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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 4.6x - 5.1x | 4.9x |
| Selected Fwd EBIT Multiple | 5.1x - 5.6x | 5.4x |
| Fair Value | $18.53 - $19.77 | $19.15 |
| Upside | 9.0% - 16.3% | 12.7% |
| Benchmarks | Ticker | Full Ticker |
| M.P. Evans Group PLC | MPE | AIM:MPE |
| Kellanova | 0R1R | LSE:0R1R |
| Hormel Foods Corporation | 0J5Z | LSE:0J5Z |
| Flowers Foods, Inc. | FLO | NYSE:FLO |
| The Kraft Heinz Company | 0JRV | LSE:0JRV |
| Anglo-Eastern Plantations Plc | AEPL.F | OTCPK:AEPL.F |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| MPE | 0R1R | 0J5Z | FLO | 0JRV | AEPL.F | ||
| AIM:MPE | LSE:0R1R | LSE:0J5Z | NYSE:FLO | LSE:0JRV | OTCPK:AEPL.F | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 50.5% | 5.2% | -0.7% | 8.9% | -0.2% | 55.6% | |
| 3Y CAGR | 4.5% | 9.4% | -0.6% | 7.8% | 0.4% | -14.4% | |
| Latest Twelve Months | 51.3% | 6.1% | -0.7% | 2.6% | -0.3% | 49.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 27.3% | 12.6% | 9.9% | 7.6% | 20.8% | 23.6% | |
| Prior Fiscal Year | 24.9% | 11.1% | 8.8% | 6.9% | 19.7% | 18.8% | |
| Latest Fiscal Year | 32.8% | 16.3% | 9.2% | 7.4% | 21.4% | 21.7% | |
| Latest Twelve Months | 32.8% | 15.0% | 8.8% | 7.3% | 21.0% | 24.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.55x | 2.69x | 1.46x | 1.03x | 2.04x | 0.92x | |
| EV / LTM EBITDA | 6.3x | 15.0x | 13.3x | 10.2x | 8.2x | 3.2x | |
| EV / LTM EBIT | 7.8x | 18.0x | 16.6x | 14.1x | 9.7x | 3.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 7.8x | 14.1x | 18.0x | ||||
| Historical EV / LTM EBIT | 1.7x | 2.4x | 8.9x | ||||
| Selected EV / LTM EBIT | 4.6x | 4.9x | 5.1x | ||||
| (x) LTM EBIT | 108 | 108 | 108 | ||||
| (=) Implied Enterprise Value | 500 | 527 | 553 | ||||
| (-) Non-shareholder Claims * | 264 | 264 | 264 | ||||
| (=) Equity Value | 764 | 790 | 817 | ||||
| (/) Shares Outstanding | 39.4 | 39.4 | 39.4 | ||||
| Implied Value Range | 19.42 | 20.09 | 20.76 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 19.42 | 20.09 | 20.76 | 17.00 | |||
| Upside / (Downside) | 14.2% | 18.2% | 22.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MPE | 0R1R | 0J5Z | FLO | 0JRV | AEPL.F | |
| Enterprise Value | 895 | 33,862 | 17,368 | 5,258 | 51,442 | 405 | |
| (+) Cash & Short Term Investments | 79 | 360 | 699 | 11 | 2,564 | 263 | |
| (+) Investments & Other | 11 | 149 | 683 | 4 | 0 | 9 | |
| (-) Debt | (33) | (6,519) | (2,858) | (2,088) | (21,211) | (1) | |
| (-) Other Liabilities | (8) | (101) | (10) | 0 | (134) | (8) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 944 | 27,751 | 15,882 | 3,185 | 32,661 | 669 | |
| (/) Shares Outstanding | 52.0 | 347.7 | 549.9 | 211.2 | 1,183.6 | 39.4 | |
| Implied Stock Price | 18.15 | 79.82 | 28.88 | 15.08 | 27.60 | 17.00 | |
| FX Conversion Rate to Trading Currency | 1.35 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 13.45 | 79.82 | 28.88 | 15.08 | 27.60 | 17.00 | |
| Trading Currency | GBP | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.35 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |