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DCF and valuation parameters Ha_e )- B Operating aggregates Stable CAPEX sales ratio reflects that high investments are required to support long–term growth Jimmy Choo outperforms on the CAPEX ratio. The stable anerage lenel of a - to . ;9HEP sales ratio is mainlq explained bq the reimirements of the retail network (openings, renovations, etc.) for continued growth. Its CAPEX has been characterized by higher s logistics costs and store renovations, and is er aluationt expected to increase heavily as the company ame makes additional investments in its retail ar p network. DCF and v Average CAPEX ratio, Note: the 2015 CAPEX ratio is CAPEX Average ratio >Q).=Ç>Q)0= È lmpmjy cgepanies computed on the basis of either ratio FY14A FY15A/E FY16E FY17E FY18E (FY16E–FY18E) actual (“A“) or estimated (“E“) Jimmy Choo 8.5% figmres for *()- sales, depending LVMH -&( ,&1 -&) -&) -&) -&) Prada 8.3% on their availability. Kering )&0 -&- -&( ,&0 ,&1 ,&1 Coach 7.2% Richemont .&. .&, -&0 -&/ -&0 -&0 Hugo Boss 6.7% Luxottica +&/ +&. -&0 -&, -&+ -&- Swatch 6.7% Swatch )*&, /&- /&) /&( .&( .&/ Tumi 6.5% ;`go Lai >ggc +&* *&* *&) )&1 *&( *&( YOOX Net-A-Porter 6.4% Ralph Lauren -&) -&1 -&) ,&0 ,&, ,&/ Hermès 6.3% Hermès .&0 .&* .&* .&( .&. .&+ Burberry 6.3% Michael Kors 0&) 0&+ /&+ .&( -&- .&+ Michael Kors Coach ,&. ,&0 1&+ .&1 -&- /&* 6.3% Li^^any -&0 .&) .&( -&0 -&) -&. Richemont 5.8% Prada )(&* 0&. 1&* 0&/ /&( 0&+ Tiffany 5.6% :mjZejjy .&) /&) .&+ .&* .&+ .&+ Average 5.6% Hugo Boss -&( .&1 .&1 .&/ .&- .&/ Salvatore Ferragamo 5.5% Hengdeli )&.! )&) (&0 (&0 (&1 (&0 Luxottica 5.5% YOOX Net–A–Porter ,&+ -&( /&/ /&) ,&- .&, L'Oréal21.9% Brunello Cucinelli 5.5% Salvatore Ferragamo .&+ -&. -&- ,&1 .&) -&- Tod's 5.3% Kafilg +&* +&. +&* +&- +&+ +&+ Estée Lauder20.2% Tod's .&- ,&- -&+ -&- -&( -&+ Natura19.4% LVMH 5.1% Moncler /&) /&- -&+ ,&0 -&( -&( Moncler 5.0% Tumi .&1 -&. /&) .&+ .&) .&- Coty19.0% Kering 4.9% Average18.0% Brunello Cucinelli 0&0 1&. /&* -&) ,&* -&- Ralph Lauren 4.7% Bieey ;`gg 1&) 0&) 0&- 0&- n/a 0&- L'Occitane18.0% Kafilg 3.3% Average 5.9% 5.9% 6.0% 5.5% 5.1% 5.6% Beiersdorf17.6% Chow Tai Fook 2.0% Median 6.1% 5.9% 6.0% 5.7% 5.2% 5.6% Shiseido10.3% Hengdeli 0.8% Maximum 12.4% 9.6% 9.3% 8.7% 7.0% 8.5% Minimum (1.6%) 1.1% 0.8% 0.8% 0.9% 0.8% Source: Data based on consensus of several brokers reports for each company. Estimated data have not been derived from internal insights. The luxury and cosmetics financial factbook 2016

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