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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 12.7x - 14.1x | 13.4x |
| Selected Fwd EBIT Multiple | 12.5x - 13.8x | 13.2x |
| Fair Value | €31.63 - €37.12 | €34.37 |
| Upside | 14.3% - 34.1% | 24.2% |
| Benchmarks | Ticker | Full Ticker |
| The J. M. Smucker Company | SJM | NYSE:SJM |
| Hormel Foods Corporation | HRL | NYSE:HRL |
| Flowers Foods, Inc. | FLO | NYSE:FLO |
| The Kraft Heinz Company | KHC | NasdaqGS:KHC |
| Mondelez International, Inc. | MDLZ | NasdaqGS:MDLZ |
| The Campbell's Company | CSC | DB:CSC |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| SJM | HRL | FLO | KHC | MDLZ | CSC | ||
| NYSE:SJM | NYSE:HRL | NYSE:FLO | NasdaqGS:KHC | NasdaqGS:MDLZ | DB:CSC | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 5.2% | -0.7% | 8.9% | -0.2% | 9.5% | 4.1% | |
| 3Y CAGR | 12.0% | -0.6% | 7.8% | 0.4% | 8.9% | -4.6% | |
| Latest Twelve Months | 14.6% | -0.7% | 2.6% | -0.3% | -30.8% | -1.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 16.2% | 9.9% | 7.6% | 20.8% | 16.4% | 15.4% | |
| Prior Fiscal Year | 17.6% | 8.8% | 6.9% | 19.7% | 16.6% | 15.1% | |
| Latest Fiscal Year | 19.0% | 9.2% | 7.4% | 21.4% | 17.7% | 14.5% | |
| Latest Twelve Months | 19.0% | 8.8% | 7.3% | 21.0% | 12.4% | 14.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.26x | 1.43x | 1.06x | 2.04x | 2.73x | 1.64x | |
| EV / LTM EBITDA | 9.1x | 13.1x | 10.4x | 8.2x | 17.1x | 9.0x | |
| EV / LTM EBIT | 11.9x | 16.3x | 14.5x | 9.7x | 22.0x | 11.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 9.7x | 14.5x | 22.0x | ||||
| Historical EV / LTM EBIT | 13.1x | 14.5x | 16.7x | ||||
| Selected EV / LTM EBIT | 12.7x | 13.4x | 14.1x | ||||
| (x) LTM EBIT | 1,441 | 1,441 | 1,441 | ||||
| (=) Implied Enterprise Value | 18,367 | 19,334 | 20,301 | ||||
| (-) Non-shareholder Claims * | (7,124) | (7,124) | (7,124) | ||||
| (=) Equity Value | 11,243 | 12,210 | 13,177 | ||||
| (/) Shares Outstanding | 298.1 | 298.1 | 298.1 | ||||
| Implied Value Range | 37.71 | 40.96 | 44.20 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 32.38 | 35.16 | 37.95 | 27.67 | |||
| Upside / (Downside) | 17.0% | 27.1% | 37.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SJM | HRL | FLO | KHC | MDLZ | CSC | |
| Enterprise Value | 19,673 | 17,108 | 5,393 | 51,531 | 100,469 | 16,732 | |
| (+) Cash & Short Term Investments | 70 | 699 | 11 | 2,564 | 1,504 | 143 | |
| (+) Investments & Other | 20 | 683 | 4 | 0 | 665 | 0 | |
| (-) Debt | (7,812) | (2,858) | (2,088) | (21,211) | (21,505) | (7,265) | |
| (-) Other Liabilities | 0 | (10) | 0 | (134) | (54) | (2) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 11,951 | 15,623 | 3,320 | 32,750 | 81,079 | 9,608 | |
| (/) Shares Outstanding | 106.7 | 549.9 | 211.2 | 1,183.6 | 1,293.9 | 298.1 | |
| Implied Stock Price | 112.02 | 28.41 | 15.72 | 27.67 | 62.66 | 32.23 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
| Implied Stock Price (Trading Cur) | 112.02 | 28.41 | 15.72 | 27.67 | 62.66 | 27.67 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |