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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 5.1x - 5.7x | 5.4x |
| Selected Fwd EBITDA Multiple | 1.5x - 1.7x | 1.6x |
| Fair Value | R13.75 - R15.24 | R14.49 |
| Upside | 44.8% - 60.4% | 52.6% |
| Benchmarks | Ticker | Full Ticker |
| Tiger Brands Limited | TBS | JSE:TBS |
| AVI Limited | AVI | JSE:AVI |
| Libstar Holdings Limited | LBR | JSE:LBR |
| Sea Harvest Group Limited | SHG | JSE:SHG |
| RFG Holdings Limited | RFG | JSE:RFG |
| RCL Foods Limited | RCL | JSE:RCL |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| TBS | AVI | LBR | SHG | RFG | RCL | ||
| JSE:TBS | JSE:AVI | JSE:LBR | JSE:SHG | JSE:RFG | JSE:RCL | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 0.3% | 4.7% | -4.0% | 1.2% | 14.9% | 13.3% | |
| 3Y CAGR | 10.7% | 9.6% | -2.6% | -3.9% | 25.0% | 6.6% | |
| Latest Twelve Months | 4.7% | 14.0% | -8.9% | 21.8% | 6.1% | 41.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 10.6% | 21.5% | 8.3% | 15.5% | 11.1% | 6.4% | |
| Prior Fiscal Year | 9.9% | 20.8% | 7.9% | 11.8% | 13.0% | 6.4% | |
| Latest Fiscal Year | 10.2% | 23.2% | 7.0% | 12.4% | 13.6% | 8.5% | |
| Latest Twelve Months | 10.2% | 24.1% | 7.0% | 12.4% | 13.6% | 9.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.97x | 1.89x | 0.32x | 0.78x | 0.64x | 0.33x | |
| EV / LTM EBITDA | 9.4x | 7.8x | 4.5x | 6.9x | 4.7x | 3.5x | |
| EV / LTM EBIT | 11.7x | 8.7x | 7.7x | 10.4x | 6.1x | 4.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.5x | 6.9x | 9.4x | ||||
| Historical EV / LTM EBITDA | 4.9x | 6.5x | 9.8x | ||||
| Selected EV / LTM EBITDA | 5.1x | 5.4x | 5.7x | ||||
| (x) LTM EBITDA | 2,487 | 2,487 | 2,487 | ||||
| (=) Implied Enterprise Value | 12,725 | 13,394 | 14,064 | ||||
| (-) Non-shareholder Claims * | (296) | (296) | (296) | ||||
| (=) Equity Value | 12,429 | 13,099 | 13,768 | ||||
| (/) Shares Outstanding | 893.8 | 893.8 | 893.8 | ||||
| Implied Value Range | 13.91 | 14.65 | 15.40 | ||||
| FX Rate: ZAR/ZAR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 13.91 | 14.65 | 15.40 | 9.50 | |||
| Upside / (Downside) | 46.4% | 54.3% | 62.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TBS | AVI | LBR | SHG | RFG | RCL | |
| Enterprise Value | 36,396 | 30,135 | 3,726 | 5,572 | 5,099 | 8,787 | |
| (+) Cash & Short Term Investments | 1,547 | 412 | 494 | 336 | 192 | 365 | |
| (+) Investments & Other | 3,740 | 24 | 0 | 50 | 0 | 1,473 | |
| (-) Debt | (1,242) | (2,966) | (2,320) | (3,614) | (644) | (2,324) | |
| (-) Other Liabilities | (217) | 0 | 1 | 10 | (10) | 191 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 40,224 | 27,605 | 1,901 | 2,354 | 4,636 | 8,491 | |
| (/) Shares Outstanding | 155.4 | 331.0 | 595.8 | 336.8 | 259.6 | 893.8 | |
| Implied Stock Price | 258.82 | 83.41 | 3.19 | 6.99 | 17.86 | 9.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 258.82 | 83.41 | 3.19 | 6.99 | 17.86 | 9.50 | |
| Trading Currency | ZAR | ZAR | ZAR | ZAR | ZAR | ZAR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |