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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 12,3x - 13,6x | 12,9x |
| Selected Fwd EBITDA Multiple | 10,6x - 11,7x | 11,2x |
| Fair Value | CHF 1.114 - CHF 1.349 | CHF 1.232 |
| Upside | 25,6% - 52,1% | 38,8% |
| Benchmarks | Ticker | Full Ticker |
| Chocoladefabriken Lindt & Sprüngli AG | LISN | SWX:LISN |
| Nestlé S.A. | NESN | SWX:NESN |
| Tate & Lyle plc | TLYB | DB:TLYB |
| Bunge Global SA | Q23 | DB:Q23 |
| Premier Foods plc | FOJ1 | DB:FOJ1 |
| Barry Callebaut AG | BARNZ | BATS-CHIXE:BARNZ |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| LISN | NESN | TLYB | Q23 | FOJ1 | BARNZ | ||
| SWX:LISN | SWX:NESN | DB:TLYB | DB:Q23 | DB:FOJ1 | BATS-CHIXE:BARNZ | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 4.8% | -0.5% | -5.2% | 7.1% | 10.4% | 7.4% | |
| 3Y CAGR | 9.4% | 2.0% | 15.0% | -10.0% | 9.2% | 13.8% | |
| Latest Twelve Months | 8.1% | 0.1% | 17.1% | -47.1% | 0.7% | 40.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 18.2% | 19.6% | 19.1% | 4.9% | 17.8% | 9.5% | |
| Prior Fiscal Year | 19.1% | 19.4% | 18.5% | 6.2% | 19.1% | 9.8% | |
| Latest Fiscal Year | 19.5% | 19.8% | 20.5% | 3.8% | 19.1% | 10.3% | |
| Latest Twelve Months | 19.5% | 19.8% | 20.5% | 3.5% | 19.1% | 8.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.71x | 2.74x | 1.94x | 0.30x | 1.62x | 0.84x | |
| EV / LTM EBITDA | 29.3x | 13.8x | 9.4x | 8.6x | 8.5x | 10.5x | |
| EV / LTM EBIT | 35.0x | 16.1x | 13.4x | 11.7x | 10.3x | 11.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 8.5x | 9.4x | 29.3x | ||||
| Historical EV / LTM EBITDA | 11.7x | 16.2x | 21.5x | ||||
| Selected EV / LTM EBITDA | 12.3x | 12.9x | 13.6x | ||||
| (x) LTM EBITDA | 1,049 | 1,049 | 1,049 | ||||
| (=) Implied Enterprise Value | 12,880 | 13,558 | 14,236 | ||||
| (-) Non-shareholder Claims * | (6,112) | (6,112) | (6,112) | ||||
| (=) Equity Value | 6,768 | 7,446 | 8,124 | ||||
| (/) Shares Outstanding | 5.5 | 5.5 | 5.5 | ||||
| Implied Value Range | 1,234.88 | 1,358.57 | 1,482.26 | ||||
| FX Rate: CHF/CHF | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,234.88 | 1,358.57 | 1,482.26 | 887.00 | |||
| Upside / (Downside) | 39.2% | 53.2% | 67.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | LISN | NESN | TLYB | Q23 | FOJ1 | BARNZ | |
| Enterprise Value | 31,658 | 252,719 | 3,257 | 15,242 | 1,838 | 10,974 | |
| (+) Cash & Short Term Investments | 1,015 | 7,871 | 334 | 3,883 | 192 | 1,612 | |
| (+) Investments & Other | 0 | 17,976 | 28 | 975 | 0 | 0 | |
| (-) Debt | (1,665) | (63,560) | (1,306) | (7,661) | (335) | (7,724) | |
| (-) Other Liabilities | 0 | (776) | 2 | (1,015) | 0 | (1) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 31,009 | 214,230 | 2,315 | 11,424 | 1,695 | 4,861 | |
| (/) Shares Outstanding | 0.2 | 2,572.7 | 439.9 | 134.4 | 861.7 | 5.5 | |
| Implied Stock Price | 134,000.00 | 83.27 | 5.26 | 85.00 | 1.97 | 887.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.86 | 1.15 | 0.86 | 1.00 | |
| Implied Stock Price (Trading Cur) | 134,000.00 | 83.27 | 6.15 | 74.12 | 2.30 | 887.00 | |
| Trading Currency | CHF | CHF | EUR | EUR | EUR | CHF | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 0.86 | 1.15 | 0.86 | 1.00 | |