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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6,7x - 7,4x | 7,0x |
| Selected Fwd EBITDA Multiple | 6,1x - 6,7x | 6,4x |
| Fair Value | €16,77 - €20,72 | €18,75 |
| Upside | -12,6% - 7,9% | -2,4% |
| Benchmarks | Ticker | Full Ticker |
| The Kroger Co. | KR | NYSE:KR |
| Target Corporation | TGT | NYSE:TGT |
| Costco Wholesale Corporation | COST | NasdaqGS:COST |
| Walmart Inc. | WMT | NYSE:WMT |
| Koninklijke Ahold Delhaize N.V. | AHOD.F | OTCPK:AHOD.F |
| Albertsons Companies, Inc. | 27S | DB:27S |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| KR | TGT | COST | WMT | AHOD.F | 27S | ||
| NYSE:KR | NYSE:TGT | NasdaqGS:COST | NYSE:WMT | OTCPK:AHOD.F | DB:27S | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 7.9% | 3.5% | 13.1% | 5.4% | 3.5% | 6.5% | |
| 3Y CAGR | 6.3% | -9.3% | 10.4% | 4.9% | 0.8% | -4.1% | |
| Latest Twelve Months | -2.8% | 2.7% | 9.0% | 6.9% | 2.6% | -7.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 5.0% | 8.7% | 4.4% | 6.3% | 6.4% | 5.2% | |
| Prior Fiscal Year | 5.4% | 8.1% | 4.4% | 6.0% | 5.8% | 5.1% | |
| Latest Fiscal Year | 5.4% | 8.2% | 4.5% | 6.2% | 5.7% | 4.7% | |
| Latest Twelve Months | 5.4% | 8.5% | 4.6% | 6.2% | 5.8% | 4.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.45x | 0.56x | 1.72x | 1.25x | 0.55x | 0.33x | |
| EV / LTM EBITDA | 8.4x | 6.6x | 37.7x | 20.1x | 9.5x | 7.1x | |
| EV / LTM EBIT | 14.3x | 10.0x | 46.6x | 29.2x | 14.2x | 13.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 6.6x | 9.5x | 37.7x | ||||
| Historical EV / LTM EBITDA | 5.2x | 6.5x | 8.1x | ||||
| Selected EV / LTM EBITDA | 6.7x | 7.0x | 7.4x | ||||
| (x) LTM EBITDA | 3,747 | 3,747 | 3,747 | ||||
| (=) Implied Enterprise Value | 24,995 | 26,310 | 27,626 | ||||
| (-) Non-shareholder Claims * | (13,570) | (13,570) | (13,570) | ||||
| (=) Equity Value | 11,425 | 12,740 | 14,056 | ||||
| (/) Shares Outstanding | 575.7 | 575.7 | 575.7 | ||||
| Implied Value Range | 19.84 | 22.13 | 24.41 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 17.48 | 19.49 | 21.50 | 19.20 | |||
| Upside / (Downside) | -9.0% | 1.5% | 12.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | KR | TGT | COST | WMT | AHOD.F | 27S | |
| Enterprise Value | 65,957 | 59,291 | 446,661 | 854,597 | 48,891 | 26,120 | |
| (+) Cash & Short Term Investments | 3,959 | 2,887 | 14,850 | 9,311 | 4,755 | 361 | |
| (+) Investments & Other | 593 | 0 | 0 | 0 | 256 | 252 | |
| (-) Debt | (25,082) | (19,463) | 0 | (67,205) | (20,374) | (14,183) | |
| (-) Other Liabilities | 4 | 0 | 0 | (6,855) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 45,431 | 42,715 | 461,511 | 789,848 | 33,528 | 12,550 | |
| (/) Shares Outstanding | 665.9 | 454.4 | 443.7 | 8,000.9 | 913.6 | 575.7 | |
| Implied Stock Price | 68.23 | 94.01 | 1,040.18 | 98.72 | 36.70 | 21.80 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.88 | 1.14 | |
| Implied Stock Price (Trading Cur) | 68.23 | 94.01 | 1,040.18 | 98.72 | 41.67 | 19.20 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.88 | 1.14 | |