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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 5.9x - 6.5x | 6.2x |
| Selected Fwd EBIT Multiple | 5.0x - 5.6x | 5.3x |
| Fair Value | €3.65 - €5.44 | €4.55 |
| Upside | -15.2% - 26.6% | 5.7% |
| Benchmarks | Ticker | Full Ticker |
| Kernel Holding S.A. | 0Q9Y | LSE:0Q9Y |
| Oatly Group AB | 9ZX | BRSE:9ZX |
| SunOpta Inc. | SOY | TSX:SOY |
| Sadot Group Inc. | SDOT | NasdaqCM:SDOT |
| Freshpet, Inc. | FRPT | NasdaqGM:FRPT |
| MHP SE | MPQ | DB:MPQ |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 0Q9Y | 9ZX | SOY | SDOT | FRPT | MPQ | ||
| LSE:0Q9Y | BRSE:9ZX | TSX:SOY | NasdaqCM:SDOT | NasdaqGM:FRPT | DB:MPQ | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 10.5% | NM- | NM- | NM- | 123.1% | 6.6% | |
| 3Y CAGR | -10.4% | NM- | 22.8% | NM- | NM- | 3.0% | |
| Latest Twelve Months | 71.5% | 42.0% | 17.9% | -112.0% | 265.1% | -6.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 10.0% | -28.4% | 3.6% | -64.6% | -2.5% | 13.3% | |
| Prior Fiscal Year | 12.7% | -31.0% | 5.2% | -1.0% | -3.9% | 13.9% | |
| Latest Fiscal Year | 12.4% | -14.2% | 5.6% | -1.6% | 4.0% | 11.8% | |
| Latest Twelve Months | 10.3% | -11.2% | 5.6% | -1.4% | 5.3% | 11.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.36x | 1.06x | 1.41x | 0.03x | 3.51x | 0.71x | |
| EV / LTM EBITDA | 3.0x | -14.8x | 13.2x | -2.0x | 26.6x | 4.3x | |
| EV / LTM EBIT | 3.5x | -9.4x | 25.1x | -2.0x | 66.3x | 6.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -9.4x | 3.5x | 66.3x | ||||
| Historical EV / LTM EBIT | 3.8x | 5.4x | 9.1x | ||||
| Selected EV / LTM EBIT | 5.9x | 6.2x | 6.5x | ||||
| (x) LTM EBIT | 349 | 349 | 349 | ||||
| (=) Implied Enterprise Value | 2,048 | 2,156 | 2,264 | ||||
| (-) Non-shareholder Claims * | (1,659) | (1,659) | (1,659) | ||||
| (=) Equity Value | 389 | 497 | 605 | ||||
| (/) Shares Outstanding | 107.0 | 107.0 | 107.0 | ||||
| Implied Value Range | 3.64 | 4.64 | 5.65 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 3.14 | 4.01 | 4.88 | 4.30 | |||
| Upside / (Downside) | -26.9% | -6.6% | 13.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 0Q9Y | 9ZX | SOY | SDOT | FRPT | MPQ | |
| Enterprise Value | 488 | 748 | 1,071 | 21 | 3,632 | 2,191 | |
| (+) Cash & Short Term Investments | 743 | 68 | 2 | 2 | 244 | 359 | |
| (+) Investments & Other | 4 | 0 | 0 | 0 | 33 | 6 | |
| (-) Debt | (746) | (493) | (385) | (11) | (495) | (1,998) | |
| (-) Other Liabilities | (1) | (1) | (15) | (3) | 0 | (26) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 487 | 322 | 673 | 8 | 3,414 | 532 | |
| (/) Shares Outstanding | 67.2 | 34.9 | 117.5 | 9.9 | 48.8 | 107.0 | |
| Implied Stock Price | 7.25 | 9.22 | 5.73 | 0.85 | 69.99 | 4.97 | |
| FX Conversion Rate to Trading Currency | 0.27 | 1.24 | 0.73 | 1.00 | 1.00 | 1.16 | |
| Implied Stock Price (Trading Cur) | 26.80 | 7.45 | 7.89 | 0.85 | 69.99 | 4.30 | |
| Trading Currency | PLN | CHF | CAD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 0.27 | 1.24 | 0.73 | 1.00 | 1.00 | 1.16 | |