Comparable company analysis

Spread the target and each peer on one basis, build the multiples table and write the memo on the implied range. Every figure ties to its source

Customize this Agent

XLSXDOCX11 steps

The problem

Seven companies, four fiscal year ends, three currencies and two accounting standards

Adidas, Puma and On report under IFRS, where lease costs sit below EBITDA. Lululemon, Nike, Deckers and Under Armour report under US GAAP, where most sit above it. Put them side by side unadjusted and EV / EBITDA compares different things. Every company has to be rebuilt to its latest reported twelve months and calendar year estimates, in one currency and with one lease treatment, before a median means anything

The request

Run trading comps for Lululemon against Nike, Adidas, Puma, Deckers, On and Under Armour at the October 1 close, including Nike's Q1 print that afternoon. LTM to each company's latest reported quarter, CY2026 and CY2027 calendarized from the consensus I've attached, everything in dollars at the October 1 rate, with leases treated the same way for every company. I need EV / Revenue, EV / EBITDA and P / E with high, low, mean and median, and a one page memo on Lululemon's implied range. Flag anything that doesn't tie, and don't drop a peer without asking me.

Consensus Oct 1.xlsx

How Axe works

ApprovedChanges asked

Your reviewApprove, or say what to change

Approved or changes

Workbook and memoWorkbook, memo and tie out report

Final reviewApprove the revised files

Revised workbook and memoRevised files and tie out

Step

Spread the target and peers

Prompt

Sent to the model at this step

Find the latest annual and interim filings and results releases for Lululemon and each peer, then spread each company on its own tab: revenue, gross profit, EBITDA, EBIT, net income, cash, debt, lease liabilities, preferred and minority interest. Build the last twelve months to each company's latest reported quarter, as the latest annual figure plus the current year to date less the prior year to date, including Nike's first quarter released on October 1. Take diluted shares from the latest basic count each company reports, plus options and restricted and performance stock units under the treasury stock method at the October 1 close, and in the money convertibles as converted. Convert every figure at the October 1 spot rate, so each multiple matches the one in reporting currency. Put every company on a US GAAP lease basis: lease cost above EBITDA and operating lease liabilities out of enterprise value. For each IFRS reporter, take the last twelve months of lease payments, principal and interest, from the interim cash flow statements; where they are not disclosed, leave the cell empty and list it. Treat stock based compensation as an expense. Strip out non recurring items, tax effect each one at the rate the company discloses or else the statutory rate, and say which. Log every adjustment with the filing, page and line it came from. If a figure is not disclosed, leave the cell empty and list it.

Uses

Target
Pricing date
Peer set

Produces

Spreads
Adjustments log

What you get back

XLSXComps workbookThe multiples table with growth and margins, one tab per company, the adjustments log

DOCXValuation memoThe implied range first, then the flagged peers and the material adjustments

Tie out reportEach figure marked tied, recalculated or open, with every correction

Make it yours

Change the peer set, add the multiples your desk uses, or reorder the memo. Every step and every prompt can be edited

Customize this Agent

Opens a private copy of this Agent in your workspace, ready to adapt to your own sources

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