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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 9.6x - 10.6x | 10.1x |
Selected Fwd EBITDA Multiple | 9.4x - 10.4x | 9.9x |
Fair Value | €100.85 - €118.05 | €109.45 |
Upside | 7.5% - 25.8% | 16.7% |
Benchmarks | Ticker | Full Ticker |
The Campbell's Company | CPB | XNAS:CPB |
Flowers Foods, Inc. | FLO | NYSE:FLO |
The Kraft Heinz Company | KHC | NasdaqGS:KHC |
Hormel Foods Corporation | HRL | NYSE:HRL |
B&G Foods, Inc. | BGS | NYSE:BGS |
The J. M. Smucker Company | JM2 | DB:JM2 |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
CPB | FLO | KHC | HRL | BGS | JM2 | ||
XNAS:CPB | NYSE:FLO | NasdaqGS:KHC | NYSE:HRL | NYSE:BGS | DB:JM2 | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 3.4% | 6.8% | -0.3% | 0.8% | 1.9% | 4.5% | |
3Y CAGR | -2.5% | 6.8% | 0.5% | 0.7% | -5.1% | 9.6% | |
Latest Twelve Months | 1.3% | 5.4% | -0.9% | -0.4% | -11.6% | 15.1% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 19.3% | 10.4% | 24.4% | 11.9% | 15.4% | 21.7% | |
Prior Fiscal Year | 19.2% | 9.6% | 23.3% | 10.9% | 15.1% | 22.9% | |
Latest Fiscal Year | 18.5% | 10.2% | 25.0% | 11.4% | 14.8% | 24.7% | |
Latest Twelve Months | 18.1% | 10.3% | 24.8% | 11.0% | 14.2% | 24.7% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.63x | 1.09x | 2.01x | 1.43x | 1.22x | 2.23x | |
EV / LTM EBITDA | 9.0x | 10.6x | 8.1x | 13.1x | 8.6x | 9.0x | |
EV / LTM EBIT | 11.5x | 14.5x | 9.5x | 16.3x | 11.5x | 11.8x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 8.1x | 9.0x | 13.1x | ||||
Historical EV / LTM EBITDA | 9.0x | 11.7x | 13.4x | ||||
Selected EV / LTM EBITDA | 9.6x | 10.1x | 10.6x | ||||
(x) LTM EBITDA | 2,156 | 2,156 | 2,156 | ||||
(=) Implied Enterprise Value | 20,749 | 21,842 | 22,934 | ||||
(-) Non-shareholder Claims * | (7,722) | (7,722) | (7,722) | ||||
(=) Equity Value | 13,028 | 14,120 | 15,212 | ||||
(/) Shares Outstanding | 106.7 | 106.7 | 106.7 | ||||
Implied Value Range | 122.11 | 132.35 | 142.59 | ||||
FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
Implied Value Range (Trading Cur) | 105.46 | 114.30 | 123.14 | 93.82 | |||
Upside / (Downside) | 12.4% | 21.8% | 31.3% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | CPB | FLO | KHC | HRL | BGS | JM2 | |
Enterprise Value | 16,751 | 5,520 | 50,501 | 17,004 | 2,325 | 19,312 | |
(+) Cash & Short Term Investments | 143 | 7 | 2,564 | 699 | 61 | 70 | |
(+) Investments & Other | 0 | 4 | 0 | 683 | 0 | 20 | |
(-) Debt | (7,265) | (2,132) | (21,211) | (2,858) | (2,058) | (7,812) | |
(-) Other Liabilities | (2) | 0 | (134) | (10) | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 9,627 | 3,399 | 31,720 | 15,518 | 329 | 11,590 | |
(/) Shares Outstanding | 298.1 | 211.1 | 1,183.6 | 549.9 | 80.0 | 106.7 | |
Implied Stock Price | 32.29 | 16.10 | 26.80 | 28.22 | 4.11 | 108.64 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
Implied Stock Price (Trading Cur) | 32.29 | 16.10 | 26.80 | 28.22 | 4.11 | 93.82 | |
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 |