (High FY2020E) (2015)

Profile for Richard

Elevation Capital Research Annual 2018  

Elevation Capital Research Annual 2018