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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 14.9x - 16.5x | 15.7x |
| Selected Fwd EBIT Multiple | 14.8x - 16.4x | 15.6x |
| Fair Value | €73.99 - €84.31 | €79.15 |
| Upside | 9.0% - 24.2% | 16.6% |
| Benchmarks | Ticker | Full Ticker |
| Costco Wholesale Corporation | COST | NasdaqGS:COST |
| Walmart Inc. | WMT | NYSE:WMT |
| HF Foods Group Inc. | HFFG | NasdaqCM:HFFG |
| US Foods Holding Corp. | USFD | NYSE:USFD |
| Performance Food Group Company | PFGC | NYSE:PFGC |
| Sysco Corporation | SYY | DB:SYY |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| COST | WMT | HFFG | USFD | PFGC | SYY | ||
| NasdaqGS:COST | NYSE:WMT | NasdaqCM:HFFG | NYSE:USFD | NYSE:PFGC | DB:SYY | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 14.4% | 6.4% | -2.7% | 8.2% | NM- | 29.8% | |
| 3Y CAGR | 11.0% | 4.1% | -38.2% | 34.4% | 35.6% | 13.6% | |
| Latest Twelve Months | 11.7% | 3.1% | 69.5% | 13.4% | -1.2% | 1.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 3.5% | 4.4% | 0.9% | 2.1% | 0.9% | 3.7% | |
| Prior Fiscal Year | 3.5% | 4.2% | 0.0% | 2.9% | 1.5% | 4.3% | |
| Latest Fiscal Year | 3.6% | 4.3% | 0.6% | 3.0% | 1.4% | 4.3% | |
| Latest Twelve Months | 3.8% | 4.2% | 0.8% | 3.1% | 1.4% | 4.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.53x | 1.20x | 0.34x | 0.58x | 0.40x | 0.63x | |
| EV / LTM EBITDA | 33.0x | 19.4x | 10.9x | 13.6x | 15.5x | 11.6x | |
| EV / LTM EBIT | 40.8x | 28.4x | 41.2x | 18.7x | 29.1x | 14.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 18.7x | 29.1x | 41.2x | ||||
| Historical EV / LTM EBIT | 14.6x | 15.8x | 60.3x | ||||
| Selected EV / LTM EBIT | 14.9x | 15.7x | 16.5x | ||||
| (x) LTM EBIT | 3,470 | 3,470 | 3,470 | ||||
| (=) Implied Enterprise Value | 51,840 | 54,569 | 57,297 | ||||
| (-) Non-shareholder Claims * | (13,420) | (13,420) | (13,420) | ||||
| (=) Equity Value | 38,420 | 41,149 | 43,877 | ||||
| (/) Shares Outstanding | 478.2 | 478.2 | 478.2 | ||||
| Implied Value Range | 80.34 | 86.05 | 91.75 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 69.01 | 73.91 | 78.82 | 67.86 | |||
| Upside / (Downside) | 1.7% | 8.9% | 16.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | COST | WMT | HFFG | USFD | PFGC | SYY | |
| Enterprise Value | 410,971 | 828,849 | 405 | 22,460 | 23,721 | 51,198 | |
| (+) Cash & Short Term Investments | 14,850 | 9,431 | 16 | 61 | 79 | 1,071 | |
| (+) Investments & Other | 0 | 0 | 3 | 0 | 0 | 31 | |
| (-) Debt | (8,358) | (65,014) | (232) | (5,012) | (7,996) | (14,495) | |
| (-) Other Liabilities | 0 | (6,747) | (1) | 0 | 0 | (27) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 417,463 | 766,519 | 190 | 17,509 | 15,804 | 37,778 | |
| (/) Shares Outstanding | 443.5 | 7,980.4 | 55.0 | 225.2 | 156.5 | 478.2 | |
| Implied Stock Price | 941.34 | 96.05 | 3.46 | 77.76 | 100.97 | 79.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
| Implied Stock Price (Trading Cur) | 941.34 | 96.05 | 3.46 | 77.76 | 100.97 | 67.86 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |