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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 24,9x - 27,5x | 26,2x |
| Selected Fwd EBITDA Multiple | 19,5x - 21,5x | 20,5x |
| Fair Value | CHF 11.395 - CHF 12.625 | CHF 12.010 |
| Upside | -14,4% - -5,1% | -9,8% |
| Benchmarks | Ticker | Full Ticker |
| Barry Callebaut AG | BARN | SWX:BARN |
| Nestlé S.A. | NESN | SWX:NESN |
| Delfi Limited | P34 | SGX:P34 |
| AAK AB (publ.) | AAK | OM:AAK |
| Kerry Group plc | KRZ | DB:KRZ |
| Chocoladefabriken Lindt & Sprüngli AG | LISPE | SWX:LISPE |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| BARN | NESN | P34 | AAK | KRZ | LISPE | ||
| SWX:BARN | SWX:NESN | SGX:P34 | OM:AAK | DB:KRZ | SWX:LISPE | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 7.4% | -0.5% | -0.5% | 15.5% | 2.3% | 4.8% | |
| 3Y CAGR | 13.8% | 2.0% | 0.9% | 24.2% | 4.8% | 9.4% | |
| Latest Twelve Months | 40.4% | 0.1% | -22.6% | 9.4% | 8.2% | 8.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 9.5% | 19.6% | 12.8% | 9.4% | 13.8% | 18.2% | |
| Prior Fiscal Year | 9.8% | 19.4% | 13.4% | 10.5% | 15.2% | 19.1% | |
| Latest Fiscal Year | 10.3% | 19.8% | 11.1% | 12.4% | 16.6% | 19.5% | |
| Latest Twelve Months | 8.1% | 19.8% | 11.1% | 12.3% | 16.6% | 19.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.86x | 2.64x | 0.68x | 1.51x | 2.47x | 5.64x | |
| EV / LTM EBITDA | 10.7x | 13.3x | 6.1x | 12.3x | 14.9x | 28.9x | |
| EV / LTM EBIT | 11.4x | 15.6x | 7.2x | 14.0x | 19.1x | 34.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 6.1x | 12.3x | 14.9x | ||||
| Historical EV / LTM EBITDA | 24.7x | 28.9x | 38.8x | ||||
| Selected EV / LTM EBITDA | 24.9x | 26.2x | 27.5x | ||||
| (x) LTM EBITDA | 1,082 | 1,082 | 1,082 | ||||
| (=) Implied Enterprise Value | 26,899 | 28,315 | 29,731 | ||||
| (-) Non-shareholder Claims * | (649) | (649) | (649) | ||||
| (=) Equity Value | 26,250 | 27,666 | 29,081 | ||||
| (/) Shares Outstanding | 2.3 | 2.3 | 2.3 | ||||
| Implied Value Range | 11,486.57 | 12,106.08 | 12,725.59 | ||||
| FX Rate: CHF/CHF | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 11,486.57 | 12,106.08 | 12,725.59 | 13,310.00 | |||
| Upside / (Downside) | -13.7% | -9.0% | -4.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BARN | NESN | P34 | AAK | KRZ | LISPE | |
| Enterprise Value | 11,193 | 242,428 | 339 | 68,800 | 16,961 | 31,066 | |
| (+) Cash & Short Term Investments | 1,612 | 7,871 | 49 | 1,223 | 1,610 | 1,015 | |
| (+) Investments & Other | 0 | 17,976 | 3 | 14 | 53 | 0 | |
| (-) Debt | (7,724) | (63,560) | (31) | (3,682) | (3,536) | (1,665) | |
| (-) Other Liabilities | (1) | (776) | 0 | (64) | (2) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 5,081 | 203,939 | 360 | 66,291 | 15,087 | 30,417 | |
| (/) Shares Outstanding | 5.5 | 2,572.7 | 611.2 | 259.6 | 163.9 | 2.3 | |
| Implied Stock Price | 927.00 | 79.27 | 0.59 | 255.40 | 92.05 | 13,310.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.78 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 927.00 | 79.27 | 0.75 | 255.40 | 92.05 | 13,310.00 | |
| Trading Currency | CHF | CHF | SGD | SEK | EUR | CHF | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 0.78 | 1.00 | 1.00 | 1.00 | |