DCF and valuation parameters Page 27 E Trading multiples EY luxury and cosmetics sample: summary of EV/EBITDA multiples EV/EBITDA (FY14A/E) EV/EBITDA (FY15E) EV/EBITDA (FY16E) Hermés 21.2x L'Oréal 18.4x L'Oréal 17.4x s L'Oréal 20.1x Hermés 18.1x Hermés 16.3x er aluationt Brunello Cucinelli 19.1x Brunello Cucinelli 17.3x Beiersdorf 15.4x ame Luxottica 18.6x Beiersdorf 16.6x Brunello Cucinelli 15.4x ar p Beiersdorf 17.9x Luxottica 15.9x Luxottica 14.6x DCF and v Salvatore Ferragamo 16.8x Estée Lauder 15.4x Coty 13.8x Moncler 16.6x Salvatore Ferragamo 15.2x Salvatore Ferragamo 13.6x Coty 16.6x Coty 14.8x Estée Lauder 13.3x Shiseido 16.0x Shiseido 14.7x Shiseido 12.7x L'Occitane 16.0x Moncler 14.4x Moncler 12.6x Prada 15.7x L'Occitane 13.5x Prada 12.0x Jimmy Choo 15.5x Prada 13.4x Tod's 12.0x Kering 14.6x Tod's 13.1x L'Occitane 12.0x Estée Lauder 14.2x Jimmy Choo 12.6x Richemont 11.6x Tod's 13.9x Richemont 12.6x Kering 11.4x Average 13.8x Kering 12.6x Average 11.3x Hugo Boss 13.7x Average 12.5x Hugo Boss 11.1x Tumi 13.6x Hugo Boss 12.2x Burberry 11.0x Burberry 13.1x Burberry 12.0x Jimmy Choo 10.8x LVMH 12.9x Tumi 11.7x LVMH 10.5x Richemont 12.9x LVMH 11.6x Tumi 10.3x Swatch 11.5x Swatch 10.8x Coach 10.2x Tiffany 11.1x Coach 10.7x Swatch 10.2x Chow Tai Fook 9.9x Tiffany 10.7x Tiffany 9.8x Safilo 9.6x Chow Tai Fook 8.7x Chow Tai Fook 8.0x Michael Kors 8.7x Safilo 7.7x Safilo 6.7x Natura 8.6x Natura 7.4x Michael Kors 6.6x Coach 8.0x Michael Kors 7.4x Natura 6.6x Ralph Lauren 7.6x Ralph Lauren 7.0x Ralph Lauren 6.3x Hengdeli 7.2x Hengdeli 6.3x Hengdeli 5.8x EV/EBITDA (FY15E) EV/EBITDA (FY16E) EV/EBITDA (FY14A/E) 9.2% 9.2% 9.2% 12.5x 11.3x 13.8x 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