Content thumbnail Seeking sustainable growth - The luxury and cosmetics financial factbook

DCF and valuation parameters Page 21 D SOTP and segment analyses Kering: SOTP • Kering SOTP analyses imply a total enterprise value of €28.1b in FY15E. • Contributing around 97% of the total EBIT for 69% of sales, Gucci group is the most profitable segment in terms of operating margin. s er aluationt ame ar p DCF and v Sales breakdown FY15E (in €b) EBIT breakdown FY15E (in €b) Enterprise value breakdown FY15E (in €b) 0.0 0.2 0.0 2.0 3.2 0.3 11.3 28.1 0% 1.9 8% 1.0% 2.2 0.2 3.0% 28.1 8% 29% 1.0% 7.8 97% 100% 69% (0.1) (2.4) Gucci Group Puma Other brands Eliminations Total -6% -8% Gucci Group Puma Other brands Eliminations Total Gucci Group Puma Other brands Eliminations Total Luxury Sport and lifestyle Luxury Sport and lifestyle Luxury Sport and lifestyle 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

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