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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0.6x - 0.7x | 0.6x |
| Selected Fwd Revenue Multiple | 0.6x - 0.7x | 0.7x |
| Fair Value | €2.37 - €3.33 | €2.85 |
| Upside | 49.4% - 110.4% | 79.9% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Seneca Foods Corporation | SENE.B | NasdaqGS:SENE.B |
| The Simply Good Foods Company | SMPL | NasdaqCM:SMPL |
| Lifeway Foods, Inc. | LWAY | NasdaqGM:LWAY |
| Post Holdings, Inc. | POST | NYSE:POST |
| Beyond Meat, Inc. | BYND | NasdaqGS:BYND |
| The Hain Celestial Group, Inc. | HF1 | DB:HF1 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| SENE.B | SMPL | LWAY | POST | BYND | HF1 | |||
| NasdaqGS:SENE.B | NasdaqCM:SMPL | NasdaqGM:LWAY | NYSE:POST | NasdaqGS:BYND | DB:HF1 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 3.4% | 20.5% | 14.8% | 6.9% | 1.8% | -3.8% | ||
| 3Y CAGR | 4.5% | 9.8% | 16.2% | 16.7% | -11.1% | -4.1% | ||
| Latest Twelve Months | 7.3% | 14.2% | 9.2% | 0.8% | -5.2% | -8.5% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 6.2% | 17.0% | 5.9% | 9.7% | -49.9% | 6.5% | ||
| Prior Fiscal Year | 7.6% | 16.8% | 10.6% | 9.4% | -73.9% | 4.9% | ||
| Latest Fiscal Year | 5.1% | 17.2% | 7.4% | 10.2% | -45.5% | 5.2% | ||
| Latest Twelve Months | 5.0% | 17.1% | 6.4% | 10.7% | -51.9% | 5.5% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.65x | 2.10x | 2.24x | 1.54x | 4.51x | 0.55x | ||
| EV / LTM EBIT | 12.9x | 12.3x | 35.3x | 14.4x | -8.7x | 10.1x | ||
| Price / LTM Sales | 0.46x | 1.96x | 2.35x | 0.74x | 0.66x | 0.10x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.65x | 2.10x | 4.51x | |||||
| Historical EV / LTM Revenue | 0.81x | 1.59x | 2.12x | |||||
| Selected EV / LTM Revenue | 0.60x | 0.63x | 0.66x | |||||
| (x) LTM Revenue | 1,615 | 1,615 | 1,615 | |||||
| (=) Implied Enterprise Value | 970 | 1,021 | 1,072 | |||||
| (-) Non-shareholder Claims * | (720) | (720) | (720) | |||||
| (=) Equity Value | 250 | 301 | 352 | |||||
| (/) Shares Outstanding | 90.3 | 90.3 | 90.3 | |||||
| Implied Value Range | 2.77 | 3.33 | 3.90 | |||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | ||||
| Implied Value Range (Trading Cur) | 2.37 | 2.85 | 3.33 | 1.58 | ||||
| Upside / (Downside) | 49.4% | 79.9% | 110.4% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SENE.B | SMPL | LWAY | POST | BYND | HF1 | |
| Enterprise Value | 1,021 | 3,063 | 433 | 12,156 | 1,357 | 887 | |
| (+) Cash & Short Term Investments | 12 | 98 | 21 | 1,086 | 103 | 48 | |
| (+) Investments & Other | 0 | 0 | 0 | 15 | 2 | 7 | |
| (-) Debt | (315) | (305) | (0) | (7,351) | (1,264) | (775) | |
| (-) Other Liabilities | 0 | 0 | 0 | (11) | 0 | 0 | |
| (-) Preferred Stock | (0) | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 717 | 2,856 | 454 | 5,895 | 198 | 167 | |
| (/) Shares Outstanding | 6.9 | 100.5 | 15.2 | 54.3 | 76.6 | 90.3 | |
| Implied Stock Price | 104.50 | 28.41 | 29.80 | 108.53 | 2.58 | 1.85 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
| Implied Stock Price (Trading Cur) | 104.50 | 28.41 | 29.80 | 108.53 | 2.58 | 1.58 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |