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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 10.3x - 11.4x | 10.9x |
| Selected Fwd EBITDA Multiple | 9.9x - 10.9x | 10.4x |
| Fair Value | €33.68 - €39.38 | €36.53 |
| Upside | 21.7% - 42.3% | 32.0% |
| 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 EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| SJM | HRL | FLO | KHC | MDLZ | CSC | ||
| NYSE:SJM | NYSE:HRL | NYSE:FLO | NasdaqGS:KHC | NasdaqGS:MDLZ | DB:CSC | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 4.5% | 0.8% | 6.8% | -0.3% | 8.6% | 3.4% | |
| 3Y CAGR | 9.6% | 0.7% | 6.8% | 0.5% | 8.2% | -2.5% | |
| Latest Twelve Months | 15.1% | -0.4% | 2.0% | -0.9% | -25.0% | 1.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 21.7% | 11.9% | 10.4% | 24.4% | 20.1% | 19.3% | |
| Prior Fiscal Year | 22.9% | 10.9% | 9.6% | 23.3% | 20.0% | 19.2% | |
| Latest Fiscal Year | 24.7% | 11.4% | 10.2% | 25.0% | 21.3% | 18.5% | |
| Latest Twelve Months | 24.7% | 11.0% | 10.1% | 24.8% | 16.0% | 18.1% | |
| 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 EBITDA | 8.2x | 10.4x | 17.1x | ||||
| Historical EV / LTM EBITDA | 10.7x | 11.2x | 13.9x | ||||
| Selected EV / LTM EBITDA | 10.3x | 10.9x | 11.4x | ||||
| (x) LTM EBITDA | 1,855 | 1,855 | 1,855 | ||||
| (=) Implied Enterprise Value | 19,161 | 20,170 | 21,178 | ||||
| (-) Non-shareholder Claims * | (7,124) | (7,124) | (7,124) | ||||
| (=) Equity Value | 12,037 | 13,046 | 14,054 | ||||
| (/) Shares Outstanding | 298.1 | 298.1 | 298.1 | ||||
| Implied Value Range | 40.38 | 43.76 | 47.14 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 34.67 | 37.57 | 40.48 | 27.67 | |||
| Upside / (Downside) | 25.3% | 35.8% | 46.3% | ||||
| 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 | |