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