Birkenstock Is Walking On Air (NYSE:BIRK)


Footwear Company Birkenstock IPO Reportedly Coming On Wednesday

Ethan Swope/Getty Images News

Germany’s footwear maker, Birkenstock Holding Limited (NYSE:BIRK), after 250 years of operations, went public this Wednesday, seeking a $9.2 billion valuation. However, the share price fell 12.6% on its first day of trading, leaving

NOPAT

Economic Category (Values in thousands of euros except per share amounts)

2021

2022

Nine Months of 2023

Revenue

962 011,00 €

1 242 833,00 €

1 117 368,00 €

Operating Expenses

Cost of sales

524 890,00 €

493 031,00 €

436 532,00 €

Gross Profit

437 121,00 €

749 802,00 €

680 836,00 €

Gross Margin

45,44%

60,33%

60,93%

Selling and distribution expenses

235 471,00 €

347 371,00 €

309 521,00 €

General administration expenses

83 667,00 €

86 589,00 €

86 836,00 €

Foreign exchange gain (loss)

22 108,00 €

45 516,00 €

51 350,00 €

Other income (loss), net

2 953,00 €

1 669,00 €

2 452,00 €

Total Operating Expense

869 089,00 €

974 176,00 €

886 691,00 €

Total Hidden Non-Operating Expenses, Net

– €

29 177,00 €

14 739,00 €

Hidden Total Restructuring Expenses, Net

– €

– €

– €

– €

– €

– €

– €

– €

– €

– €

– €

– €

Hidden Foreign Currency Expenses, Net

– €

– €

– €

Hidden Other Real Estate Owned Expenses, Net

– €

– €

– €

Hidden Acquisition and Merger Expenses, Net

– €

– €

– €

Hidden Legal, Regulatory, and Insurance Expenses, Net

– €

29 177,00 €

14 739,00 €

Hidden Derivative Related Expenses, Net

– €

– €

– €

Hidden Other Financing Expenses, Net

– €

– €

– €

Hidden Other Non-Recurring Expenses, Net

– €

– €

– €

Hidden Recurring Pension Expenses, Net

– €

– €

– €

Hidden Non-Recurring Pension Expenses, Net

– €

– €

– €

Hidden Company Defined Other Expenses, Net

– €

– €

– €

Adjusted Total Operating Expenses

869 089,00 €

944 999,00 €

871 952,00 €

Adjusted EBIT/EBT

92 922,00 €

297 834,00 €

245 416,00 €

Adjusted EBITA/EBTA

92 922,00 €

297 834,00 €

245 416,00 €

Interest for PV of Operating Leases

861,00 €

2 417,00 €

4 217,00 €

Net Operating Profit Before Tax (NOPBT)

93 783,00 €

300 251,00 €

249 633,00 €

Operating cash taxes

28 802,82 €

92 213,67 €

76 667,77 €

NOPAT

64 980,18 €

208 037,33 €

172 965,23 €

Convergence Value

Values in thousands of Euros (except per share values)

2021

2022

2023 (Estimate)

NOPAT

64 980,18 €

208 037,33 €

230 620,31 €

Discounted value

8,00%

8,00%

8,00%

Continuing Value

812 252,29 €

2 600 466,65 €

2 882 753,83 €

Adjusted total debt (including off-balance sheet debt)

1 977 033,00 €

1 528 821,00 €

1 528 821,00 €

Excess cash (inc. IPO proceeds at top price)

187 242,45 €

244 936,35 €

726 671,46 €

Unconsolidated Subsidiary Assets

– €

– €

– €

Net Assets from Discontinued operations

– €

– €

– €

Value of Outstanding Employee stock option liabilities

– €

– €

– €

Overfunded Pension Plan Assets

– €

– €

– €

Preferred stock

– €

– €

– €

Minority interests

– €

– €

– €

Net deferred compensation assets

– €

– €

– €

Net deferred tax assets

(88 261,00) €

(79 047,00) €

(79 047,00) €

Zero-Growth Shareholder Value

(1 065 799,26) €

1 237 535,00 €

2 001 557,30 €

Price to-date per share

37,84 €

37,84 €

37,84 €

Outstanding shares

187 825,59

187 825,59

187 825,59

Convergence Value

(5,67) €

6,59 €

10,66 €



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