Bank of America Investment Banking Pitch Book
EV/2012E EBITDA
12.0x
8.0x 7.6x
4.0x
0.0x
6.0x
5.8x
Selected Public Companies
5.1x
Oxford Perry True Jones
Ellis Religion Group
Apparel
10.1x
7.9x
7.6x
Footwear & Accessories
6.4x
6.2x
Wolverine Steve Fossil Genesco Deckers
Madden
Brand Management
Source: Kenneth Cole Productions management projections, public Slings, FactSet, Capital IQ Wall Street research ceas estimates as of June 4, 2012.
Note: Selected pubic companies exdule Cherokee and Fit & Pacices Cherokee multiples are not publicly available and Fifth & Pacific multiples are not meaningfal due to depressol teeds of EBITDA.
KCP implied multiplies based on unaffected closing share price of $13.07 on February 23, 2012, the last trading day prior to announcement that Kenneth Cole submitted an initial offer to acquire
KCP for $15.00 per shan, KCP EBITDA hundened for stock-based compensation and adjusted for one-time expenses and impairment changes.
(1)
8
7.1x
KCP (Research)
Iconix
KCP (Mgmt.)
6.0x
9.4x
KCP™ KCP™
Bank of America
Merrill LynchView entire presentation