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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 1.3x - 1.4x | 1.4x |
| Selected Fwd Revenue Multiple | 1.2x - 1.3x | 1.3x |
| Fair Value | €111.19 - €124.24 | €117.71 |
| Upside | -0.7% - 11.0% | 5.1% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Bunge Global SA | BG | NYSE:BG |
| Archer-Daniels-Midland Company | ADM | NYSE:ADM |
| The J. M. Smucker Company | SJM | NYSE:SJM |
| The Campbell's Company | CPB | XNAS:CPB |
| The Kraft Heinz Company | KHC | NasdaqGS:KHC |
| Ingredion Incorporated | CNP | DB:CNP |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| BG | ADM | SJM | CPB | KHC | CNP | |||
| NYSE:BG | NYSE:ADM | NYSE:SJM | XNAS:CPB | NasdaqGS:KHC | DB:CNP | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 5.2% | 5.8% | 2.3% | 3.5% | 0.7% | 3.7% | ||
| 3Y CAGR | -3.5% | 0.1% | 2.9% | 4.4% | -0.3% | 2.5% | ||
| Latest Twelve Months | -10.9% | -8.6% | 6.7% | 8.6% | -4.2% | -6.9% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 4.1% | 3.4% | 16.2% | 15.4% | 20.9% | 11.1% | ||
| Prior Fiscal Year | 5.5% | 4.3% | 17.6% | 15.1% | 19.7% | 11.8% | ||
| Latest Fiscal Year | 2.9% | 2.4% | 19.0% | 14.5% | 21.4% | 13.5% | ||
| Latest Twelve Months | 2.6% | 1.8% | 19.0% | 14.1% | 21.3% | 14.6% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.38x | 0.39x | 2.22x | 1.63x | 2.08x | 1.29x | ||
| EV / LTM EBIT | 14.7x | 21.2x | 11.7x | 11.5x | 9.8x | 8.9x | ||
| Price / LTM Sales | 0.30x | 0.32x | 1.33x | 0.93x | 1.33x | 1.16x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.38x | 1.63x | 2.22x | |||||
| Historical EV / LTM Revenue | 1.12x | 1.20x | 1.32x | |||||
| Selected EV / LTM Revenue | 1.29x | 1.36x | 1.43x | |||||
| (x) LTM Revenue | 7,361 | 7,361 | 7,361 | |||||
| (=) Implied Enterprise Value | 9,503 | 10,003 | 10,504 | |||||
| (-) Non-shareholder Claims * | (967) | (967) | (967) | |||||
| (=) Equity Value | 8,536 | 9,036 | 9,537 | |||||
| (/) Shares Outstanding | 64.3 | 64.3 | 64.3 | |||||
| Implied Value Range | 132.73 | 140.51 | 148.29 | |||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | ||||
| Implied Value Range (Trading Cur) | 113.01 | 119.63 | 126.25 | 111.95 | ||||
| Upside / (Downside) | 0.9% | 6.9% | 12.8% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BG | ADM | SJM | CPB | KHC | CNP | |
| Enterprise Value | 19,276 | 32,924 | 19,352 | 16,861 | 52,905 | 9,423 | |
| (+) Cash & Short Term Investments | 3,883 | 897 | 70 | 143 | 2,787 | 846 | |
| (+) Investments & Other | 975 | 5,458 | 20 | 0 | 0 | 0 | |
| (-) Debt | (7,661) | (12,423) | (7,812) | (7,265) | (21,603) | (1,784) | |
| (-) Other Liabilities | (1,015) | (263) | 0 | (2) | (145) | (29) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 15,458 | 26,593 | 11,631 | 9,737 | 33,944 | 8,456 | |
| (/) Shares Outstanding | 200.1 | 480.5 | 106.7 | 298.1 | 1,183.5 | 64.3 | |
| Implied Stock Price | 77.27 | 55.35 | 109.02 | 32.66 | 28.68 | 131.49 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
| Implied Stock Price (Trading Cur) | 77.27 | 55.35 | 109.02 | 32.66 | 28.68 | 111.95 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |