L Brands was founded in 1963 and is headquartered in Columbus, US

Chairman and Chief Executive Officer

Chief Operating Officer

Executive Vice President and Chief Financial Officer

L Brands has offices in Columbus, New York, Reynoldsburg, Littleton and in 127 other locations

Columbus, US (HQ)

3 Limited Pkwy

L Brands's revenue was reported to be $4.5 b in FY, 2016

USD

## Revenue (Q3, 2018) | 2.6 b |

## Net income (Q3, 2018) | 86 m |

## EBIT (Q3, 2018) | 232 m |

## Market capitalization (16-Feb-2018) | 13.9 b |

## Cash (28-Oct-2017) | 735 m |

## EV | 18.9 b |

L Brands's current market capitalization is $13.9 b.

- Source: SEC Filings

USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 |
---|---|---|---|---|

## Revenue | 3.8 b | 4.1 b | 4.4 b | 4.5 b |

## Revenue growth, % | 7% | 8% | 2% | |

## EBIT | 863 m | 957 m | 1.1 b | 988 m |

## EBIT margin, % | 23% | 24% | 25% | 22% |

- Source: SEC Filings

USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 |
---|---|---|---|---|

## Cash | 1.5 b | 1.7 b | 2.5 b | 1.9 b |

## Accounts Receivable | 244 m | 252 m | 261 m | 294 m |

## Inventories | 1.2 b | 1 b | 1.1 b | 1.1 b |

## Current Assets | 3.2 b | 3.2 b | 4.2 b | 3.5 b |

USD | Q3, 2013 | Q3, 2014 | Q2, 2014 | Q1, 2014 | Q2, 2015 | Q1, 2015 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 | Q3, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Cash | 425 m | 745 m | 1.1 b | 912 m | 780 m | 649 m | 1.3 b | 1.3 b | 1.3 b | 654 m | 1.6 b | 1.4 b | 735 m |

## Accounts Receivable | 245 m | 274 m | 233 m | 216 m | 257 m | 239 m | 283 m | 249 m | 266 m | 325 m | 213 m | 245 m | 285 m |

## Inventories | 1.6 b | 1.5 b | 1.1 b | 1.2 b | 1.1 b | 1.1 b | 1.6 b | 1.3 b | 1.2 b | 1.7 b | 1.1 b | 1.1 b | 1.7 b |

## Current Assets | 2.6 b | 2.8 b | 2.7 b | 2.6 b | 2.5 b | 2.3 b | 3.6 b | 3 b | 3 b | 2.9 b | 3.2 b | 3 b | 2.9 b |

USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 |
---|---|---|---|---|

## Net Income | 903 m | 1 b | 1.3 b | 632 m |

## Accounts Receivable | (43 m) | (9 m) | (10 m) | (44 m) |

## Inventories | (168 m) | 121 m | (92 m) | 30 m |

## Cash From Operating Activities | 1.2 b | 1.8 b | 1.9 b | 1.9 b |

USD | Q3, 2013 | Q3, 2014 | Q2, 2014 | Q1, 2014 | Q2, 2015 | Q1, 2015 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|---|

## Net Income | 413 m | 477 m | 345 m | 157 m | 453 m | 250 m | 617 m | 152 m | 405 m | 526 m | 94 m | 233 m |

## Accounts Receivable | (42 m) | (30 m) | 11 m | 28 m | (6 m) | 13 m | (30 m) | 3 m | (15 m) | (75 m) | 80 m | 50 m |

## Inventories | (642 m) | (321 m) | 91 m | (54 m) | (71 m) | (100 m) | (586 m) | (135 m) | (77 m) | (527 m) | (52 m) | (18 m) |

## Cash From Operating Activities | (31 m) | 370 m | 446 m | (89 m) | 375 m | (156 m) | 262 m | (114 m) | 421 m | 316 m | 7 m | 221 m |

USD | Y, 2017 |
---|---|

## EV/EBIT | 81.3 x |

## EV/CFO | 85.4 x |

## EV/FCF | -124.9 x |

## Revenue/Employee | 106.4 k |

## Financial Leverage | -7 x |

L Brands's Stores was reported to be 3.1 k in Q1, 2018

Acquired Company | Date | Deal Size |
---|---|---|

Bath & Body Works Brand Management | ||

beautyAvenues | ||

Intimate Brands Holding | ||

Intimate Brands | ||

L (Overseas) Holdings LP | ||

L Brands (Overseas) | ||

L Brands Service Company | ||

Mast Industries | ||

Retail Store Operations | ||

Victoria's Secret Direct Brand Management | ||

Victoria's Secret Stores Brand Management | ||

Victoria's Secret Stores |

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