Page 22 DCF and valuation parameters D SOTP and segment analyses Kering: further analysis of Gucci Group through SOTP approach • Gucci Group SOTP analyses imply an enterprise value of €28.1b in FY15E. • Within the Gucci Group segment, the Gucci brand alone represents 49% of the top line and 61% of EBIT in FY15E, meaning that the Gucci brand is expected to constitute the largest segment within the Gucci Group and also the most profitable in terms of operating margin. Sales breakdown FY15E (in €b) EBIT breakdown FY15E (in €b) Enterprise value breakdown FY15E (in €b) 1.8 7.8 0.2 1.9 3.3 28.1 0.1 2.4 0.4 10% 7.0 12% 0.9 23% 7% 9% 1.3 1.2 15.3 11% 22% 3.8 25% 17% 61% 49% 54% Gucci brand Bottega Veneta YSL Other brands Gucci Group Gucci brand Bottega Veneta YSL Other brands Gucci Group Gucci brand Bottega Veneta YSL Other brands Gucci Group Source: SOTP based on EY analysis and on the following brokers reports: RBC Capital (11 February 2015), JP Morgan (11 February 2015), Societe Generale (18 February 2015) and Deutsche bank (23 February 2015) The luxury and cosmetics financial factbook 2015