1 / 13

Gap Inc.

Gap Inc. The Valuation Project -Mod 3 : Market Multiples Sherry Xu ( netID : jxu6). Table of Contents. 1. Company profile 2. Market multiple valuation 2.1 B/S multiples 2.2 I/S multiples 2.3 Industry-specific multiples 2.4 Summary of market multiple valuation

chuck
Télécharger la présentation

Gap Inc.

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. GapInc. TheValuationProject-Mod3:MarketMultiples SherryXu(netID:jxu6)

  2. Table of Contents • 1. Company profile • 2. Market multiple valuation • 2.1 B/S multiples • 2.2 I/S multiples • 2.3 Industry-specific multiples • 2.4 Summary ofmarket multiple valuation • 2.5Issuestobeconsideredinvaluationusingmultiples

  3. 1. Companyprofile Industry:Apparelstores Comparablecompanies:Abercrombie(ANF),AmericanEagle(AEO),Aeropostle(ARO) Global retailer offering apparel, accessories, and personal care products for men, women, children, and babies Foundedin1969inSanFrancisco;incorporatedinDelaware Brands:Gap, Old Navy, Banana Republic, Piperlime, Athleta, and Intermix #ofcompany-operatedstores: 3,095; # of franchise stores: 312 (As of FY2012 balance sheet date)

  4. 2.1 Valuation using B/S multiples • Fiscalyearendforallfourfirms:Feb.2,2013 • Shareprice:asofFeb.1, 2013(tradingdayclosesttocompanies’fiscalyearend)

  5. 2.1 Valuation using B/S multiples

  6. 2.2 Valuation using I/S multiples

  7. 2.2 Valuation using I/S multiples

  8. 2.3 Valuation using industry-specific multiples

  9. 2.3 Valuation using industry-specific multiples • Forretailindustry:Pricepersquarefoot

  10. 2.4 Summary of valuation using market multiples • Recommendation:BUY

  11. 2.5 Issues to be considered invaluation using multiples • Choiceofperformancemeasures • Nosinglemeasureentirelysummarizescurrentperiodperformance,muchlessprovidesasufficientbasisforforecastingfuturecompanyperformance. • Whichmeasuresaremorerelevant? • Choiceofcomparablecompanies • Gaphasmuchlargerscalethanthethreecomparablecompaniesinthevaluation. • Whichcompaniesaremorecomparable? • Combiningcomparablecompanydatatoproducemultiples • Average/weighted-average/median/averageexcludingthehi/lo.

  12. Questions?

  13. Thank you! Sherry Xu (netID: jxu6)

More Related