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Ha_e )( DCF and valuation parameters A Financial parameters EY luxury and cosmetics sample: summary of financial parameters WACC Gearing Beta LTGR Safilo 7.0% Richemont(14.3%) Prada 0.68 Ralph Lauren 1.0% Coty 7.0% L'Occitane (12.6%) Brunello Cucinelli 0.68 L'Occitane 1.8% Luxottica 7.3% Swatch (9.1%) Chow Tai Fook 0.70 Jimmy Choo 1.8% L'Oréal 7.8% Burberry (8.2%) L'Occitane 0.74 Moncler Kafilg 2.0% Beiersdorf 7.8% Ralph Lauren (8.0%) 0.74 Michael Kors (7.3%) Hermès 0.77 Coty 2.1% Estée Lauder 7.8% Estée Lauder 2.2% Beiersdorf (6.4%) Michael Kors 0.77 LVMH 8.0% Tod's (5.8%) Coty 0.78 L'Oréal 2.3% Kering 8.1% Hugo Boss 0.83 Tumi (5.7%) Richemont 2.4% Jimmy Choo 8.1% Hermès (4.5%) Beiersdorf 0.84 Moncler 8.2% Swatch 2.5% Coach (4.3%) L'Oréal 0.86 Prada 2.5% Hermès 8.2% YOOX Net-A-Porter (0.3%) Tod's 0.86 Richemont 8.3% Coach 0.86 Coach 2.5% L'Oréal 0.2% YOOX Net-A-Porter 8.3% Salvatore Ferragamo 0.6% Average 0.91 Kering 2.5% Tod's 8.5% Moncler 1.4% Estée Lauder 0.91 Tiffany 2.5% Hugo Boss 8.6% Prada 1.9% Salvatore Ferragamo 0.93 Salvatore 2.6% Ferragamo Salvatore Ferragamo 8.6% Estée Lauder 2.4% Hengdeli 0.94 Hugo Boss 2.6% Ralph Lauren 8.6% Average 3.0% Natura 0.94 Beiersdorf 2.6% Brunello Cucinelli 8.6% Hugo Boss 3.4% Luxottica 0.94 Luxottica 2.6% Swatch 8.6% Shiseido 4.3% Kafilg 0.94 Luxottica 4.3% Kering 0.95 Moncler 2.7% Average 8.7% Average 2.7% Brunello Cucinelli 5.1% Jimmy Choo 0.96 Prada 8.8% Tod's 2.7% LVMH 5.9% LVMH 0.97 Burberry 8.8% Shiseido 0.98 Tiffany 6.0% Burberry 2.7% L'Occitane 8.9% Chow Tai Fook 8.8% YOOX Net-A-Porter 0.99 LVMH 2.8% Tiffany 9.0% Natura 18.5% Tumi 1.00 Hengdeli 9.1% Chow Tai Fook 3.0% Kafilg 18.7% Tiffany 1.03 Chow Tai Fook 9.3% Hermès 3.2% Kering 18.7% Ralph Lauren 1.10 Michael Kors 9.7% Jimmy Choo 19.5% Burberry 1.12 YOOX Net-A-Porter 3.6% Coach 10.0% Coty 27.2% Swatch 1.16 Brunello Cucinelli 4.3% Natura 15.4% Hengdeli 29.3% Richemont 1.22 Natura 6.6% WACC 8.7% Gearing 3.0% Beta 0.91 LTGR 2.7% Low High Low High Low High Low High Industry benchmark Industry benchmark Industry benchmark Industry benchmark Source: Data based on consensus of several brokers reports for each company. Note: LTGR data was not available for Tumi, Shiseido, Michael Kors and Hengdeli. The luxury and cosmetics financial factbook 2016

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