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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 12.5x - 13.8x | 13.1x |
| Selected Fwd EBITDA Multiple | 11.0x - 12.2x | 11.6x |
| Fair Value | €13.74 - €15.02 | €14.38 |
| Upside | 5.7% - 15.5% | 10.6% |
| Benchmarks | Ticker | Full Ticker |
| A.G. BARR p.l.c. | BAG | LSE:BAG |
| C&C Group plc | CCRL | BATS-CHIXE:CCRL |
| Shepherd Neame Limited | SHEP | OFEX:SHEP |
| Greencore Group plc | GNC | LSE:GNC |
| Fevertree Drinks PLC | FEVR | AIM:FEVR |
| Nichols plc | NRV | DB:NRV |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| BAG | CCRL | SHEP | GNC | FEVR | NRV | ||
| LSE:BAG | BATS-CHIXE:CCRL | OFEX:SHEP | LSE:GNC | AIM:FEVR | DB:NRV | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 8.3% | -7.9% | -2.6% | 0.4% | -10.7% | -3.4% | |
| 3Y CAGR | 11.0% | NM- | NM- | 19.0% | -10.7% | 5.3% | |
| Latest Twelve Months | 17.5% | -4.0% | 7.0% | 20.0% | 116.3% | 12.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 17.2% | 4.1% | 7.6% | 6.5% | 14.7% | 16.8% | |
| Prior Fiscal Year | 14.7% | 6.2% | 11.7% | 6.0% | 5.4% | 15.7% | |
| Latest Fiscal Year | 16.5% | 4.8% | 12.0% | 7.7% | 11.5% | 17.5% | |
| Latest Twelve Months | 16.5% | 5.1% | 12.0% | 7.7% | 11.5% | 17.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.51x | 0.43x | 1.21x | 0.50x | 2.17x | 2.18x | |
| EV / LTM EBITDA | 9.2x | 8.6x | 10.1x | 6.5x | 18.9x | 12.5x | |
| EV / LTM EBIT | 11.1x | 14.8x | 16.0x | 9.3x | 24.4x | 12.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 6.5x | 9.2x | 18.9x | ||||
| Historical EV / LTM EBITDA | 12.3x | 13.3x | 23.8x | ||||
| Selected EV / LTM EBITDA | 12.5x | 13.1x | 13.8x | ||||
| (x) LTM EBITDA | 30 | 30 | 30 | ||||
| (=) Implied Enterprise Value | 376 | 396 | 416 | ||||
| (-) Non-shareholder Claims * | 51 | 51 | 51 | ||||
| (=) Equity Value | 428 | 448 | 468 | ||||
| (/) Shares Outstanding | 36.5 | 36.5 | 36.5 | ||||
| Implied Value Range | 11.71 | 12.26 | 12.80 | ||||
| FX Rate: GBP/EUR | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 13.53 | 14.15 | 14.78 | 13.00 | |||
| Upside / (Downside) | 4.0% | 8.9% | 13.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BAG | CCRL | SHEP | GNC | FEVR | NRV | |
| Enterprise Value | 651 | 708 | 209 | 930 | 827 | 360 | |
| (+) Cash & Short Term Investments | 64 | 143 | 4 | 58 | 96 | 55 | |
| (+) Investments & Other | 0 | 1 | 0 | 0 | 0 | 0 | |
| (-) Debt | (5) | (347) | (140) | (252) | (12) | (4) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 711 | 505 | 73 | 736 | 911 | 411 | |
| (/) Shares Outstanding | 111.2 | 377.2 | 14.8 | 432.2 | 124.4 | 36.5 | |
| Implied Stock Price | 6.39 | 1.34 | 4.95 | 1.70 | 7.32 | 11.26 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.15 | 1.00 | 1.00 | 1.00 | 0.87 | |
| Implied Stock Price (Trading Cur) | 6.39 | 1.16 | 4.95 | 1.70 | 7.32 | 13.00 | |
| Trading Currency | GBP | GBP | GBP | GBP | GBP | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.15 | 1.00 | 1.00 | 1.00 | 0.87 | |