Exhibit 1: Tiffany & Co.

Balance Sheet, 2018–2019

(In millions USD except per share amounts)
2019 2018
ASSETS
Current assets:
Cash and cash equivalents $ 792.60 $ 970.70
Short-term investments 62.70 320.50
Accounts receivable, net 245.40 231.20
Inventories, net 2,428.00 2,253.50
Prepaid expenses and other current assets 230.80 207.40
Total current assets 3,759.50 3,983.30

Property, plant and equipment, net 1,026.70 990.50

Deferred income taxes 215.80 188.20
Other assets, net 331.00 306.10
$ 5,333.00 $ 5,468.10
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term borrowings $ 113.40 $ 120.60
Accounts payable and accrued liabilities 513.40 437.40
Income taxes payable 21.40 89.40
Merchandise credits and deferred revenue 69.90 77.40
Total current liabilities 718.10 724.80

Long-term debt 883.40 882.90

Pension/postretirement benefit obligations 312.40 287.40
Deferred gains on sale-leasebacks 31.10 40.50
Other long-term liabilities 257.10 284.30

Commitments and contingencies

Stockholders' equity:
Preferred Stock, $0.01 par value; authorized – –
2.0 shares, none issued and outstanding
Common Stock, $0.01 par value; authorized 1.20 1.20
240.0 shares, issued and outstanding 121.5 and 124.5
Additional paid-in capital 1,275.40 1,256.00
Retained earnings 2,045.60 2,114.20
Accumulated other comprehensive loss, net of tax (204.80) (138.00)
Total Tiffany & Co. stockholders' equity 3,117.40 3,233.40
Non-controlling interests 13.50 14.80
Total stockholders' equity 3,130.90 3,248.20
$ 5,333.00 $ 5,468.10
Exhibit 2: Tiffany & Co. Income Statement, 2017–2019
(In millions USD except per share amounts)

2019 2018 2017

Net sales $4,442.10 $4,169.80 $4,001.80
Cost of sales 1,631.10 1,559.10 1,502.80
Gross profit 2,811.00 2,610.70 2,499.00
Selling, general, and administrative expenses 2,020.70 1,801.30 1,752.60
Earnings from operations 790.30 809.40 746.40
Interest expense and financing costs 39.70 42.00 46.00
Other expense, net 7.10 6.90 23.80
Earnings from operations before income taxes 743.50 760.50 676.60
Provision for income taxes 157.10 390.40 230.50
Net earnings $586.40 $370.10 $446.10
Net earnings per share:
Basic $4.77 $2.97 $3.57
Diluted $4.75 $2.96 $3.55
Weighted-average number of common shares:
Basic 122.90 124.50 125.10
Diluted 123.50 125.10 125.50
Exhibit 3: Tiffany & Co. Cash Flow Statement, 2017–2019
(In millions USD except per share amounts)
2019 2018 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings $ 586.40 $ 370.10 $ 446.10
Adjustments to reconcile net earnings to net cash
provided by operating activities:
Depreciation and amortization 229.00 206.90 208.50
Amortization of gain on sale-leasebacks (8.40) (8.20) (8.50)
Provision for inventories 54.40 28.90 19.20
Deferred income taxes (21.30) 96.80 46.10
Provision for pension/postretirement benefits 35.70 35.00 45.40
Share-based compensation expense 34.10 28.00 24.30
Loan impairment charges – 3.00 12.60
Asset impairment charges – 10.00 25.40
Gains on sales of marketable securities 2.30 (3.50) –
Changes in assets and liabilities:
Accounts receivable (30.80) 7.00 (19.20)
Inventories (270.50) (52.90) 54.80
Prepaid expenses and other current assets (11.30) (28.80) 33.60
Other assets, net (22.20) (3.70) 0.80
Accounts payable and accrued liabilities 53.70 98.80 (21.70)
Income taxes payable (104.60) 149.70 (39.30)
Merchandise credits and deferred revenue (1.00) 6.20 1.50
Other long-term liabilities 6.30 (11.10) (123.90)
Net cash provided by operating activities 531.80 932.20 705.70
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities and (154.10) (598.00) (125.50)
short-term investments
Proceeds from sales of marketable securities and 394.10 351.40 109.80
short-term investments
Capital expenditures (282.10) (239.30) (222.80)
Other, net 12.20 4.80 1.70
Net cash used in investing activities (29.90) (481.10) (236.80)
CASH FLOWS FROM FINANCING ACTIVITIES:
(Repayment of) proceeds from credit facility (18.40) (67.80) 14.20
borrowings, net
Proceeds from other credit facility borrowings 49.30 39.20 76.80
Repayment of other credit facility borrowings (32.00) (96.10) (83.10)
Proceeds from the issuance of long-term debt – – 98.10
Repayment of long-term debt – – (97.10)
Repurchase of Common Stock (421.40) (99.20) (183.60)
Proceeds from exercised stock options 23.10 54.60 15.30
Payments related to tax withholding for (8.60) (8.70) (2.90)
share-based payment arrangements
Cash dividends on Common Stock (263.80) (242.60) (218.80)
Distribution to non-controlling interest (0.30) (0.50) (3.80)
Financing fees (2.20) – (1.50)
Net cash used in financing activities (674.30) (421.10) (386.40)
Effect of exchange rate changes on cash and cash equivalent (5.70) 12.70 1.90
Net (decrease) increase in cash and cash equivalents (178.10) 42.70 84.40
Cash and cash equivalents at beginning of year 970.70 928.00 843.60
Cash and cash equivalents at end of year $ 792.60 $ 970.70 $ 928.00
Exhibit 9: Yields of corporate and US Treasury bonds, October 2019

Corporate Bond Yields

AAA 2.46%
AA 2.41%
A 2.72%
BBB+ 3.09%
BBB 3.30%
BB 3.97%
B 5.83%

US Treasury Bond Yields

3-Month 1.65%
1-Year 1.53%
2-Year 1.64%
3-Year 1.52%
5-Year 1.51%
10-Year 2.03%
30-Year 2.34%

Market Risk Premium* 5.60%

Marginal Tax Rate 35.51%

*based on 30-year US Treasury bond yield

 Financial Statement Data
NTM
LTM
LTM LTM Revenue
Company Name Country Total LTM EPS
EBITDA EBIT (Capital
Revenue
IQ)

Tapestry, Inc. (NYSE:TPR) United States 5,988.1 1,245.6 985.3 2.50 6,222.7

American Eagle Outfitters, Inc. (NYSE:AEO) United States 4,035.7 509.2 340.7 1.47 4,241.5

Under Armour, Inc. (NYSE:UAA) United States 5,193.2 360.7 178.9 -0.10 5,358.4

Lululemon Athletica Inc. (NasdaqGS:LULU) Canada 3,288.3 826.9 704.4 3.61 3,763.2

Ralph Lauren Corporation (NYSE:RL) United States 6,336.5 984.4 710.7 5.35 6,408.5

United
Capri Holdings Limited (NYSE:CPRI) Kingdom
5,073.9 1,130.9 912.8 3.73 6,006.8

L Brands, Inc. (NYSE:LB) United States 13,237.0 2,030.0 1,440.0 2.31 13,150.9

The Gap, Inc. (NYSE:GPS) United States 16,580.0 1,952.0 1,374.0 2.59 16,765.2

Hugo Boss AG (XTRA:BOSS) Germany 3,086.5 490.6 379.8 3.18 3,041.4

United
Burberry Group plc (LSE:BRBY) Kingdom
3,267.4 651.9 552.7 1.02 3,188.8

Compagnie Financière Richemont SA (SWX:CFR) Switzerland 15,601.5 2,774.0 2,117.9 2.65 16,245.1

Kering SA (ENXTPA:KER) France 16,998.6 5,649.4 5,113.8 18.62 17,719.3

Salvatore Ferragamo S.p.A. (BIT:SFER) Italy 1,474.0 232.4 160.2 0.55 1,373.5

The Swatch Group AG (SWX:UHR) Switzerland 8,365.4 1,484.7 1,037.2 14.37 7,762.2

Hermès International Société en commandite par

France 7,366.7 2,755.8 2,503.0 15.57 7,768.0
actions (ENXTPA:RMS)

Chow Sang Sang Holdings International Limited

Hong Kong 2,422.5 207.9 179.5 0.19 2,336.0
(SEHK:116)

Prada S.p.A. (SEHK:1913) Italy 3,452.0 551.8 328.3 0.11 3,118.4

Tiffany & Co. (NYSE:TIF) United States 4,442.1 1,004.5 775.5 4.75 4,555.7

Industry Average
Industry Median
10th Percentile
90th Percentile
Best Comps Average
Conglomerates Average

VALUATION BASED ON BEST COMPARABLES

TIF Implied Share Price using:

EV /
EV / LTM EV / LTM EV / NTM EV / LTM
Company Name NTM
EBITDA Revenue Revenue EBIT
EBITDA
Tapestry, Inc. (NYSE:TPR)
Ralph Lauren Corporation (NYSE:RL)
Capri Holdings Limited (NYSE:CPRI)
Burberry Group plc (LSE:BRBY)
The Swatch Group AG (SWX:UHR)
Prada S.p.A. (SEHK:1913)
Average
Min
Max
Weights
TARGET PRICE
Statement Data Market Data Valuation
NTM
NTM EPS Latest EV / EV /
EBITDA Latest Latest Shares Latest Market
(Capital Stock Price Beta Enterprise LTM NTM
(Capital Debt Cash Outstanding Capitalization
IQ) Value (EV) EBITDA EBITDA
IQ)

1,304.2 2.75 32.49 0.76 1,602.7 969.2 289.4 9,402.6 10,036.1

543.1 1.61 22.17 0.78 0.0 333.3 176.5 3,912.5 3,579.1

415.3 0.34 21.14 0.43 1,299.2 788.1 451.0 9,533.4 10,044.5

969.9 4.58 163.87 0.52 0.0 881.3 133.4 21,862.4 20,981.1

1,042.9 7.49 129.68 0.71 929.9 584.1 80.6 10,452.2 10,798.0

1,176.1 4.80 45.75 0.50 2,566.0 172.0 149.8 6,851.8 9,245.8

1,852.0 2.39 27.58 0.51 5,838.0 1,413.0 276.0 7,612.1 12,037.1

1,838.8 2.47 26.18 0.52 1,249.0 1,081.0 385.0 10,079.3 10,247.3

712.1 3.10 22.87 0.97 1,175.1 132.6 69.0 1,578.4 2,620.9

871.9 0.91 13.62 0.69 37.2 874.5 412.3 5,615.5 4,778.2

3,710.9 2.99 54.31 1.09 7,075.0 5,060.0 564.3 30,647.1 32,662.1

6,239.1 27.82 449.17 1.20 9,417.1 2,285.9 125.5 56,370.3 63,501.5

296.4 0.37 13.37 1.06 726.9 222.3 168.7 2,255.5 2,760.0

1,341.2 11.91 193.89 0.99 121.0 1,239.0 51.5 9,985.3 8,867.3

3,018.6 16.19 648.76 0.65 1,141.7 4,384.2 104.2 67,622.4 64,379.9

197.2 0.19 0.95 0.76 3,990.6 1,028.3 677.4 643.6 3,605.8

1,000.7 0.05 2.84 1.31 3,244.3 421.1 2,558.8 7,267.1 10,090.3

1,075.9 4.95 98.55 1.25 996.8 792.6 123.5 12,170.9 12,375.1

#DIV/0! #DIV/0!
#VALUE! #VALUE!
#VALUE! #VALUE!
#VALUE! #VALUE!
 #DIV/0! #DIV/0!
#DIV/0! #DIV/0!

Price using:
P/E P/E
(LTM) (NTM)
 Valuation Ratios TIF Implied EV TIF Impli

EV / EV / EV / EV /
P/E P/E EV / LTM EV / NTM EV / LTM EV / NTM EV / LTM
LTM NTM LTM LTM
(LTM) (NTM) EBITDA EBITDA Revenue Revenue EBIT
Revenue Revenue EBIT EBITDA
 TIF Implied Share Price using: Matching Parameters

EV /
EV / LTM EV / NTM EV / LTM P/E P/E Unlevered Revenue EBITDA
NTM D/E %D
Revenue Revenue EBIT (LTM) (NTM) Beta Growth Growth
EBITDA

0.08 7.57% 1.19 2.56% 7.10%

 Tiffany & Co
2019
LIQUIDITY RATIOS
Current Ratio

EFFICIENCY
Days Receivables (AR/(Revenue/365))
Days Payables (AP/(Cost of Sales/365))
Days Inventory (Inventory/(Cost of Sales/365))

FINANCIAL LEVERAGE
Common Equity to Assets
Long-Term Debt to Assets

PROFITABILITY
Operating Profit Margin (EBIT/Revenue )
Gross Profit Margin (Gross Profit/Revenue )
Return on Common Equity
Earnings before Tax as Percentage of Revenue
Net Earnings as Percentage of Revenue

GROWTH
Revenue

PERCENT OF REVENUE
Net Working Capital* as Percentage of Revenue
Capital Expenditures as Percentage of Revenue
Cost of Sales as Percentage of Revenue
Gross Profit as Percentage of Revenue
SG&A as Percentage of Revenue
D&A** as Percentage of Revenue
Interest Expense and Financing Costs as Percentage of Revenue
Other Expense as Percentage of Revenue

*excludes cash & cash equivalents/ short-term investments / short-term borrowings / taxes payable
** includes amortization of gain on sale-leasebacks
Tiffany & Co.
2018 2017 Ave.