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PPT Presentation Market Monitor WINTER 2020 Select Outdoor & Recreation Tombstones 2 Outdoor Recreation Industry Growth Industry Update Macroeconomic Trends • U.S. holiday retail sales ended 2019 with a 3.4% increase Y-o-Y, driven by 160 6.0% overall strong consumer sentiment and record low unemployment. Cyber 126.5 Monday spending, in particular, reached $12 million a minute during peak 140 5.0% 120 hours, concluding with a record $9.4 billion in sales. 3.50% 100 4.0% • U.S. unemployment remains at all-time lows, ending the year at 3.5%. 80 3.0% Furthermore, despite volatility throughout 2019, the Consumer 60 2.0% Confidence Index ended the year at 126.5, near the 19-year high 40 witnessed in late 2018. Many economists believe that the signing of the 20 1.0% Phase I trade deal with China will help bolster consumer confidence into - - 2020 and increase exports to $200 billion, cumulatively, over the next two Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 years. Consumer Confidence (CCI) Unemployment Rate • In anticipation of the signing of the trade deal, the U.S. cancelled plans to impose tariffs on an additional $156 billion of Chinese-made goods as well U.S. Sports & Outdoor Segment Revenue as reduce its tariff rate from 15% to 7.5% on $120 billion of Chinese goods. $700 $619 • This reduction in tariffs and the hopes of Phase II of the trade deal will $600 $578 $540 help stifle unease regarding additional costs that would be shouldered by $504 the Outdoor Recreation industry (previously estimated to reach $1.5 $500 $471 $439 billion a month by the Outdoor Industry Association). $411 $400 • Health-conscious consumers continue to drive the Outdoor Recreation industry, as more consumers are actively considering more health- $300 $ in billionsin$ forward activities and products when making purchasing decisions. $200 • The Outdoor Industry is beginning to cater to consumers via social media, $100 leveraging its existing enthusiast base to market to a wider universe of consumers. - 2017A 2018E 2019P 2020P 2021P 2022P 2023P Source: tradingeconomics, globalnewswire, Allied Market Research, Outdoor Industry Association, Source: U.S. Department of Commerce, S&P CapitalIQ, The Outdoor Foundation, Conference Board CGS, the trek, Billboard, National Retail Federation, the Wall Street Journal 3 Public Company Valuations $ in millions, except per share data 1/6/20 TTM Data NTM Est. Growth EV Multiple Share 52 Week Market Enterprise EBITDA TTM TTM NTM NTM Company Name Price High - Low Cap Value Sales EBITDA Margin Sales EBITDA Sales EBITDA Sales EBITDA Active Footwear NIKE, Inc. $101.83 $102.21 - $74.30 $158,962 $162,382 $40,781 $5,949 14.6% 8.1% 10.1% 3.98x 27.3x 3.68x 24.8x adidas AG 324.55 $333.28 - $211.80 63,219 65,517 25,117 3,791 15.1% 11.5% 15.9% 2.61x 17.3x 2.34x 14.9x Under Armour, Inc. 18.37 $24.55 - $15.06 8,756 9,639 5,216 395 7.6% 4.8% 19.3% 1.85x 24.4x 1.76x 20.5x Deckers Outdoor Corporation 174.50 $180.76 - $110.87 4,882 4,999 2,087 387 18.6% 5.2% 1.8% 2.40x 12.9x 2.28x 12.7x ASICS Corporation 16.12 $17.71 - $10.32 2,945 3,226 3,489 180 5.2% 1.1% 30.2% 0.92x 17.9x 0.91x 13.8x Wolverine World Wide, Inc. 33.90 $39.72 - $23.05 2,742 3,746 2,246 256 11.4% 4.7% 22.8% 1.67x 14.6x 1.59x 11.9x Rocky Brands, Inc. 28.27 $34.14 - $23.43 208 204 262 25 9.4% 3.2% 7.3% 0.78x 8.3x 0.75x 7.7x Median $4,882 $4,999 $3,489 $387 11.4% 4.8% 15.9% 1.85x 17.3x 1.76x 13.8x Average $34,531 $35,673 $11,314 $1,569 11.7% 5.5% 15.3% 2.03x 17.5x 1.90x 15.2x Active Apparel Kering SA $660.85 $672.15 - $437.92 $82,618 $89,523 $16,923 $5,596 33.1% 11.1% 24.6% 5.29x 16.0x 4.76x 12.8x V.F. Corporation 99.21 $100.25 - $69.99 39,622 43,018 14,157 2,484 17.5% (13.7%) (15.1%) 3.04x 17.3x 3.52x 20.4x Lululemon Athletica Inc. 235.43 $235.53 - $129.33 30,675 30,784 3,749 951 25.4% 15.7% 15.4% 8.21x 32.4x 7.10x 28.0x Li Ning Company Limited 2.99 $3.56 - $1.08 6,912 6,326 1,755 221 12.6% 21.7% 46.8% 3.60x 28.7x 2.96x 19.5x Columbia Sportswear Company 100.47 $109.74 - $80.46 6,784 6,973 3,005 510 17.0% 6.0% 3.8% 2.32x 13.7x 2.19x 13.2x Gildan Activewear Inc. 29.67 $41.12 - $23.75 5,915 6,887 2,908 543 18.7% (2.3%) 9.5% 2.37x 12.7x 2.42x 11.6x Descente Ltd. 18.80 $27.82 - $12.18 1,418 1,219 1,310 119 9.1% NA NA 0.93x 10.3x NA NA Youngone Corporation 27.71 $36.45 - $26.08 1,215 1,400 1,929 248 12.9% 9.0% 13.4% 0.73x 5.6x 0.67x 5.0x 361 Degrees International Limited 0.18 $0.24 - $0.13 367 (108) 787 118 15.0% 4.9% 27.0% (0.14x) (0.9x) (0.13x) (0.7x) Calida Holding AG 39.01 $39.73 - $27.65 321 404 422 30 7.1% 1.0% 9.2% 0.96x 13.5x 0.95x 12.4x Sequential Brands Group, Inc. 0.37 $2.28 - $0.21 24 576 155 71 45.7% NA NA 3.71x 8.1x NA NA Median $5,915 $6,326 $1,929 $248 17.0% 6.0% 13.4% 2.37x 13.5x 2.42x 12.8x Average $15,988 $17,000 $4,282 $990 19.5% 5.9% 15.0% 2.82x 14.3x 2.72x 13.6x Note: Not meaningful (NM) if EV/Sales is greater than 10x or EV/EBITDA is greater than 40x. NA if denominator is 0, for percentages and multiples, or if estimates are not available. NTM figures are based on the median estimate of Wall St. analysts. 4 Source: CapitalIQ, company filings. Public Company Valuations $ in millions, except per share data 1/6/20 TTM Data NTM Est. Growth EV Multiple Share 52 Week Market Enterprise EBITDA TTM TTM NTM NTM Company Name Price High - Low Cap Value Sales EBITDA Margin Sales EBITDA Sales EBITDA Sales EBITDA Outdoor Equipment Garmin Ltd. $97.69 $99.26 - $63.52 $18,571 $17,351 $3,587 $994 27.7% 5.6% 1.8% 4.84x 17.5x 4.58x 17.1x Shimano Inc. 162.13 $173.85 - $135.00 15,029 12,752 3,364 785 23.3% 1.7% 9.2% 3.79x 16.3x 3.73x 14.9x Goldwin Inc. 71.97 $87.66 - $47.11 3,259 3,262 858 147 17.1% 14.1% 26.9% 3.80x 22.2x 3.34x 17.5x YETI Holdings, Inc. 32.12 $38.11 - $15.32 2,759 3,020 857 151 17.6% 13.1% 30.5% 3.52x 20.0x 3.11x 15.3x Thule Group AB (publ) 23.24 $25.36 - $16.99 2,399 2,603 711 135 19.0% 12.5% 23.0% 3.66x 19.3x 3.26x 15.7x Callaway Golf Company 21.97 $22.07 - $14.50 2,068 2,712 1,570 160 10.2% 12.3% 38.4% 1.73x 16.9x 1.54x 12.2x Sturm, Ruger & Company, Inc. 48.55 $60.01 - $39.31 847 712 426 77 18.1% NA NA 1.67x 9.2x NA NA Accell Group N.V. 29.42 $29.42 - $20.65 788 1,042 1,299 58 4.5% 0.5% 6.7% 0.80x 17.8x 0.80x 16.7x GoPro, Inc. 4.47 $7.65 - $3.25 654 793 1,044 (36) NA 37.3% NM 0.76x NA 0.55x 4.8x American Outdoor Brands Corporation 9.59 $13.72 - $5.41 528 740 616 84 13.6% 15.7% 47.8% 1.20x 8.8x 1.04x 6.0x Vista Outdoor Inc. 7.23 $12.29 - $4.30 418 1,059 1,888 86 4.5% (5.2%) 32.3% 0.56x 12.4x 0.59x 9.3x Clarus Corporation 13.43 $15.10 - $8.56 400 424 226 20 9.1% 7.0% 24.6% 1.88x 20.7x 1.75x 16.6x HL Corp (Shenzhen) 1.00 $1.06 - $0.54 369 422 261 22 8.3% NA NA 1.62x 19.6x NA NA Globeride, Inc. 24.32 $33.86 - $21.69 279 467 823 62 7.6% 4.2% 4.8% 0.57x 7.5x 0.55x 7.2x Snow Peak, Inc. 9.72 $15.06 - $9.28 165 175 128 15 11.9% NA NA 1.38x 11.6x NA NA Escalade, Incorporated 9.65 $13.00 - $9.27 138 139 184 15 8.0% NA NA 0.75x 9.4x NA NA Rapala VMC Corporation 3.05 $3.84 - $2.86 118 241 297 22 7.2% (1.3%) 55.3% 0.81x 11.2x 0.82x 7.2x Nautilus, Inc. 1.90 $11.83 - $1.20 56 95 320 (18) NA (6.0%) NM 0.30x NA 0.31x NA Median $591 $766 $767 $70 11.0% 6.3% 25.7% 1.50x 16.6x 1.29x 14.9x Average $2,714 $2,667 $1,025 $154 13.0% 8.0% 25.1% 1.87x 15.0x 1.85x 12.3x Note: Not meaningful (NM) if EV/Sales is greater than 10x or EV/EBITDA is greater than 40x.
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