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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 26.7x - 29.5x | 28.1x |
Selected Fwd EBITDA Multiple | 16.8x - 18.5x | 17.7x |
Fair Value | $40.15 - $45.12 | $42.63 |
Upside | -31.3% - -22.8% | -27.1% |
Benchmarks | Ticker | Full Ticker |
Starbucks Corporation | SBUX | NasdaqGS:SBUX |
Sabre Corporation | SABR | NasdaqGS:SABR |
Lindblad Expeditions Holdings, Inc. | LIND | NasdaqCM:LIND |
Kisses From Italy Inc. | KITL | OTCPK:KITL |
Kura Sushi USA, Inc. | KRUS | NasdaqGM:KRUS |
Dutch Bros Inc. | BROS | NYSE:BROS |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
SBUX | SABR | LIND | KITL | KRUS | BROS | ||
NasdaqGS:SBUX | NasdaqGS:SABR | NasdaqCM:LIND | OTCPK:KITL | NasdaqGM:KRUS | NYSE:BROS | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 4.6% | -4.2% | 5.2% | NM- | 13.7% | 40.3% | |
3Y CAGR | 2.6% | NM- | NM- | NM- | NM- | NM- | |
Latest Twelve Months | -15.1% | 75.6% | 66.2% | 80.9% | 18.1% | 45.7% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 18.1% | -16.1% | -185.3% | -880.1% | -10.1% | 4.8% | |
Prior Fiscal Year | 19.4% | 4.2% | 10.1% | -126.7% | 4.4% | 12.5% | |
Latest Fiscal Year | 18.6% | 12.6% | 12.4% | -1558.7% | 3.1% | 16.9% | |
Latest Twelve Months | 16.7% | 12.7% | 12.9% | -822.7% | 3.6% | 16.6% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 3.56x | 1.89x | 1.81x | 15.67x | 4.24x | 6.11x | |
EV / LTM EBITDA | 21.4x | 14.9x | 14.0x | -1.9x | 118.4x | 36.8x | |
EV / LTM EBIT | 29.6x | 17.4x | 40.2x | -1.8x | -309.5x | 65.0x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | -1.9x | 14.9x | 118.4x | ||||
Historical EV / LTM EBITDA | -31.5x | 31.7x | 85.4x | ||||
Selected EV / LTM EBITDA | 26.7x | 28.1x | 29.5x | ||||
(x) LTM EBITDA | 226 | 226 | 226 | ||||
(=) Implied Enterprise Value | 6,048 | 6,366 | 6,684 | ||||
(-) Non-shareholder Claims * | (901) | (901) | (901) | ||||
(=) Equity Value | 5,147 | 5,465 | 5,784 | ||||
(/) Shares Outstanding | 126.9 | 126.9 | 126.9 | ||||
Implied Value Range | 40.55 | 43.06 | 45.57 | ||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 40.55 | 43.06 | 45.57 | 58.46 | |||
Upside / (Downside) | -30.6% | -26.3% | -22.1% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | SBUX | SABR | LIND | KITL | KRUS | BROS | |
Enterprise Value | 128,819 | 5,699 | 1,215 | 1 | 1,142 | 8,321 | |
(+) Cash & Short Term Investments | 3,012 | 652 | 189 | 0 | 61 | 317 | |
(+) Investments & Other | 689 | 23 | 0 | 0 | 33 | 0 | |
(-) Debt | (26,032) | (5,120) | (629) | (1) | (166) | (1,021) | |
(-) Other Liabilities | (7) | (28) | (32) | 0 | 0 | (197) | |
(-) Preferred Stock | 0 | 0 | (79) | (0) | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 106,481 | 1,225 | 664 | 1 | 1,069 | 7,420 | |
(/) Shares Outstanding | 1,136.4 | 387.8 | 54.7 | 417.8 | 12.1 | 126.9 | |
Implied Stock Price | 93.70 | 3.16 | 12.13 | 0.00 | 88.37 | 58.46 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 93.70 | 3.16 | 12.13 | 0.00 | 88.37 | 58.46 | |
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 |