How I calculated $COTY price target
1⃣ it will sell parts of its business to $KKR for $4.3 at 12.3x 2019 EBITDA
2⃣ $JPM analysts estimate that in 2021 $COTY EBITDA = $979 mil and net debt = $4.9 bill
3⃣ from 1⃣ &amp; 2⃣ i calculate Fair Enterprise Value = 12.3*0.979 = $12.04 Billion