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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 11.8x - 13.1x | 12.4x |
| Selected Fwd EBIT Multiple | 11.2x - 12.3x | 11.7x |
| Fair Value | €13.59 - €17.28 | €15.44 |
| Upside | -15.6% - 7.4% | -4.1% |
| Benchmarks | Ticker | Full Ticker |
| The Kroger Co. | KR | NYSE:KR |
| Costco Wholesale Corporation | COST | NasdaqGS:COST |
| Target Corporation | TGT | NYSE:TGT |
| Walmart Inc. | WMT | NYSE:WMT |
| Koninklijke Ahold Delhaize N.V. | AHOD.F | OTCPK:AHOD.F |
| Albertsons Companies, Inc. | 27S | DB:27S |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| KR | COST | TGT | WMT | AHOD.F | 27S | ||
| NYSE:KR | NasdaqGS:COST | NYSE:TGT | NYSE:WMT | OTCPK:AHOD.F | DB:27S | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 11.7% | 14.4% | 4.0% | 6.4% | 3.9% | 13.9% | |
| 3Y CAGR | 7.8% | 11.0% | -14.1% | 4.1% | 0.2% | -8.3% | |
| Latest Twelve Months | -5.0% | 11.7% | 0.7% | 7.0% | 7.7% | -14.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 2.9% | 3.5% | 6.1% | 4.4% | 4.3% | 2.9% | |
| Prior Fiscal Year | 3.3% | 3.5% | 5.5% | 4.2% | 3.8% | 3.0% | |
| Latest Fiscal Year | 3.2% | 3.6% | 5.4% | 4.3% | 3.8% | 2.5% | |
| Latest Twelve Months | 3.2% | 3.8% | 5.6% | 4.3% | 3.9% | 2.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.45x | 1.59x | 0.60x | 1.27x | 0.51x | 0.31x | |
| EV / LTM EBITDA | 8.3x | 34.2x | 7.1x | 20.4x | 8.9x | 6.8x | |
| EV / LTM EBIT | 14.3x | 42.3x | 10.8x | 29.5x | 13.2x | 13.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 10.8x | 14.3x | 42.3x | ||||
| Historical EV / LTM EBIT | 8.9x | 11.7x | 17.1x | ||||
| Selected EV / LTM EBIT | 11.8x | 12.4x | 13.1x | ||||
| (x) LTM EBIT | 1,912 | 1,912 | 1,912 | ||||
| (=) Implied Enterprise Value | 22,594 | 23,783 | 24,972 | ||||
| (-) Non-shareholder Claims * | (14,036) | (14,036) | (14,036) | ||||
| (=) Equity Value | 8,558 | 9,748 | 10,937 | ||||
| (/) Shares Outstanding | 559.8 | 559.8 | 559.8 | ||||
| Implied Value Range | 15.29 | 17.41 | 19.54 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 13.11 | 14.93 | 16.75 | 16.10 | |||
| Upside / (Downside) | -18.6% | -7.3% | 4.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | KR | COST | TGT | WMT | AHOD.F | 27S | |
| Enterprise Value | 65,841 | 426,071 | 63,944 | 866,795 | 46,623 | 24,548 | |
| (+) Cash & Short Term Investments | 4,738 | 14,850 | 2,887 | 9,311 | 3,953 | 166 | |
| (+) Investments & Other | 164 | 0 | 0 | 2,392 | 254 | 112 | |
| (-) Debt | (25,208) | (8,358) | (19,463) | (68,693) | (19,555) | (14,314) | |
| (-) Other Liabilities | 5 | 0 | 0 | (6,855) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 45,540 | 432,563 | 47,368 | 802,950 | 31,275 | 10,513 | |
| (/) Shares Outstanding | 661.2 | 443.5 | 454.4 | 7,980.4 | 906.0 | 559.8 | |
| Implied Stock Price | 68.88 | 975.39 | 104.25 | 100.61 | 34.52 | 18.78 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.86 | 1.17 | |
| Implied Stock Price (Trading Cur) | 68.88 | 975.39 | 104.25 | 100.61 | 40.26 | 16.10 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.86 | 1.17 | |