Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 13.9x - 15.3x | 14.6x |
| Selected Fwd EBIT Multiple | 12.9x - 14.2x | 13.5x |
| Fair Value | £47.50 - £52.71 | £50.11 |
| Upside | -7.4% - 2.8% | -2.3% |
| Benchmarks | Ticker | Full Ticker |
| Premier Foods plc | PFD | LSE:PFD |
| Tate & Lyle plc | TATE | LSE:TATE |
| Bakkavor Group plc | BAKK | LSE:BAKK |
| Hilton Food Group plc | HFG | LSE:HFG |
| Associated British Foods plc | ABF | LSE:ABF |
| Cranswick plc | CWK | LSE:CWK |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| PFD | TATE | BAKK | HFG | ABF | CWK | ||
| LSE:PFD | LSE:TATE | LSE:BAKK | LSE:HFG | LSE:ABF | LSE:CWK | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 109.4% | -4.8% | 5.0% | 14.8% | 7.8% | 14.4% | |
| 3Y CAGR | 14.7% | 15.0% | 6.7% | 12.8% | 29.7% | 10.6% | |
| Latest Twelve Months | 18.1% | 3.4% | 19.8% | 15.1% | 36.1% | 23.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 13.3% | 12.6% | 4.5% | 2.1% | 7.2% | 6.5% | |
| Prior Fiscal Year | 13.1% | 12.8% | 4.3% | 2.1% | 7.1% | 5.7% | |
| Latest Fiscal Year | 15.9% | 14.0% | 5.0% | 2.5% | 9.5% | 6.7% | |
| Latest Twelve Months | 15.5% | 15.4% | 5.0% | 2.5% | 9.5% | 7.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.66x | 1.49x | 0.55x | 0.28x | 0.87x | 1.07x | |
| EV / LTM EBITDA | 8.8x | 7.5x | 7.5x | 7.4x | 6.8x | 10.8x | |
| EV / LTM EBIT | 10.7x | 9.7x | 11.1x | 11.5x | 9.2x | 15.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 9.2x | 10.7x | 11.5x | ||||
| Historical EV / LTM EBIT | 13.4x | 14.3x | 21.1x | ||||
| Selected EV / LTM EBIT | 13.9x | 14.6x | 15.3x | ||||
| (x) LTM EBIT | 189 | 189 | 189 | ||||
| (=) Implied Enterprise Value | 2,622 | 2,761 | 2,899 | ||||
| (-) Non-shareholder Claims * | (107) | (107) | (107) | ||||
| (=) Equity Value | 2,516 | 2,654 | 2,792 | ||||
| (/) Shares Outstanding | 53.8 | 53.8 | 53.8 | ||||
| Implied Value Range | 46.77 | 49.33 | 51.90 | ||||
| FX Rate: GBP/GBP | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 46.77 | 49.33 | 51.90 | 51.30 | |||
| Upside / (Downside) | -8.8% | -3.8% | 1.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | PFD | TATE | BAKK | HFG | ABF | CWK | |
| Enterprise Value | 1,931 | 2,361 | 1,271 | 1,135 | 17,570 | 2,866 | |
| (+) Cash & Short Term Investments | 114 | 594 | 31 | 112 | 1,658 | 8 | |
| (+) Investments & Other | 0 | 27 | 0 | 12 | 411 | 1 | |
| (-) Debt | (335) | (555) | (307) | (449) | (3,678) | (116) | |
| (-) Other Liabilities | 0 | (1) | 0 | (10) | (92) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,710 | 2,426 | 995 | 799 | 15,869 | 2,760 | |
| (/) Shares Outstanding | 864.3 | 439.9 | 575.2 | 89.8 | 719.7 | 53.8 | |
| Implied Stock Price | 1.98 | 5.52 | 1.73 | 8.90 | 22.05 | 51.30 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1.98 | 5.52 | 1.73 | 8.90 | 22.05 | 51.30 | |
| Trading Currency | GBP | GBP | GBP | GBP | GBP | GBP | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |