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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 23,9x - 26,4x | 25,1x |
| Selected Fwd EBIT Multiple | 19,4x - 21,4x | 20,4x |
| Fair Value | €184,66 - €210,17 | €197,42 |
| Upside | 7,5% - 22,4% | 14,9% |
| Benchmarks | Ticker | Full Ticker |
| Yum! Brands, Inc. | YUM | NYSE:YUM |
| McDonald's Corporation | MCD | NYSE:MCD |
| The Wendy's Company | WEN | NasdaqGS:WEN |
| Texas Roadhouse, Inc. | TXRH | NasdaqGS:TXRH |
| Cracker Barrel Old Country Store, Inc. | CBRL | NasdaqGS:CBRL |
| Darden Restaurants, Inc. | DDN | DB:DDN |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| YUM | MCD | WEN | TXRH | CBRL | DDN | ||
| NYSE:YUM | NYSE:MCD | NasdaqGS:WEN | NasdaqGS:TXRH | NasdaqGS:CBRL | DB:DDN | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 5.6% | 5.8% | 6.4% | 19.7% | -23.8% | 9.3% | |
| 3Y CAGR | 5.5% | 5.3% | 4.2% | 20.2% | -21.2% | 26.5% | |
| Latest Twelve Months | 7.2% | -0.1% | -1.5% | 34.3% | -38.8% | 5.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 32.5% | 43.4% | 16.7% | 7.1% | 3.4% | 9.9% | |
| Prior Fiscal Year | 33.5% | 46.1% | 17.5% | 7.6% | 3.9% | 11.4% | |
| Latest Fiscal Year | 33.6% | 45.7% | 16.8% | 9.6% | 2.1% | 11.6% | |
| Latest Twelve Months | 33.1% | 45.9% | 16.6% | 9.4% | 2.0% | 11.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 6.76x | 10.81x | 2.67x | 2.38x | 0.68x | 2.71x | |
| EV / LTM EBITDA | 19.0x | 20.0x | 11.6x | 18.6x | 12.8x | 17.2x | |
| EV / LTM EBIT | 20.4x | 23.6x | 16.1x | 25.3x | 34.2x | 23.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 16.1x | 23.6x | 34.2x | ||||
| Historical EV / LTM EBIT | 17.4x | 18.8x | 188.6x | ||||
| Selected EV / LTM EBIT | 23.9x | 25.1x | 26.4x | ||||
| (x) LTM EBIT | 1,377 | 1,377 | 1,377 | ||||
| (=) Implied Enterprise Value | 32,874 | 34,604 | 36,334 | ||||
| (-) Non-shareholder Claims * | (7,659) | (7,659) | (7,659) | ||||
| (=) Equity Value | 25,215 | 26,945 | 28,675 | ||||
| (/) Shares Outstanding | 117.0 | 117.0 | 117.0 | ||||
| Implied Value Range | 215.46 | 230.25 | 245.03 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 190.13 | 203.17 | 216.22 | 171.75 | |||
| Upside / (Downside) | 10.7% | 18.3% | 25.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | YUM | MCD | WEN | TXRH | CBRL | DDN | |
| Enterprise Value | 52,313 | 275,071 | 5,952 | 13,114 | 2,391 | 30,437 | |
| (+) Cash & Short Term Investments | 607 | 1,238 | 335 | 221 | 10 | 224 | |
| (+) Investments & Other | 8 | 2,751 | 27 | 0 | 0 | 0 | |
| (-) Debt | (12,226) | (52,795) | (4,083) | (908) | (1,183) | (7,883) | |
| (-) Other Liabilities | 0 | 0 | 0 | (15) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 40,702 | 226,265 | 2,231 | 12,413 | 1,219 | 22,778 | |
| (/) Shares Outstanding | 278.0 | 715.0 | 192.0 | 66.3 | 22.3 | 117.0 | |
| Implied Stock Price | 146.43 | 316.44 | 11.62 | 187.10 | 54.75 | 194.64 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.13 | |
| Implied Stock Price (Trading Cur) | 146.43 | 316.44 | 11.62 | 187.10 | 54.75 | 171.75 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.13 | |