Diluted Oustanding Shares (in

Company Name
Millions)
UNDERARMOUR 163.26
NORDSTROM 188.8

Date Underarmour Share Price

Jan-22 21.370
Feb-22 19.060
Mar-22 17.750
Apr-22 17.080
May-22 15.450
Jun-22 10.720
Jul-22 8.280
Aug-22 9.090
Sep-22 8.310
Oct-22 6.760
Nov-22 7.630
Dec-22 9.980
Jan-23 10.370
Feb-23 12.400
Mar-23 9.900
Apr-23 9.500
May-23 8.860
Jun-23 7.210
Jul-23 7.290
Aug-23 8.000
Sep-23 7.750
Oct-23 6.800
Nov-23 6.830
Dec-23 8.110

Exchange Rate
1.200

1.000

0.800

0.600

0.400

0.200

0.000
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21
 0.400

0.200

0.000
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21

The Implied Split based on Relative Contribution Analysis and Other Appropriate Valuation approaches:

Company Name ACQUIRE/TARGET

UNDERARMOUR TARGET
DILUTED SHARES OF UNDERARMOUR
NORDSTROM ACQUIRER
DILUTED SHARES OF NORDSTROM

Determinig that Netflix is Target company and Disney is Acquirer.

Math 51%
188.8

X =
0.958686440677966

CHECK

UNDERARMOUR
NORDSTROM
TOTAL SAHRES OUTSTANDIN

CONCLUSION: Underarmour will issue 0.8315678 of its shares for every one share of Nordstrom.

All amounts in billion USD

PARTICULARS UnderArmour
EBITDA $ 0.42
% in Total 28.49%
Revenue $ 5.77
Gross Proft $ 2.65
Enterprise Value $ 4.57
Total Debt $ 1.47
(-) Cash and Equivalents $ 1.04
(-) Net Debt $ 0.43
Equity Value $ 4.14
% in Total 57.12%

Free Cash Flow $ 0.39

% in Total 61.41%
 Equity Value Percentage

2
43%

1
57%

PERCENTAGE SPLIT
Free Cash Flow $0.39 $0.24

Equity Value $4.14 $3.11

Gross Proft $2.65 $5.39

Revenue $5.77 $1.47

EBITDA $0.42 $1.05

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Underarmour Nordstrom
 ACQUIRE/TARGET Percentage
TARGET 49%
ACQUIRER 51%

In Millions USD
NordStrom Share Price Exchange Rate Market Capitalization - Underarmou
20.501 1.042 $ 3,250.67
18.897 1.009 $ 3,598.53
24.701 0.719 $ 3,351.20
23.582 0.724 $ 3,224.70
24.252 0.637 $ 2,916.96
19.538 0.549 $ 2,023.94
21.739 0.381 $ 1,563.26
15.821 0.575 $ 1,716.19
15.634 0.532 $ 1,568.93
19.008 0.356 $ 1,276.29
19.597 0.389 $ 1,440.54
15.214 0.656 $ 1,884.22
18.418 0.563 $ 1,957.86
18.362 0.675 $ 2,341.12
15.336 0.646 $ 1,869.12
14.726 0.645 $ 1,793.60
14.574 0.608 $ 1,672.77
19.742 0.365 $ 1,361.25
22.288 0.327 $ 1,376.35
15.643 0.511 $ 1,510.40
14.587 0.531 $ 1,463.20
13.650 0.498 $ 1,283.84
15.251 0.448 $ 1,289.50
18.245 0.445 $ 1,531.17

xchange Rate Ownership S

100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
1 2 3 4 5 6 7 8 9 10 11 12 13

11 12 13 14 15 16 17 18 19 20 21 22 23 24 Column H Colu
 30%
20%
10%
0%
1 2 3 4 5 6 7 8 9 10 11 12 13

11 12 13 14 15 16 17 18 19 20 21 22 23 24 Column H Colu

er Appropriate Valuation approaches:

Percentage/DILUTED SHARES
49%
163.26
51%
188.8

: 49% Company Name

X Market Capitalization - Underarmour
3250.67
181
: 1

POST-MERGER
163.26 49%
181 51%
345 100%

for every one share of Nordstrom.

All amounts in billion USD

NordStrom Combined Value
$ 1.05 $ 1.47
71.51% 100%
$ 1.47 $ 7.24
$ 5.39 $ 8.04
$ 6.96 $ 11.53
$ 4.48 $ 5.95
$ 0.63 $ 1.67
$ 3.85 $ 4.28
$ 3.11 $ 7.25
42.88% 100%

$ 0.24 $ 0.63
38.59% 100%
 centage

1
57%

E SPLIT Basic Financial Data

Market Capital
Total Debt
$0.24
Enterprise Value
$3.11 Cash and Equivalent
Revenue
$5.39 Gross Profit
EBITDA
$1.47 Net Income

$1.05

60% 70% 80% 90% 100%

strom BASIC FINANCIAL DATA

Market Capital
Total Debt
Enterprise Value
Cash and Equivalent
Revenue
Gross Profit
EBITDA
Net Income
In Millions USD
Market Capitalization - NordStro
$ 3,346.91
$ 3,085.11
$ 4,032.66
$ 3,850.01
$ 3,959.37
$ 3,189.82
$ 3,549.11
$ 2,582.95
$ 2,552.47
$ 3,103.24
$ 3,199.36
$ 2,483.78
$ 3,007.00
$ 2,997.77
$ 2,503.79
$ 2,404.18
$ 2,379.30
$ 3,223.05
$ 3,638.72
$ 2,553.87
$ 2,381.49
$ 2,228.46
$ 2,489.88
$ 2,978.60
Ownership Split
3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
Column H Column I
Ownership Split in %
Total UnderArmourNordStrom
$ 6,597.58 49.271% 50.729%
$ 6,683.64 53.841% 46.159%
$ 7,383.86 45.385% 54.615%
$ 7,074.72 45.581% 54.419%
$ 6,876.33 42.420% 57.580%
$ 5,213.75 38.819% 61.181%
$ 5,112.37 30.578% 69.422%
$ 4,299.14 39.919% 60.081%
$ 4,121.40 38.068% 61.932%
$ 4,379.53 29.142% 70.858%
$ 4,639.90 31.047% 68.953%
$ 4,368.00 43.137% 56.863%
$ 4,964.86 39.434% 60.566%
$ 5,338.89 43.850% 56.150%
$ 4,372.91 42.743% 57.257%
$ 4,197.78 42.727% 57.273%
$ 4,052.06 41.282% 58.718%
$ 4,584.29 29.694% 70.306%
$ 5,015.07 27.444% 72.556%
$ 4,064.27 37.163% 62.837%
$ 3,844.69 38.058% 61.942%
$ 3,512.30 36.553% 63.447%
$ 3,779.39 34.119% 65.881%
$ 4,509.77 33.952% 66.048%
3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

Column H Column I

ACQUIRE/TARGET Percentage
TARGET UnderArmour
ACQUIRE 49%
 Amount
3.06 billion USD
1.47 billion USD
3.49 billion USD
1.04 billion USD
5.903 billion USD
2.65 billion USD
0.42 billion USD
0.386 billion USD

AMOUNT
3.11 billion USD
4.48 billion USD
6.96 billion USD
0.628 billion USD
1.5530 billion USD
5.39 billion USD
1.264 billion USD
0.387 billion USD
Company Name Diluted Oustanding Shares (in Millions)
NETFLIX 432.76
DISNEY 183000

Company Name Percentage Acquirer / Target

NETFLIX TARGET
DISNEY ACQUIRE