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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7.6x - 8.3x | 8.0x |
| Selected Fwd EBITDA Multiple | 7.1x - 7.8x | 7.5x |
| Fair Value | €44.02 - €50.72 | €47.37 |
| Upside | -5.1% - 9.3% | 2.1% |
| Benchmarks | Ticker | Full Ticker |
| Kellanova | K | NYSE:K |
| The Kraft Heinz Company | KHC | NasdaqGS:KHC |
| Seaboard Corporation | SEB | NYSEAM:SEB |
| Flowers Foods, Inc. | FLO | NYSE:FLO |
| Mondelez International, Inc. | MDLZ | NasdaqGS:MDLZ |
| Tyson Foods, Inc. | TF7A | DB:TF7A |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| K | KHC | SEB | FLO | MDLZ | TF7A | ||
| NYSE:K | NasdaqGS:KHC | NYSEAM:SEB | NYSE:FLO | NasdaqGS:MDLZ | DB:TF7A | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 3.1% | -0.3% | 14.2% | 6.8% | 8.6% | -4.4% | |
| 3Y CAGR | 6.0% | 0.5% | -9.4% | 6.8% | 8.2% | -17.5% | |
| Latest Twelve Months | 20.8% | 1.3% | 117.6% | 5.4% | -33.1% | 41.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 15.7% | 24.5% | 5.4% | 10.4% | 20.2% | 8.6% | |
| Prior Fiscal Year | 13.9% | 23.3% | 2.1% | 9.6% | 20.0% | 3.9% | |
| Latest Fiscal Year | 19.1% | 25.0% | 5.1% | 10.2% | 21.3% | 5.9% | |
| Latest Twelve Months | 18.8% | 25.0% | 5.8% | 10.3% | 15.5% | 6.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.66x | 2.04x | 0.30x | 1.06x | 2.91x | 0.51x | |
| EV / LTM EBITDA | 14.2x | 8.1x | 5.1x | 10.3x | 18.8x | 7.9x | |
| EV / LTM EBIT | 16.8x | 9.6x | 12.9x | 14.1x | 24.5x | 12.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.1x | 10.3x | 18.8x | ||||
| Historical EV / LTM EBITDA | 4.6x | 7.8x | 10.4x | ||||
| Selected EV / LTM EBITDA | 7.6x | 8.0x | 8.3x | ||||
| (x) LTM EBITDA | 3,490 | 3,490 | 3,490 | ||||
| (=) Implied Enterprise Value | 26,360 | 27,747 | 29,135 | ||||
| (-) Non-shareholder Claims * | (8,083) | (8,083) | (8,083) | ||||
| (=) Equity Value | 18,277 | 19,664 | 21,052 | ||||
| (/) Shares Outstanding | 356.2 | 356.2 | 356.2 | ||||
| Implied Value Range | 51.31 | 55.20 | 59.09 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 44.23 | 47.58 | 50.94 | 46.40 | |||
| Upside / (Downside) | -4.7% | 2.6% | 9.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | K | KHC | SEB | FLO | MDLZ | TF7A | |
| Enterprise Value | 33,448 | 51,059 | 2,732 | 5,366 | 104,438 | 27,256 | |
| (+) Cash & Short Term Investments | 336 | 2,787 | 1,102 | 7 | 1,561 | 1,002 | |
| (+) Investments & Other | 143 | 0 | 879 | 4 | 610 | 114 | |
| (-) Debt | (6,260) | (21,603) | (1,751) | (2,132) | (20,155) | (9,068) | |
| (-) Other Liabilities | (110) | (145) | (20) | 0 | (38) | (131) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 27,557 | 32,098 | 2,942 | 3,245 | 86,416 | 19,173 | |
| (/) Shares Outstanding | 346.9 | 1,183.5 | 1.0 | 211.1 | 1,294.8 | 356.2 | |
| Implied Stock Price | 79.43 | 27.12 | 3,030.02 | 15.37 | 66.74 | 53.82 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
| Implied Stock Price (Trading Cur) | 79.43 | 27.12 | 3,030.02 | 15.37 | 66.74 | 46.40 | |
| 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 | |