Jimmy Choo PLC acquired by Michael Kors Holdings Limited

Basis

• GBP 1.0bn 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 2.84x, calculated from GBP 1.0bn value and GBP 364m revenue.
• Revenue and multiple inputs are not fully disclosed in public transaction materials reviewed; treat the multiple as an estimate.
• Enterprise value is £1,035 million, calculated in the announcement from approximately £896 million for the entire issued and to-be-issued share capital plus £139.0 million net leverage as of December 31, 2016. The £896 million share consideration is reported separately. FY2016 revenue was £364.0 million and adjusted EBITDA was £59.0 million. The approximately 17.5x EV/adjusted EBITDA multiple is reported by the issuer; EV/revenue of approximately 2.84x is derived using the same-period figures. A separate pro forma filing estimated total purchase consideration of $1,415.2 million including debt and debt-like items; it is not the canonical EV. EV/revenue derived from £1,035 million EV and FY2016 revenue of £364.0 million; EV/adjusted EBITDA approximately 17.5x reported by issuer Issuer announcement reports FY2016 revenue of £364.0 million, adjusted EBITDA of £59.0 million, and approximately 17.5x EV/adjusted EBITDA. EV/revenue is derived from the disclosed EV and revenue.