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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 14,0x - 15,5x | 14,8x |
| Selected Fwd EBITDA Multiple | 13,2x - 14,6x | 13,9x |
| Fair Value | €60,21 - €67,28 | €63,74 |
| Upside | -32,1% - -24,2% | -28,1% |
| Benchmarks | Ticker | Full Ticker |
| PriceSmart, Inc. | PSMT | NasdaqGS:PSMT |
| Target Corporation | TGT | NYSE:TGT |
| Natural Grocers by Vitamin Cottage, Inc. | NGVC | NYSE:NGVC |
| SpartanNash Company | SPTN | NasdaqGS:SPTN |
| Village Super Market, Inc. | VLGE.A | NasdaqGS:VLGE.A |
| Walmart Inc. | WMT | DB:WMT |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| PSMT | TGT | NGVC | SPTN | VLGE.A | WMT | ||
| NasdaqGS:PSMT | NYSE:TGT | NYSE:NGVC | NasdaqGS:SPTN | NasdaqGS:VLGE.A | DB:WMT | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 12.3% | 3.5% | 11.9% | 10.9% | 10.1% | 5.4% | |
| 3Y CAGR | 11.0% | -9.3% | 11.0% | 4.0% | 13.7% | 4.9% | |
| Latest Twelve Months | 6.8% | 2.7% | 24.2% | 0.1% | 12.8% | 7.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 6.1% | 8.7% | 5.9% | 2.2% | 4.0% | 6.3% | |
| Prior Fiscal Year | 6.3% | 8.1% | 5.6% | 2.2% | 4.6% | 6.0% | |
| Latest Fiscal Year | 6.2% | 8.2% | 6.6% | 2.5% | 4.5% | 6.2% | |
| Latest Twelve Months | 6.2% | 8.5% | 7.1% | 2.4% | 4.8% | 6.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.65x | 0.61x | 0.96x | 0.21x | 0.30x | 1.30x | |
| EV / LTM EBITDA | 10.5x | 7.2x | 13.6x | 8.8x | 6.3x | 20.8x | |
| EV / LTM EBIT | 14.5x | 10.9x | 21.5x | 17.0x | 9.5x | 30.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 6.3x | 8.8x | 13.6x | ||||
| Historical EV / LTM EBITDA | 10.9x | 13.3x | 20.3x | ||||
| Selected EV / LTM EBITDA | 14.0x | 14.8x | 15.5x | ||||
| (x) LTM EBITDA | 42,757 | 42,757 | 42,757 | ||||
| (=) Implied Enterprise Value | 600,228 | 631,819 | 663,410 | ||||
| (-) Non-shareholder Claims * | (63,845) | (63,845) | (63,845) | ||||
| (=) Equity Value | 536,383 | 567,974 | 599,565 | ||||
| (/) Shares Outstanding | 7,980.4 | 7,980.4 | 7,980.4 | ||||
| Implied Value Range | 67.21 | 71.17 | 75.13 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 57.76 | 61.16 | 64.57 | 88.70 | |||
| Upside / (Downside) | -34.9% | -31.0% | -27.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | PSMT | TGT | NGVC | SPTN | VLGE.A | WMT | |
| Enterprise Value | 3,319 | 64,589 | 1,171 | 1,995 | 686 | 887,516 | |
| (+) Cash & Short Term Investments | 262 | 2,887 | 13 | 20 | 115 | 9,311 | |
| (+) Investments & Other | 8 | 0 | 0 | 0 | 59 | 2,392 | |
| (-) Debt | (252) | (19,463) | (335) | (1,116) | (348) | (68,693) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | (6,855) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,337 | 48,013 | 850 | 899 | 513 | 823,671 | |
| (/) Shares Outstanding | 30.0 | 454.4 | 23.0 | 33.9 | 14.8 | 7,980.4 | |
| Implied Stock Price | 111.29 | 105.67 | 37.02 | 26.56 | 34.76 | 103.21 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
| Implied Stock Price (Trading Cur) | 111.29 | 105.67 | 37.02 | 26.56 | 34.76 | 88.70 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |