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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6.3x - 7.0x | 6.7x |
| Selected Fwd EBITDA Multiple | 5.3x - 5.8x | 5.5x |
| Fair Value | €43.09 - €47.60 | €45.34 |
| Upside | 18.2% - 30.5% | 24.4% |
| Benchmarks | Ticker | Full Ticker |
| Koninklijke Ahold Delhaize N.V. | AD | ENXTAM:AD |
| Carrefour SA | CA | ENXTPA:CA |
| Kesko Oyj | KESKOA | HLSE:KESKOA |
| Metro Inc. | 62M | DB:62M |
| Marks and Spencer Group plc | MA6 | DB:MA6 |
| Colruyt Group N.V. | EFC1 | DB:EFC1 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| AD | CA | KESKOA | 62M | MA6 | EFC1 | ||
| ENXTAM:AD | ENXTPA:CA | HLSE:KESKOA | DB:62M | DB:MA6 | DB:EFC1 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 3.5% | 0.7% | 5.5% | 6.0% | 6.5% | 2.3% | |
| 3Y CAGR | 0.8% | 2.5% | -4.3% | 5.1% | 10.9% | 10.0% | |
| Latest Twelve Months | 2.6% | 0.4% | -4.6% | 3.3% | 12.4% | 9.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 6.4% | 4.6% | 7.4% | 8.7% | 8.4% | 7.2% | |
| Prior Fiscal Year | 5.8% | 4.3% | 7.3% | 8.6% | 9.3% | 7.2% | |
| Latest Fiscal Year | 5.7% | 4.2% | 6.8% | 8.4% | 9.8% | 7.8% | |
| Latest Twelve Months | 5.8% | 4.2% | 6.7% | 8.5% | 9.8% | 7.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.52x | 0.27x | 0.95x | 1.28x | 0.62x | 0.40x | |
| EV / LTM EBITDA | 9.1x | 6.4x | 14.2x | 15.1x | 6.3x | 5.1x | |
| EV / LTM EBIT | 13.7x | 10.6x | 19.2x | 19.0x | 7.9x | 9.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 6.3x | 9.1x | 15.1x | ||||
| Historical EV / LTM EBITDA | 5.1x | 6.9x | 8.1x | ||||
| Selected EV / LTM EBITDA | 6.3x | 6.7x | 7.0x | ||||
| (x) LTM EBITDA | 859 | 859 | 859 | ||||
| (=) Implied Enterprise Value | 5,432 | 5,718 | 6,004 | ||||
| (-) Non-shareholder Claims * | 26 | 26 | 26 | ||||
| (=) Equity Value | 5,459 | 5,745 | 6,031 | ||||
| (/) Shares Outstanding | 120.7 | 120.7 | 120.7 | ||||
| Implied Value Range | 45.23 | 47.60 | 49.97 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 45.23 | 47.60 | 49.97 | 36.46 | |||
| Upside / (Downside) | 24.0% | 30.5% | 37.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AD | CA | KESKOA | 62M | MA6 | EFC1 | |
| Enterprise Value | 47,418 | 23,182 | 11,314 | 27,648 | 8,616 | 4,374 | |
| (+) Cash & Short Term Investments | 4,755 | 6,745 | 148 | 39 | 1,149 | 692 | |
| (+) Investments & Other | 256 | 1,604 | 257 | 0 | 414 | 296 | |
| (-) Debt | (20,374) | (21,533) | (3,561) | (4,482) | (2,945) | (963) | |
| (-) Other Liabilities | 0 | (1,665) | (16) | (17) | (11) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 32,055 | 8,333 | 8,142 | 23,187 | 7,223 | 4,400 | |
| (/) Shares Outstanding | 906.0 | 704.1 | 398.1 | 218.8 | 2,015.6 | 120.7 | |
| Implied Stock Price | 35.38 | 11.84 | 20.45 | 105.98 | 3.58 | 36.46 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.60 | 0.85 | 1.00 | |
| Implied Stock Price (Trading Cur) | 35.38 | 11.84 | 20.45 | 66.08 | 4.20 | 36.46 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.60 | 0.85 | 1.00 | |