DECIEM Beauty Group Inc. acquired by The Estée Lauder Companies Inc.

Basis

• USD 2.2bn enterprise value is treated as publicly disclosed or derived directly from public source data.
• Valuation covers 100% of the target; the amount invested or paid for a stake is separate.
• Implied EV / revenue is 4.78x, calculated from USD 2.2bn value and USD 460m revenue.
• Revenue and multiple inputs are not fully disclosed in public transaction materials reviewed; treat the multiple as an estimate.
• The approximately $2.2 billion USD enterprise value is the issuer-reported value for the First Phase; it is not the consideration paid for the acquired stake. The issuer stated approximately $1.0 billion USD would be paid at closing. The SEC filing reports $1.432 billion USD total consideration for the approximately 47.9% acquired ownership interest, including cash, stock-option liability and the net Put (Call) Option. It separately reports $2.993 billion USD total consideration transferred on a 100% basis for acquisition accounting, including the previously held investment and redeemable noncontrolling interest; this accounting amount is not substituted for the reported enterprise value. Sales are approximate USD net sales for the 12 months ended January 31, 2021. Revenue multiple is derived as stated First Phase enterprise value divided by those sales. The 2024 remaining-interest purchase is a separate phase. Approximately USD 2.2 billion enterprise value / approximately USD 460 million net sales = approximately 4.78x. Issuer-reported approximate net sales for the 12 months ended January 31, 2021; revenue multiple derived from issuer-reported First Phase enterprise value and sales.