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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 2.2x - 2.4x | 2.3x |
| Selected Fwd Revenue Multiple | 2.0x - 2.2x | 2.1x |
| Fair Value | €140.30 - €161.35 | €150.83 |
| Upside | -26.9% - -15.9% | -21.4% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Cracker Barrel Old Country Store, Inc. | CBRL | NasdaqGS:CBRL |
| The Wendy's Company | WEN | NasdaqGS:WEN |
| The Cheesecake Factory Incorporated | CAKE | NasdaqGS:CAKE |
| Compass Group PLC | CMPG.F | OTCPK:CMPG.F |
| Chipotle Mexican Grill, Inc. | CMG | NYSE:CMG |
| Darden Restaurants, Inc. | DDN | DB:DDN |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| CBRL | WEN | CAKE | CMPG.F | CMG | DDN | |||
| NasdaqGS:CBRL | NasdaqGS:WEN | NasdaqGS:CAKE | OTCPK:CMPG.F | NYSE:CMG | DB:DDN | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 2.5% | 5.6% | 7.6% | 6.5% | 15.2% | 6.0% | ||
| 3Y CAGR | 7.1% | 5.8% | 7.0% | 20.3% | 14.4% | 16.5% | ||
| Latest Twelve Months | 2.3% | 3.0% | 4.1% | 10.8% | 14.6% | 5.0% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 3.4% | 16.7% | 2.2% | 5.4% | 12.1% | 9.9% | ||
| Prior Fiscal Year | 3.9% | 17.5% | 4.4% | 6.6% | 16.2% | 11.4% | ||
| Latest Fiscal Year | 2.1% | 16.8% | 5.4% | 6.9% | 17.3% | 11.6% | ||
| Latest Twelve Months | 2.0% | 16.8% | 5.4% | 6.9% | 17.3% | 11.7% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.57x | 2.81x | 1.17x | 1.40x | 5.86x | 2.57x | ||
| EV / LTM EBIT | 28.6x | 16.7x | 21.5x | 20.1x | 34.0x | 21.9x | ||
| Price / LTM Sales | 0.24x | 1.19x | 0.66x | 1.31x | 5.67x | 1.91x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.57x | 1.40x | 5.86x | |||||
| Historical EV / LTM Revenue | 1.76x | 2.25x | 3.80x | |||||
| Selected EV / LTM Revenue | 2.17x | 2.29x | 2.40x | |||||
| (x) LTM Revenue | 11,762 | 11,762 | 11,762 | |||||
| (=) Implied Enterprise Value | 25,553 | 26,898 | 28,243 | |||||
| (-) Non-shareholder Claims * | (7,659) | (7,659) | (7,659) | |||||
| (=) Equity Value | 17,894 | 19,239 | 20,584 | |||||
| (/) Shares Outstanding | 117.0 | 117.0 | 117.0 | |||||
| Implied Value Range | 152.91 | 164.40 | 175.89 | |||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | ||||
| Implied Value Range (Trading Cur) | 139.54 | 150.03 | 160.52 | 191.85 | ||||
| Upside / (Downside) | -27.3% | -21.8% | -16.3% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CBRL | WEN | CAKE | CMPG.F | CMG | DDN | |
| Enterprise Value | 2,001 | 6,279 | 4,183 | 58,207 | 66,325 | 32,260 | |
| (+) Cash & Short Term Investments | 10 | 451 | 84 | 635 | 1,423 | 224 | |
| (+) Investments & Other | 0 | 29 | 0 | 1,385 | 886 | 0 | |
| (-) Debt | (1,183) | (4,093) | (1,908) | (6,012) | (4,541) | (7,883) | |
| (-) Other Liabilities | 0 | 0 | 0 | (77) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 828 | 2,666 | 2,359 | 54,138 | 64,094 | 24,602 | |
| (/) Shares Outstanding | 22.3 | 200.5 | 51.6 | 1,697.1 | 1,355.3 | 117.0 | |
| Implied Stock Price | 37.21 | 13.30 | 45.68 | 31.90 | 47.29 | 210.22 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.10 | |
| Implied Stock Price (Trading Cur) | 37.21 | 13.30 | 45.68 | 31.90 | 47.29 | 191.85 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.10 | |