I'll give presentation later, what can I present about these two slides? It's about relative valuation.

MULTIPLES RATIO Steve Madden CROCS Inc SKECHERS Decker Caleres Inc Average Enterprise Value EBITDA Multiples 2472.5 191.2 12.93 901.2 50.5 17.85 5379.1 465.6 11.55 1651.5 50.7 32.57 1531.2 167.1 9.16 16.8 Estimated Terminal Value = 433.1 *16.81 x 7281 .2 Total Estimated Enterprise Value - Cumulative Present Value of FCF + Present Value of Terminal Value 1183.8 + 4666.6 -5850.4 The Estimated Equity Value Total Estimated Enterprise Value + Cash-Preferred Stock 5850.4 + 245.2-6.1-6089.5 The Estimated Value per Share is - (Estimated Equity Value )/(Fully Diluted Shares Outstanding) 6089.5/ 5850.4-70.2 Compared with current price of $31.7-> INCREASING TREND SENSITIVITY ANALYSIS EBITDA Mutiple Method Sensitivity Analysis 14.81 64.22 64.00 63.78 63.56 63.35 15.81 67.44 67.21 66.98 66.75 66.52 Multiples 16.81 70.67 70.42 70.18 69.93 69.69 70.2 17.81 18.81 9.11% 9.21% 9.31% 9.41% 9.51% 73.90 73.64 73.38 73.12 72.86 77.13 76.85 76.57 76.30 76.03 WACC