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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 18.4x - 20.4x | 19.4x |
| Selected Fwd EBITDA Multiple | 16.4x - 18.2x | 17.3x |
| Fair Value | €65.60 - €74.04 | €69.82 |
| Upside | -13.4% - -2.2% | -7.8% |
| Benchmarks | Ticker | Full Ticker |
| Bunge Global SA | BG | NYSE:BG |
| The Hershey Company | HSY | NYSE:HSY |
| Hormel Foods Corporation | HRL | NYSE:HRL |
| Pilgrim's Pride Corporation | PPC | NasdaqGS:PPC |
| Glanbia plc | GLAP.F | OTCPK:GLAP.F |
| McCormick & Company, Incorporated | MKC | WBAG:MKC |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| BG | HSY | HRL | PPC | GLAP.F | MKC | ||
| NYSE:BG | NYSE:HSY | NYSE:HRL | NasdaqGS:PPC | OTCPK:GLAP.F | WBAG:MKC | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 7.1% | 11.6% | 0.8% | 17.4% | 8.1% | 2.1% | |
| 3Y CAGR | -10.0% | 13.3% | 0.7% | 53.9% | 15.0% | -0.4% | |
| Latest Twelve Months | -45.1% | 16.8% | -0.8% | 112.5% | 1.9% | 3.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 4.9% | 26.4% | 12.1% | 7.7% | 7.6% | 19.3% | |
| Prior Fiscal Year | 6.2% | 26.4% | 10.9% | 5.9% | 9.0% | 18.2% | |
| Latest Fiscal Year | 3.8% | 30.8% | 11.4% | 12.2% | 13.0% | 18.8% | |
| Latest Twelve Months | 3.8% | 30.8% | 11.1% | 12.2% | 13.0% | 18.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.26x | 3.49x | 1.51x | 0.79x | 0.84x | 3.86x | |
| EV / LTM EBITDA | 6.7x | 11.3x | 13.7x | 6.5x | 6.5x | 20.6x | |
| EV / LTM EBIT | 8.7x | 13.1x | 17.0x | 8.1x | 8.2x | 24.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 6.5x | 6.7x | 13.7x | ||||
| Historical EV / LTM EBITDA | 18.6x | 22.4x | 24.5x | ||||
| Selected EV / LTM EBITDA | 18.4x | 19.4x | 20.4x | ||||
| (x) LTM EBITDA | 1,261 | 1,261 | 1,261 | ||||
| (=) Implied Enterprise Value | 23,228 | 24,450 | 25,673 | ||||
| (-) Non-shareholder Claims * | (4,232) | (4,232) | (4,232) | ||||
| (=) Equity Value | 18,996 | 20,219 | 21,441 | ||||
| (/) Shares Outstanding | 268.2 | 268.2 | 268.2 | ||||
| Implied Value Range | 70.83 | 75.39 | 79.95 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 65.43 | 69.65 | 73.86 | 75.74 | |||
| Upside / (Downside) | -13.6% | -8.0% | -2.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BG | HSY | HRL | PPC | GLAP.F | MKC | |
| Enterprise Value | 13,646 | 38,885 | 17,986 | 14,089 | 3,234 | 26,220 | |
| (+) Cash & Short Term Investments | 3,795 | 731 | 866 | 2,051 | 417 | 103 | |
| (+) Investments & Other | 953 | 213 | 710 | 0 | 158 | 0 | |
| (-) Debt | (7,119) | (5,448) | (2,857) | (3,466) | (959) | (4,308) | |
| (-) Other Liabilities | (1,036) | 0 | (10) | (14) | 0 | (27) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 10,239 | 34,381 | 16,695 | 12,660 | 2,851 | 21,988 | |
| (/) Shares Outstanding | 134.0 | 202.4 | 549.9 | 237.1 | 254.8 | 268.2 | |
| Implied Stock Price | 76.43 | 169.86 | 30.36 | 53.39 | 11.19 | 81.99 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.08 | |
| Implied Stock Price (Trading Cur) | 76.43 | 169.86 | 30.36 | 53.39 | 11.19 | 75.74 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.08 | |