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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | -13.7x - -15.1x | -14.4x |
Selected Fwd EBIT Multiple | -234.1x - -258.8x | -246.5x |
Fair Value | $0.83 - $1.20 | $1.02 |
Upside | -52.4% - -30.8% | -41.6% |
Benchmarks | Ticker | Full Ticker |
Westrock Coffee Company | WEST | NasdaqGM:WEST |
SunOpta Inc. | STKL | NasdaqGS:STKL |
BRC Inc. | BRCC | NYSE:BRCC |
John B. Sanfilippo & Son, Inc. | JBSS | NasdaqGS:JBSS |
Lamb Weston Holdings, Inc. | LW | NYSE:LW |
Farmer Bros. Co. | FARM | NasdaqGS:FARM |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
WEST | STKL | BRCC | JBSS | LW | FARM | ||
NasdaqGM:WEST | NasdaqGS:STKL | NYSE:BRCC | NasdaqGS:JBSS | NYSE:LW | NasdaqGS:FARM | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | NM- | NM- | 7.9% | 9.0% | NM- | |
3Y CAGR | NM- | 22.8% | NM- | -0.1% | 24.1% | NM- | |
Latest Twelve Months | -62.3% | 35.2% | 8.6% | -11.9% | -24.1% | 74.3% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 0.2% | 3.9% | -8.0% | 8.4% | 13.9% | -5.4% | |
Prior Fiscal Year | -0.5% | 5.2% | -12.7% | 8.8% | 17.4% | -8.8% | |
Latest Fiscal Year | -3.7% | 5.6% | 2.5% | 7.6% | 13.3% | -6.0% | |
Latest Twelve Months | -4.0% | 6.0% | -3.4% | 6.9% | 13.3% | -1.7% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.61x | 1.50x | 0.77x | 0.78x | 1.82x | 0.28x | |
EV / LTM EBITDA | 185.8x | 13.6x | -38.1x | 8.3x | 9.4x | 16.8x | |
EV / LTM EBIT | -40.3x | 25.2x | -22.8x | 11.2x | 13.8x | -16.3x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -40.3x | 11.2x | 25.2x | ||||
Historical EV / LTM EBIT | -11.7x | -9.8x | -4.7x | ||||
Selected EV / LTM EBIT | -13.7x | -14.4x | -15.1x | ||||
(x) LTM EBIT | (6) | (6) | (6) | ||||
(=) Implied Enterprise Value | 80 | 85 | 89 | ||||
(-) Non-shareholder Claims * | (59) | (59) | (59) | ||||
(=) Equity Value | 21 | 26 | 30 | ||||
(/) Shares Outstanding | 21.6 | 21.6 | 21.6 | ||||
Implied Value Range | 0.99 | 1.19 | 1.39 | ||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 0.99 | 1.19 | 1.39 | 1.74 | |||
Upside / (Downside) | -42.9% | -31.6% | -20.4% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | WEST | STKL | BRCC | JBSS | LW | FARM | |
Enterprise Value | 1,526 | 1,162 | 304 | 875 | 11,810 | 97 | |
(+) Cash & Short Term Investments | 44 | 2 | 4 | 1 | 71 | 4 | |
(+) Investments & Other | 1 | 0 | 0 | 0 | 0 | 0 | |
(-) Debt | (682) | (405) | (103) | (127) | (4,254) | (63) | |
(-) Other Liabilities | 0 | (15) | (26) | 0 | 0 | 0 | |
(-) Preferred Stock | (274) | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 616 | 745 | 180 | 750 | 7,627 | 38 | |
(/) Shares Outstanding | 94.7 | 118.2 | 113.8 | 11.8 | 139.4 | 21.6 | |
Implied Stock Price | 6.50 | 6.30 | 1.58 | 63.75 | 54.73 | 1.74 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 6.50 | 6.30 | 1.58 | 63.75 | 54.73 | 1.74 | |
Trading Currency | USD | USD | USD | USD | USD | USD | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |