Zegna SPAC Presentation Deck
5. Transaction structure and valuation
COMPELLING VALUATION FOR INVESTORS
2022E
2023E
18.0x¹
24.1x
Ermenegildo Zegna Group LVMH
14.7x¹
21.7x
Ermenegildo Zegna Group LVMH
Ermenegildo Zegna Group
19.4x
KERING
17.6x
KERING
44.8x
BRUNELLO CUCINELLI
39.4x
EV / EBIT
BRUNELLO CUCINELLI
37.2x
PRADA
29.0x
PRADA
34.4x
Sabattre Ferraga
25.3x
24.3x
yp
21.0x
18.6x
MONC
BURBERRY
16.7x
BURBERRY
Luxury
Conglomerates
Luxury Players
TOD'S
Source: IBES and Refinitiv Eikon as of 25-Jun-21, company public information for peers, and company information for Zegna
Notes: See Appendix for important information about Core and other non-IFRS financial metrics;
Zegna Group's multiples computed including the pro forma impact of the acquisition of Ubertino (60% stake) and Biagioli (40% stake) on Enterprise Value and Core Adj. EBIT
1. Based on Core Adj. EBIT
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TOD'S
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CONFIDENTIAL
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