Page 26 DCF and valuation parameters E Trading multiples EY luxury and cosmetics sample: summary of EV/sales multiples EV/sales (FY14A/E) EV/sales (FY15E) EV/sales (FY16E) Hermés 7.4x Hermés 6.6x Hermés 6.0x Moncler 5.6x Moncler 4.8x Moncler 4.2x L'Oréal 4.2x L'Oréal 4.0x L'Oréal 3.8x Prada 4.2x Prada 3.8x Prada 3.6x Luxottica 3.7x Salvatore Ferragamo 3.4x Richemont 3.1x Salvatore Ferragamo 3.7x Richemont 3.3x Salvatore Ferragamo 3.1x Richemont 3.6x Luxottica 3.3x Luxottica 3.1x Brunello Cucinelli 3.5x Brunello Cucinelli 3.1x Brunello Cucinelli 2.8x Hugo Boss 3.2x Hugo Boss 2.9x Estée Lauder 2.7x Burberry 3.1x Estée Lauder 2.9x Hugo Boss 2.7x Average 3.0x Burberry 2.8x Burberry 2.6x LVMH 3.0x Average 2.8x Tiffany 2.6x L'Occitane 2.9x Tiffany 2.7x Average 2.6x Kering 2.9x LVMH 2.7x LVMH 2.5x Tumi 2.9x Beiersdorf 2.7x Beiersdorf 2.5x Estée Lauder 2.9x Tod's 2.6x Coach 2.5x Michael Kors 2.8x L'Occitane 2.6x Tod's 2.4x Tiffany 2.8x Swatch 2.6x Swatch 2.4x Beiersdorf 2.8x Kering 2.5x Kering 2.4x Tod's 2.8x Tumi 2.5x L'Occitane 2.3x Jimmy Choo 2.6x Coach 2.5x Coty 2.2x Swatch 2.5x Michael Kors 2.4x Tumi 2.2x Coty 2.3x Coty 2.3x Michael Kors 2.1x Coach 2.2x Jimmy Choo 2.3x Jimmy Choo 2.0x Natura 1.8x Natura 1.6x Natura 1.5x Ralph Lauren 1.3x Shiseido 1.4x Shiseido 1.2x Chow Tai Fook 1.3x Ralph Lauren 1.3x Ralph Lauren 1.2x Shiseido 1.3x Chow Tai Fook 1.1x Chow Tai Fook 1.0x Safilo 0.9x Safilo 0.8x Safilo 0.8x Hengdeli 0.5x Hengdeli 0.5x Hengdeli 0.5x EV/sales (FY14A/E) EV/sales (FY15E) EV/sales (FY16E) 9.2% 9.2% 9.2% 3.0x 2.8x 2.6x Low High Low High Low High Low High Low Industry benchmark High Low High Industry benchmark Industry benchmark Industry benchmark Industry benchmark Industry benchmark Source: Data based on consensus of several brokers reports for each company Note: Market capitalization is based on a one-month average as of 31 March 2015. The luxury and cosmetics financial factbook 2015