SKINSTATE · 13 — VALUATION COMPARISON

Valuation comparison.

Select the comparables you find most relevant; the overall and per-segment averages, and the implied SKINSTATE valuation, update live. Averages use disclosed multiples only.

Framework. Premium studio & franchised formats transact at c. 3–4× revenue; prestige beauty & skincare brands command 6×+ revenue and c. 20–26× EBITDA; medspa operators change hands on ~5–13× EBITDA by scale. SKINSTATE combines a premium clinic network, a scalable clinic format and a doctor-led skincare & prescription line — supporting a valuation toward the brand end of this spectrum. Note: segments use different bases (revenue vs EBITDA; brand vs operator vs product) — read the per-segment sub-averages, not just the blended overall.

Comparables selected

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Overall avg EV / Revenue

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Overall avg EV / EBITDA

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Implied SKINSTATE EV — revenue

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Implied SKINSTATE EV — EBITDA

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Sub-average by segment (selected)

Segment	Selected	Avg EV / Rev	Avg EV / EBITDA

Quick select:

Implied SKINSTATE EV applies the selected comparables' average multiples to the V07 base-case Year-6 figures: revenue £52.5m, group EBITDA £11.4m. For reference the plan's base case assumes a 12× EBITDA exit (£137m EV).
Panels A–C from FaceGym_Valuation_Benchmarking_vF (Jul 2026). Charlotte Tilbury EV/EBITDA (56.5×) and Galderma (growth premium) flagged as outliers. Drybar = products business only.
Panel D (medspa operators) shows actual medical-aesthetics / dermatology transactions (Forefront Dermatology · Partners Group; LaserAway; Restore Hyper Wellness; Bergman Clinics; Milan Laser) — values the clinic estate, not the brand. Panel E (pharma & device) shows indicative trailing multiples (~Jul 2026, EV as reported / est.) for listed product companies — pull live figures from Capital IQ before use. Panels D & E use different valuation bases — untick them for a like-for-like brand view. Strictly private & confidential — for discussion only.