Capri holdings: are merger synergies just an accessory

Abstract

The goal of this report is to provide an independent recommendation based on a Capri Holdings valuation. The valuation is obtained by combining the discounted cash flow (DCF) methodology with a relative valuation and a scenario analysis based on the DCF. To complement the valuation, a thorough assessment of the company’s strategy and industry is also made. The valuation with synergies concludes that Tapestry’s offer is above the fair value offer as assessed in this report.