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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 28,8x - 31,9x | 30,4x |
| Selected Fwd EBIT Multiple | 25,6x - 28,3x | 26,9x |
| Fair Value | CHF 10.825 - CHF 12.031 | CHF 11.428 |
| Upside | -15,0% - -5,6% | -10,3% |
| Benchmarks | Ticker | Full Ticker |
| Nestlé S.A. | NESN | SWX:NESN |
| Barry Callebaut AG | BARN | SWX:BARN |
| Kerry Group plc | KRZ | DB:KRZ |
| Delfi Limited | P34 | SGX:P34 |
| Orkla ASA | ORK | OB:ORK |
| Chocoladefabriken Lindt & Sprüngli AG | LISPE | SWX:LISPE |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| NESN | BARN | KRZ | P34 | ORK | LISPE | ||
| SWX:NESN | SWX:BARN | DB:KRZ | SGX:P34 | OB:ORK | SWX:LISPE | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -0.4% | 8.3% | 1.5% | 0.1% | 9.3% | 5.9% | |
| 3Y CAGR | 2.1% | 16.1% | 4.7% | 2.3% | 8.5% | 11.8% | |
| Latest Twelve Months | -4.8% | 97.6% | 11.9% | -30.8% | 5.2% | 1.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 16.7% | 7.6% | 11.2% | 10.5% | 11.5% | 14.7% | |
| Prior Fiscal Year | 16.8% | 7.9% | 11.8% | 11.8% | 10.0% | 15.8% | |
| Latest Fiscal Year | 17.0% | 8.7% | 12.9% | 9.4% | 11.0% | 16.3% | |
| Latest Twelve Months | 16.4% | 7.5% | 13.3% | 7.6% | 10.6% | 15.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.56x | 0.96x | 2.15x | 0.58x | 1.77x | 5.35x | |
| EV / LTM EBITDA | 13.2x | 11.9x | 12.7x | 6.1x | 13.3x | 28.7x | |
| EV / LTM EBIT | 15.6x | 12.7x | 16.2x | 7.6x | 16.8x | 34.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 7.6x | 15.6x | 16.8x | ||||
| Historical EV / LTM EBIT | 27.7x | 31.3x | 50.0x | ||||
| Selected EV / LTM EBIT | 28.8x | 30.4x | 31.9x | ||||
| (x) LTM EBIT | 873 | 873 | 873 | ||||
| (=) Implied Enterprise Value | 25,178 | 26,503 | 27,828 | ||||
| (-) Non-shareholder Claims * | (1,421) | (1,421) | (1,421) | ||||
| (=) Equity Value | 23,757 | 25,082 | 26,407 | ||||
| (/) Shares Outstanding | 2.3 | 2.3 | 2.3 | ||||
| Implied Value Range | 10,555.89 | 11,144.69 | 11,733.49 | ||||
| FX Rate: CHF/CHF | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 10,555.89 | 11,144.69 | 11,733.49 | 12,740.00 | |||
| Upside / (Downside) | -17.1% | -12.5% | -7.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NESN | BARN | KRZ | P34 | ORK | LISPE | |
| Enterprise Value | 232,423 | 12,470 | 14,900 | 294 | 126,535 | 30,094 | |
| (+) Cash & Short Term Investments | 5,515 | 1,612 | 1,491 | 92 | 929 | 273 | |
| (+) Investments & Other | 17,136 | 0 | 91 | 3 | 9,503 | 0 | |
| (-) Debt | (65,604) | (7,724) | (3,524) | (24) | (21,285) | (1,694) | |
| (-) Other Liabilities | (221) | (1) | (2) | 0 | (2,869) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 189,249 | 6,358 | 12,957 | 365 | 112,813 | 28,673 | |
| (/) Shares Outstanding | 2,572.7 | 5.5 | 162.8 | 611.2 | 997.5 | 2.3 | |
| Implied Stock Price | 73.56 | 1,160.00 | 79.60 | 0.60 | 113.10 | 12,740.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.78 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 73.56 | 1,160.00 | 79.60 | 0.77 | 113.10 | 12,740.00 | |
| Trading Currency | CHF | CHF | EUR | SGD | NOK | CHF | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.78 | 1.00 | 1.00 | |