Hibbett, Inc. to JD Sports Fashion PLC

General Retail/Apr 2024/Solomon Partners

Deal Information

Target

Hibbett, Inc.

Acquiror

JD Sports Fashion PLC

Sector

General Retail

Target Type

Public

Acquiror Type

Strategic

Advisors

Solomon Partners

Enterprise Value

$1.1B

EV / LTM Sales

EV / LTM EBITDA

6.2x

EV / Fwd EBITDA

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

EV/LTM Adjusted EBITDA selected range: 4.9x - 6.6x

4 comps


-	Sep 2023	Chico's FAS, Inc. EV/LTM Adjusted EBITDA multiple not individually disclosed; only the Selected Transactions Range of 4.9x–6.6x is stated. EBITDA defined as LTM Adjusted EBITDA based on amounts disclosed in public filings, company press releases and other public sources.	Sycamore Partners Management, L.P.	-	-	-	-
	Mar 2021	The Michael's Companies, Inc. EV/LTM Adjusted EBITDA multiple not individually disclosed; only the Selected Transactions Range of 4.9x–6.6x is stated. EBITDA defined as LTM Adjusted EBITDA based on amounts disclosed in public filings, company press releases and other public sources.	Apollo Global Management, LLC	-	-	-	-
	Mar 2018	The Finish Line, Inc. EV/LTM Adjusted EBITDA multiple not individually disclosed; only the Selected Transactions Range of 4.9x–6.6x is stated. EBITDA defined as LTM Adjusted EBITDA based on amounts disclosed in public filings, company press releases and other public sources.	JD Sports Fashion Plc	-	-	-	-
	Aug 2015	Belk, Inc. EV/LTM Adjusted EBITDA multiple not individually disclosed; only the Selected Transactions Range of 4.9x–6.6x is stated. EBITDA defined as LTM Adjusted EBITDA based on amounts disclosed in public filings, company press releases and other public sources.	Sycamore Partners Management, L.P.	-	-	-	-
		Mean			-	-	-
		Median			-	-	-

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

WACC: 14.5% – 17.5%
Terminal method: Exit multiple
Terminal assumption: 3.5x – 6.5x (terminal year EBITDA)
Forecast basis: Revised Hibbett Projections
Forecast period: fiscal year 2025 through fiscal year 2029 (stub period May 2024 to February 2025 through… more
fiscal year 2025 through fiscal year 2029 (stub period May 2024 to February 2025 through FY2029)

Advisor	WACC	Terminal method	Terminal assumption	Forecast basis	Forecast period	Filing
Solomon Partners	14.5% – 17.5%	Exit multiple	3.5x – 6.5x (terminal year EBITDA)	Revised Hibbett Projections	fiscal year 2025 through fiscal year 2029 (stub period May 2024 to February 2025 through… more fiscal year 2025 through fiscal year 2029 (stub period May 2024 to February 2025 through FY2029)	Open