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Fairness Opinion Detail

FL FOOpen source

Foot Locker to DICK'S Sporting Goods

General Retail/May 2025/Evercore

Deal Information

Target
Foot Locker
Acquiror
DICK'S Sporting Goods
Sector
General Retail
Target Type
Public
Acquiror Type
Strategic
Advisors
Evercore

Transaction Metrics

Enterprise Value
$2.3B
EV / LTM Sales
EV / LTM EBITDA
6.4x
EV / Fwd EBITDA

Advisor Transaction Comparables

Comparable transactions cited by the advisor, excluding the subject transaction.

Advisor: Evercore

TEV / LTM Adjusted EBITDA selected range: 4.7x - 11.0x

13 comps
Aug 2024Accent Group Limited (minority stake)Frasers Group PLC$739M-3.7x-
Apr 2024Hibbett, Inc.JD Sports Fashion PLC$1.1B-5.9x-
Sep 2023Chico's FAS, Inc.Sycamore Partners$867M-4.3x-
May 2023Mattress Firm Group Inc.Tempur Sealy International, Inc.$4.0B-9.3x-
Aug 2021Eurostar, Inc. ("WSS")
* Multiple not publicly disclosed.
Foot Locker$750M---
Mar 2021The Michaels Companies, Inc.Apollo Global Management, Inc.$5.0B-6.9x-
Feb 2021DTLR Villa LLCJD Sports Fashion PLC$495M-10.9x-
Mar 2018The Finish Line, Inc.JD Sports Fashion PLC$464M-4.7x-
Jun 2017Staples, Inc.Sycamore Partners$6.6B-5.2x-
Apr 2017Cabela's IncorporatedBass Pro Group, LLC$4.8B-10.3x-
Nov 2015Petco Animal Supplies, Inc.CVC Capital Partners and Canada Pension Plan Investment Board$4.6B-8.6x-
Aug 2015Belk, Inc.Sycamore Partners$2.8B-6.9x-
Dec 2014PetSmart, Inc.BC Partners, Inc., La Caisse de depot et placement du Quebec, Longview Asset Management, StepStone$8.7B-9.1x-
Mean-7.1x-
Median-6.9x-

DCF Assumptions

Discount rate and terminal value assumptions the advisor selected for its discounted cash flow analysis.

Evercore

Open
WACC
12.0% – 14.0%
Terminal method
Perpetuity growth
Terminal assumption
-2.0% – 2.0%
Forecast basis
Management case (referred to as "Forecasts") approved for use by the Foot Locker board of… more

Management case (referred to as "Forecasts") approved for use by the Foot Locker board of directors

Forecast period
fiscal year 2025 through fiscal year 2029
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