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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 9.2x - 10.1x | 9.7x |
| Selected Fwd EBIT Multiple | 9.7x - 10.7x | 10.2x |
| Fair Value | $59.20 - $66.06 | $62.63 |
| Upside | 10.9% - 23.7% | 17.3% |
| Benchmarks | Ticker | Full Ticker |
| Mondelez International, Inc. | MDLZ | NasdaqGS:MDLZ |
| Bunge Global SA | BG | NYSE:BG |
| The Campbell's Company | CPB | NasdaqGS:CPB |
| Kellanova | K | NYSE:K |
| The Kraft Heinz Company | KHC | NasdaqGS:KHC |
| Pilgrim's Pride Corporation | PPC | NasdaqGS:PPC |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| MDLZ | BG | CPB | K | KHC | PPC | ||
| NasdaqGS:MDLZ | NYSE:BG | NasdaqGS:CPB | NYSE:K | NasdaqGS:KHC | NasdaqGS:PPC | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 9.5% | 11.9% | 4.1% | 5.2% | -0.2% | 20.4% | |
| 3Y CAGR | 8.9% | -12.8% | -4.6% | 9.4% | 0.4% | 100.3% | |
| Latest Twelve Months | 7.9% | -52.2% | 7.1% | 42.1% | 5.3% | 188.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 16.7% | 4.1% | 15.4% | 12.1% | 20.9% | 5.2% | |
| Prior Fiscal Year | 16.6% | 5.5% | 15.1% | 11.1% | 19.7% | 3.5% | |
| Latest Fiscal Year | 17.7% | 2.9% | 14.5% | 16.3% | 21.4% | 9.8% | |
| Latest Twelve Months | 17.7% | 2.9% | 14.4% | 16.3% | 21.4% | 9.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.88x | 0.26x | 1.88x | 2.69x | 2.14x | 0.79x | |
| EV / LTM EBITDA | 13.5x | 6.7x | 10.2x | 14.1x | 8.6x | 6.5x | |
| EV / LTM EBIT | 16.3x | 8.7x | 13.1x | 16.5x | 10.0x | 8.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 8.7x | 13.1x | 16.5x | ||||
| Historical EV / LTM EBIT | 4.5x | 17.3x | 26.6x | ||||
| Selected EV / LTM EBIT | 9.2x | 9.7x | 10.1x | ||||
| (x) LTM EBIT | 1,744 | 1,744 | 1,744 | ||||
| (=) Implied Enterprise Value | 15,995 | 16,837 | 17,679 | ||||
| (-) Non-shareholder Claims * | (1,429) | (1,429) | (1,429) | ||||
| (=) Equity Value | 14,566 | 15,408 | 16,250 | ||||
| (/) Shares Outstanding | 237.1 | 237.1 | 237.1 | ||||
| Implied Value Range | 61.43 | 64.98 | 68.53 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 61.43 | 64.98 | 68.53 | 53.39 | |||
| Upside / (Downside) | 15.1% | 21.7% | 28.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MDLZ | BG | CPB | K | KHC | PPC | |
| Enterprise Value | 104,182 | 13,646 | 19,056 | 34,170 | 55,392 | 14,089 | |
| (+) Cash & Short Term Investments | 1,351 | 3,795 | 829 | 700 | 1,334 | 2,051 | |
| (+) Investments & Other | 635 | 953 | 0 | 99 | 0 | 0 | |
| (-) Debt | (18,544) | (7,119) | (8,039) | (6,392) | (20,450) | (3,466) | |
| (-) Other Liabilities | (26) | (1,036) | (2) | (107) | (140) | (14) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 87,598 | 10,239 | 11,844 | 28,470 | 36,136 | 12,660 | |
| (/) Shares Outstanding | 1,293.5 | 134.0 | 298.2 | 345.2 | 1,195.0 | 237.1 | |
| Implied Stock Price | 67.72 | 76.43 | 39.72 | 82.47 | 30.24 | 53.39 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 67.72 | 76.43 | 39.72 | 82.47 | 30.24 | 53.39 | |
| 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 | |