SlideShare une entreprise Scribd logo
1  sur  10
Coach, Inc. and
              Tiffany & Co.
            { stock price
              valuation
11/9/2011                  W. LATOCHA
THE MODEL
TEV
an economic measure reflecting the market value of a whole
                        business

                      Enterprise value =
              common equity at market value
                    + debt at market value
         + minority interest at market value, if any
        - associate company at market value, if any
             + preferred equity at market value
                 - cash and cash-equivalents
CALCULATIONS




An own forecast – may be
  based on the one year
growth rate (or the other   A mean for a
 one – it depends on the     peer group
  investment’s horizon
Coach, Inc. And Tiffany & Co.Stock Price Valuation
Growth
                                     TEV/                            Preferred    Shares         estimate
                                               Cash       Debt                              TEV             EBITDA
                                    EBITDA                          Stock Value outstanding       (next 2
                                                                                                 quarters)
Tiffany & Co.                          11,74    565,19     693,67             0     127,28 10040       0,08   854,99
LVMH Moet Hennessy Louis Vuitton
                                       11,03
SA
Hermès International                    28,8             EBITDA* 923,413407
Compagnie Financiere Richemont SA      11,69                TEV* 12552,2662
Coach, Inc.                            12,15
Signet Jewelers Ltd.                    7,67                     P* $    97,61
Blue Nile, Inc.                        25,02
Movado Group Inc                       22,71
Zale Corporation                        23,5
Fuqi International, Inc.               -1,08
Birks & Mayors, Inc.                    13,1
Whitehall Jewl Hldg, Inc.              -3,21
Industry Average                       13,59
Growth
                                                                     Preferred
                                       TEV/                                      Shares             estimate
                                                 Cash      Debt        Stock                  TEV             EBITDA
                                      EBITDA                                   outstanding           (next 2
                                                                       Value
                                                                                                    quarters)
Tiffany & Co.                            11,74
LVMH Moet Hennessy Louis Vuitton SA      11,03
Hermès International                      28,8
Compagnie Financiere Richemont SA        11,69
Coach, Inc.                              12,15    847,97     24,06          0        289,78   17800 0,068634    1470
Signet Jewelers Ltd.                      7,67
Blue Nile, Inc.                          25,02
Movado Group Inc                         22,71                       EBITDA* 1570,89198
Zale Corporation                          23,5                          TEV* 21353,6583
Fuqi International, Inc.                 -1,08
Birks & Mayors, Inc.                      13,1                             P* $     76,53
Whitehall Jewl Hldg, Inc.                -3,21
Industry Average                         13,59
 P*=97.61
 Which means a 27% growth potential for the next 2
  quarters
 P*=76.53
 Which means a 18% growth potential for the next 2
  quarters
BUT…

these are only estimates

Contenu connexe

En vedette

Supermoon 2014 Around the World
Supermoon 2014 Around the WorldSupermoon 2014 Around the World
Supermoon 2014 Around the Worldmaditabalnco
 
erp manager certification
erp manager certificationerp manager certification
erp manager certificationVskills
 
my pursuit of happiness slide show
my pursuit of happiness slide showmy pursuit of happiness slide show
my pursuit of happiness slide showTony L
 
The four candles
The four candlesThe four candles
The four candlesIMCOST
 
Discover Malaysia - Free Things to do in Malaysia
Discover Malaysia - Free Things to do in MalaysiaDiscover Malaysia - Free Things to do in Malaysia
Discover Malaysia - Free Things to do in MalaysiaAnne Sharma
 
Completing Your Bucket List (While Living With A Life-LimitingIllness)
Completing Your Bucket List (While Living With A Life-LimitingIllness)Completing Your Bucket List (While Living With A Life-LimitingIllness)
Completing Your Bucket List (While Living With A Life-LimitingIllness)Asset Funding Corporation
 
Disorder does not mean failure, we are Riya
Disorder does not mean failure, we are Riya  Disorder does not mean failure, we are Riya
Disorder does not mean failure, we are Riya Melvin Pereira
 
How to stay motivated at work ?
How to stay motivated at work ?How to stay motivated at work ?
How to stay motivated at work ?Melvin Pereira
 
"The road from Diepenbeek to Silicon Valley (and back)"
"The road from Diepenbeek to Silicon Valley (and back)""The road from Diepenbeek to Silicon Valley (and back)"
"The road from Diepenbeek to Silicon Valley (and back)"Geert Houben
 
Ideias Para 2008
Ideias Para 2008Ideias Para 2008
Ideias Para 2008marcelino4
 
What Makes The Formula One Champion. Regression Analysis
What Makes The Formula One Champion. Regression AnalysisWhat Makes The Formula One Champion. Regression Analysis
What Makes The Formula One Champion. Regression AnalysisWojciech Latocha
 
Parks for Life: Why we Love Thailand's National Parks_Book
Parks for Life: Why we Love Thailand's National Parks_BookParks for Life: Why we Love Thailand's National Parks_Book
Parks for Life: Why we Love Thailand's National Parks_BookRadda Larpnun
 

En vedette (17)

Magical nature
Magical natureMagical nature
Magical nature
 
Supermoon 2014 Around the World
Supermoon 2014 Around the WorldSupermoon 2014 Around the World
Supermoon 2014 Around the World
 
Avon 137
Avon 137Avon 137
Avon 137
 
erp manager certification
erp manager certificationerp manager certification
erp manager certification
 
my pursuit of happiness slide show
my pursuit of happiness slide showmy pursuit of happiness slide show
my pursuit of happiness slide show
 
Dont Give Up
Dont Give UpDont Give Up
Dont Give Up
 
The four candles
The four candlesThe four candles
The four candles
 
Discover Malaysia - Free Things to do in Malaysia
Discover Malaysia - Free Things to do in MalaysiaDiscover Malaysia - Free Things to do in Malaysia
Discover Malaysia - Free Things to do in Malaysia
 
Completing Your Bucket List (While Living With A Life-LimitingIllness)
Completing Your Bucket List (While Living With A Life-LimitingIllness)Completing Your Bucket List (While Living With A Life-LimitingIllness)
Completing Your Bucket List (While Living With A Life-LimitingIllness)
 
Disorder does not mean failure, we are Riya
Disorder does not mean failure, we are Riya  Disorder does not mean failure, we are Riya
Disorder does not mean failure, we are Riya
 
Besar El Alma
Besar El AlmaBesar El Alma
Besar El Alma
 
Must Do Activities in Langkawi
Must Do Activities in LangkawiMust Do Activities in Langkawi
Must Do Activities in Langkawi
 
How to stay motivated at work ?
How to stay motivated at work ?How to stay motivated at work ?
How to stay motivated at work ?
 
"The road from Diepenbeek to Silicon Valley (and back)"
"The road from Diepenbeek to Silicon Valley (and back)""The road from Diepenbeek to Silicon Valley (and back)"
"The road from Diepenbeek to Silicon Valley (and back)"
 
Ideias Para 2008
Ideias Para 2008Ideias Para 2008
Ideias Para 2008
 
What Makes The Formula One Champion. Regression Analysis
What Makes The Formula One Champion. Regression AnalysisWhat Makes The Formula One Champion. Regression Analysis
What Makes The Formula One Champion. Regression Analysis
 
Parks for Life: Why we Love Thailand's National Parks_Book
Parks for Life: Why we Love Thailand's National Parks_BookParks for Life: Why we Love Thailand's National Parks_Book
Parks for Life: Why we Love Thailand's National Parks_Book
 

Coach, Inc. And Tiffany & Co.Stock Price Valuation

  • 1. Coach, Inc. and Tiffany & Co. { stock price valuation 11/9/2011 W. LATOCHA
  • 3. TEV an economic measure reflecting the market value of a whole business Enterprise value = common equity at market value + debt at market value + minority interest at market value, if any - associate company at market value, if any + preferred equity at market value - cash and cash-equivalents
  • 4. CALCULATIONS An own forecast – may be based on the one year growth rate (or the other A mean for a one – it depends on the peer group investment’s horizon
  • 6. Growth TEV/ Preferred Shares estimate Cash Debt TEV EBITDA EBITDA Stock Value outstanding (next 2 quarters) Tiffany & Co. 11,74 565,19 693,67 0 127,28 10040 0,08 854,99 LVMH Moet Hennessy Louis Vuitton 11,03 SA Hermès International 28,8 EBITDA* 923,413407 Compagnie Financiere Richemont SA 11,69 TEV* 12552,2662 Coach, Inc. 12,15 Signet Jewelers Ltd. 7,67 P* $ 97,61 Blue Nile, Inc. 25,02 Movado Group Inc 22,71 Zale Corporation 23,5 Fuqi International, Inc. -1,08 Birks & Mayors, Inc. 13,1 Whitehall Jewl Hldg, Inc. -3,21 Industry Average 13,59
  • 7. Growth Preferred TEV/ Shares estimate Cash Debt Stock TEV EBITDA EBITDA outstanding (next 2 Value quarters) Tiffany & Co. 11,74 LVMH Moet Hennessy Louis Vuitton SA 11,03 Hermès International 28,8 Compagnie Financiere Richemont SA 11,69 Coach, Inc. 12,15 847,97 24,06 0 289,78 17800 0,068634 1470 Signet Jewelers Ltd. 7,67 Blue Nile, Inc. 25,02 Movado Group Inc 22,71 EBITDA* 1570,89198 Zale Corporation 23,5 TEV* 21353,6583 Fuqi International, Inc. -1,08 Birks & Mayors, Inc. 13,1 P* $ 76,53 Whitehall Jewl Hldg, Inc. -3,21 Industry Average 13,59
  • 8.  P*=97.61  Which means a 27% growth potential for the next 2 quarters
  • 9.  P*=76.53  Which means a 18% growth potential for the next 2 quarters