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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0.3x - 0.4x | 0.4x |
| Selected Fwd Revenue Multiple | 0.3x - 0.3x | 0.3x |
| Fair Value | $2.82 - $3.39 | $3.10 |
| Upside | 24.7% - 49.9% | 37.3% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Westrock Coffee Company | WEST | NasdaqGM:WEST |
| BRC Inc. | BRCC | NYSE:BRCC |
| SunOpta Inc. | STKL | NasdaqGS:STKL |
| Tootsie Roll Industries, Inc. | TR | NYSE:TR |
| John B. Sanfilippo & Son, Inc. | JBSS | NasdaqGS:JBSS |
| Farmer Bros. Co. | FARM | NasdaqGS:FARM |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| WEST | BRCC | STKL | TR | JBSS | FARM | |||
| NasdaqGM:WEST | NYSE:BRCC | NasdaqGS:STKL | NYSE:TR | NasdaqGS:JBSS | NasdaqGS:FARM | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | NM- | 36.7% | 0.1% | 6.5% | 4.0% | -10.6% | ||
| 3Y CAGR | 6.8% | 18.9% | 13.4% | 8.2% | 7.5% | 9.2% | ||
| Latest Twelve Months | -1.6% | -1.0% | 15.5% | -6.0% | 12.1% | 0.7% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 0.8% | -8.7% | 3.2% | 14.5% | 8.5% | -5.4% | ||
| Prior Fiscal Year | -0.5% | -12.7% | 5.2% | 15.2% | 8.8% | -8.8% | ||
| Latest Fiscal Year | -3.7% | 2.5% | 5.6% | 16.1% | 7.6% | -6.0% | ||
| Latest Twelve Months | -3.7% | 2.5% | 5.6% | 16.1% | 6.0% | -3.0% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.77x | 0.75x | 1.35x | 2.20x | 0.82x | 0.30x | ||
| EV / LTM EBIT | -47.9x | 29.5x | 23.9x | 13.7x | 13.5x | -9.9x | ||
| Price / LTM Sales | 0.78x | 1.18x | 0.79x | 2.91x | 0.74x | 0.14x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.75x | 1.35x | 2.20x | |||||
| Historical EV / LTM Revenue | 0.31x | 0.46x | 0.89x | |||||
| Selected EV / LTM Revenue | 0.33x | 0.35x | 0.37x | |||||
| (x) LTM Revenue | 345 | 345 | 345 | |||||
| (=) Implied Enterprise Value | 115 | 121 | 127 | |||||
| (-) Non-shareholder Claims * | (55) | (55) | (55) | |||||
| (=) Equity Value | 60 | 66 | 72 | |||||
| (/) Shares Outstanding | 21.4 | 21.4 | 21.4 | |||||
| Implied Value Range | 2.81 | 3.09 | 3.38 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 2.81 | 3.09 | 3.38 | 2.26 | ||||
| Upside / (Downside) | 24.2% | 36.8% | 49.4% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | WEST | BRCC | STKL | TR | JBSS | FARM | |
| Enterprise Value | 1,502 | 293 | 976 | 1,727 | 912 | 104 | |
| (+) Cash & Short Term Investments | 26 | 7 | 2 | 195 | 0 | 5 | |
| (+) Investments & Other | 1 | 0 | 0 | 332 | 0 | 0 | |
| (-) Debt | (589) | (97) | (393) | (15) | (88) | (61) | |
| (-) Other Liabilities | 0 | (36) | (15) | 0 | 0 | 0 | |
| (-) Preferred Stock | (274) | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 667 | 166 | 570 | 2,240 | 824 | 48 | |
| (/) Shares Outstanding | 94.2 | 78.5 | 117.2 | 71.5 | 11.6 | 21.4 | |
| Implied Stock Price | 7.08 | 2.12 | 4.86 | 31.31 | 70.81 | 2.26 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 7.08 | 2.12 | 4.86 | 31.31 | 70.81 | 2.26 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |