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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 13.7x - 15.2x | 14.4x |
| Selected Fwd EBITDA Multiple | 11.8x - 13.1x | 12.4x |
| Fair Value | $100.53 - $119.03 | $109.78 |
| Upside | 14.6% - 35.7% | 25.2% |
| Benchmarks | Ticker | Full Ticker |
| The Kroger Co. | KR | NYSE:KR |
| Walgreens Boots Alliance, Inc. | WBA | NasdaqGS:WBA |
| Target Corporation | TGT | NYSE:TGT |
| Costco Wholesale Corporation | COST | NasdaqGS:COST |
| Walmart Inc. | WMT | NYSE:WMT |
| Dollar General Corporation | DG | NYSE:DG |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| KR | WBA | TGT | COST | WMT | DG | ||
| NYSE:KR | NasdaqGS:WBA | NYSE:TGT | NasdaqGS:COST | NYSE:WMT | NYSE:DG | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 7.9% | -15.6% | 3.5% | 13.1% | 5.4% | 0.5% | |
| 3Y CAGR | 6.3% | -19.8% | -9.3% | 10.4% | 4.9% | -9.0% | |
| Latest Twelve Months | -2.8% | -60.9% | 0.2% | 9.0% | 8.6% | -11.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 5.0% | 3.0% | 8.7% | 4.4% | 6.3% | 10.3% | |
| Prior Fiscal Year | 5.4% | 2.3% | 8.1% | 4.4% | 6.0% | 8.5% | |
| Latest Fiscal Year | 5.4% | 2.0% | 8.2% | 4.5% | 6.2% | 7.2% | |
| Latest Twelve Months | 5.4% | 0.9% | 8.2% | 4.6% | 6.2% | 7.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.44x | 0.25x | 0.55x | 1.65x | 1.23x | 0.88x | |
| EV / LTM EBITDA | 8.2x | 28.9x | 6.7x | 36.0x | 19.8x | 12.3x | |
| EV / LTM EBIT | 14.0x | -52.9x | 10.2x | 44.6x | 28.5x | 18.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 6.7x | 19.8x | 36.0x | ||||
| Historical EV / LTM EBITDA | 12.3x | 14.9x | 17.5x | ||||
| Selected EV / LTM EBITDA | 13.7x | 14.4x | 15.2x | ||||
| (x) LTM EBITDA | 2,912 | 2,912 | 2,912 | ||||
| (=) Implied Enterprise Value | 39,947 | 42,049 | 44,152 | ||||
| (-) Non-shareholder Claims * | (16,531) | (16,531) | (16,531) | ||||
| (=) Equity Value | 23,416 | 25,518 | 27,621 | ||||
| (/) Shares Outstanding | 219.9 | 219.9 | 219.9 | ||||
| Implied Value Range | 106.46 | 116.02 | 125.58 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 106.46 | 116.02 | 125.58 | 87.70 | |||
| Upside / (Downside) | 21.4% | 32.3% | 43.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | KR | WBA | TGT | COST | WMT | DG | |
| Enterprise Value | 64,158 | 38,355 | 58,395 | 434,811 | 830,240 | 35,820 | |
| (+) Cash & Short Term Investments | 3,959 | 1,134 | 4,762 | 13,158 | 9,037 | 933 | |
| (+) Investments & Other | 593 | 1,389 | 0 | 0 | 4,241 | 0 | |
| (-) Debt | (25,082) | (31,107) | (19,875) | (8,039) | (62,113) | (17,463) | |
| (-) Other Liabilities | 4 | (146) | 0 | 0 | (6,679) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 43,632 | 9,625 | 43,282 | 439,930 | 774,726 | 19,289 | |
| (/) Shares Outstanding | 660.9 | 864.7 | 454.4 | 443.7 | 8,000.9 | 219.9 | |
| Implied Stock Price | 66.02 | 11.13 | 95.26 | 991.54 | 96.83 | 87.70 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 66.02 | 11.13 | 95.26 | 991.54 | 96.83 | 87.70 | |
| 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 | |