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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 14,0x - 15,4x | 14,7x |
| Selected Fwd EBIT Multiple | 16,5x - 18,3x | 17,4x |
| Fair Value | CHF 1.289 - CHF 1.542 | CHF 1.415 |
| Upside | 22,5% - 46,6% | 34,6% |
| Benchmarks | Ticker | Full Ticker |
| Nestlé S.A. | NESN | SWX:NESN |
| Chocoladefabriken Lindt & Sprüngli AG | LISN | SWX:LISN |
| Premier Foods plc | FOJ1 | DB:FOJ1 |
| Tate & Lyle plc | TLYB | DB:TLYB |
| Bunge Global SA | Q23 | DB:Q23 |
| Barry Callebaut AG | BARNZ | BATS-CHIXE:BARNZ |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| NESN | LISN | FOJ1 | TLYB | Q23 | BARNZ | ||
| SWX:NESN | SWX:LISN | DB:FOJ1 | DB:TLYB | DB:Q23 | BATS-CHIXE:BARNZ | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -0.4% | 5.9% | 13.7% | -4.9% | 11.9% | 8.3% | |
| 3Y CAGR | 2.1% | 11.8% | 11.4% | 15.5% | -12.8% | 16.1% | |
| Latest Twelve Months | -4.8% | 1.1% | 1.0% | 8.2% | -38.2% | 97.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 16.7% | 14.7% | 14.0% | 12.9% | 4.1% | 7.6% | |
| Prior Fiscal Year | 16.8% | 15.8% | 15.8% | 14.1% | 5.5% | 7.9% | |
| Latest Fiscal Year | 17.0% | 16.3% | 15.8% | 14.5% | 2.9% | 8.7% | |
| Latest Twelve Months | 16.4% | 15.3% | 15.8% | 14.5% | 2.7% | 7.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.61x | 5.05x | 1.55x | 1.96x | 0.44x | 0.91x | |
| EV / LTM EBITDA | 13.5x | 27.1x | 8.1x | 9.5x | 12.0x | 11.4x | |
| EV / LTM EBIT | 15.9x | 33.0x | 9.8x | 13.5x | 16.2x | 12.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 9.8x | 15.9x | 33.0x | ||||
| Historical EV / LTM EBIT | 15.2x | 20.2x | 27.3x | ||||
| Selected EV / LTM EBIT | 14.0x | 14.7x | 15.4x | ||||
| (x) LTM EBIT | 983 | 983 | 983 | ||||
| (=) Implied Enterprise Value | 13,728 | 14,450 | 15,173 | ||||
| (-) Non-shareholder Claims * | (6,112) | (6,112) | (6,112) | ||||
| (=) Equity Value | 7,615 | 8,338 | 9,060 | ||||
| (/) Shares Outstanding | 5.5 | 5.5 | 5.5 | ||||
| Implied Value Range | 1,389.51 | 1,521.34 | 1,653.17 | ||||
| FX Rate: CHF/CHF | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,389.51 | 1,521.34 | 1,653.17 | 1,052.00 | |||
| Upside / (Downside) | 32.1% | 44.6% | 57.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NESN | LISN | FOJ1 | TLYB | Q23 | BARNZ | |
| Enterprise Value | 237,054 | 28,630 | 1,743 | 3,364 | 22,441 | 11,878 | |
| (+) Cash & Short Term Investments | 5,515 | 273 | 192 | 334 | 7,137 | 1,612 | |
| (+) Investments & Other | 17,136 | 0 | 0 | 28 | 1,034 | 0 | |
| (-) Debt | (65,604) | (1,694) | (335) | (1,306) | (12,213) | (7,724) | |
| (-) Other Liabilities | (221) | 0 | 0 | 2 | (1,073) | (1) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 193,880 | 27,209 | 1,600 | 2,422 | 17,326 | 5,766 | |
| (/) Shares Outstanding | 2,572.7 | 0.2 | 862.3 | 441.7 | 200.1 | 5.5 | |
| Implied Stock Price | 75.36 | 118,200.00 | 1.86 | 5.48 | 86.60 | 1,052.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.87 | 0.87 | 1.17 | 1.00 | |
| Implied Stock Price (Trading Cur) | 75.36 | 118,200.00 | 2.14 | 6.33 | 73.90 | 1,052.00 | |
| Trading Currency | CHF | CHF | EUR | EUR | EUR | CHF | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 0.87 | 0.87 | 1.17 | 1.00 | |