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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 13,4x - 14,8x | 14,1x |
| Selected Fwd EBITDA Multiple | 10,9x - 12,1x | 11,5x |
| Fair Value | €311,43 - €350,63 | €331,03 |
| Upside | -29,2% - -20,3% | -24,8% |
| Benchmarks | Ticker | Full Ticker |
| Costco Wholesale Corporation | COST | NasdaqGS:COST |
| Alimentation Couche-Tard Inc. | ANCT.F | OTCPK:ANCT.F |
| Seven & i Holdings Co., Ltd. | SVND.F | OTCPK:SVND.F |
| Ingles Markets, Incorporated | IMKT.A | NasdaqGS:IMKT.A |
| SpartanNash Company | SPTN | NasdaqGS:SPTN |
| Casey's General Stores, Inc. | CS2 | DB:CS2 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| COST | ANCT.F | SVND.F | IMKT.A | SPTN | CS2 | ||
| NasdaqGS:COST | OTCPK:ANCT.F | OTCPK:SVND.F | NasdaqGS:IMKT.A | NasdaqGS:SPTN | DB:CS2 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 13.1% | 5.8% | 8.1% | 2.5% | 10.9% | 13.0% | |
| 3Y CAGR | 10.4% | 5.3% | 9.8% | -13.6% | 4.0% | 14.6% | |
| Latest Twelve Months | 10.7% | 5.1% | -3.5% | -30.1% | 0.1% | 12.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 4.4% | 7.9% | 9.2% | 7.7% | 2.2% | 7.2% | |
| Prior Fiscal Year | 4.4% | 7.3% | 9.2% | 6.9% | 2.2% | 7.1% | |
| Latest Fiscal Year | 4.5% | 7.2% | 8.3% | 5.2% | 2.5% | 7.5% | |
| Latest Twelve Months | 4.6% | 7.2% | 9.7% | 4.5% | 2.4% | 7.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.55x | 0.82x | 0.77x | 0.28x | 0.21x | 1.37x | |
| EV / LTM EBITDA | 33.5x | 11.3x | 7.9x | 6.3x | 8.8x | 18.3x | |
| EV / LTM EBIT | 41.3x | 15.7x | 18.7x | 12.9x | 16.9x | 27.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 6.3x | 8.8x | 33.5x | ||||
| Historical EV / LTM EBITDA | 10.5x | 12.4x | 18.3x | ||||
| Selected EV / LTM EBITDA | 13.4x | 14.1x | 14.8x | ||||
| (x) LTM EBITDA | 1,193 | 1,193 | 1,193 | ||||
| (=) Implied Enterprise Value | 15,985 | 16,827 | 17,668 | ||||
| (-) Non-shareholder Claims * | (2,631) | (2,631) | (2,631) | ||||
| (=) Equity Value | 13,354 | 14,195 | 15,037 | ||||
| (/) Shares Outstanding | 37.2 | 37.2 | 37.2 | ||||
| Implied Value Range | 359.16 | 381.79 | 404.42 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 309.67 | 329.18 | 348.69 | 440.00 | |||
| Upside / (Downside) | -29.6% | -25.2% | -20.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | COST | ANCT.F | SVND.F | IMKT.A | SPTN | CS2 | |
| Enterprise Value | 416,545 | 62,750 | 7,513,979 | 1,538 | 1,995 | 21,606 | |
| (+) Cash & Short Term Investments | 14,850 | 2,300 | 1,465,541 | 297 | 20 | 327 | |
| (+) Investments & Other | 0 | 260 | 331,553 | 0 | 0 | 0 | |
| (-) Debt | (8,358) | (14,091) | (4,031,040) | (553) | (1,116) | (2,958) | |
| (-) Other Liabilities | 0 | (147) | (183,658) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 423,037 | 51,072 | 5,096,375 | 1,282 | 899 | 18,974 | |
| (/) Shares Outstanding | 443.5 | 948.1 | 2,523.8 | 19.0 | 33.8 | 37.2 | |
| Implied Stock Price | 953.91 | 53.87 | 2,019.31 | 67.51 | 26.56 | 510.32 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 148.59 | 1.00 | 1.00 | 1.16 | |
| Implied Stock Price (Trading Cur) | 953.91 | 53.87 | 13.59 | 67.51 | 26.56 | 440.00 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 148.59 | 1.00 | 1.00 | 1.16 | |