Food & Beverage Industry Update

18 Pages·2015·0.8 MB·English

FOOD AND BEVERAGE
INDUSTRY UPDATE │ AUGUST 2015
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FOOD AND BEVERAGE
INDUSTRY UPDATE │ AUGUST 2015
WHAT WE’RE SEEING
CONTENTS
MARKETUPDATE  INDUSTRY VITAL SIGNS
 EQUITY MARKET OVERVIEW
M&A activity in the food and beverage sector sustained robust momentum  M&A MARKET OVERVIEW
through the summer. HW&Co. continues to see new deal activity, reinforcing the  DEBT MARKET OVERVIEW
 RECENT M&A ACTIVITY
M&A market’s momentum. Strength in multiples remained as acquirers continue  PUBLIC COMPARABLES
to aggressively pursue high quality assets that can deliver growth. Strategic  EARNINGS CALENDAR
buyers were particularly active as evidenced by deals announced by corporate
buyers including Cargill, SunOpta, WhiteWave Foods, and Nestle Purina over the GROUP OVERVIEW
last month. Private equity firms were also active, as demonstrated by LaSalle Harris Williams & Co. is a leading
advisor to the food and
Capital’s acquisition of Gold Pure Food Products. beverage market. Our significant
experience covers a broad range
of end markets, industries, and
business models. This particular
report focuses on trends and
WHAT WE’VE BEEN DOING metrics in the following areas:
 Agribusiness
 Baked and Prepared Goods
CLOSEDHW&CO.TRANSACTIONS  Beverages
 Branded and Private Label
 Dairy
 Distribution
 Ingredients
 Meat and Protein
 Natural and Organic
a portfolio company of a portfolio company of
 Processing
has been acquired by has been acquired by  Produce
 Restaurant and Retail
has been acquired by has been acquired by
 Snacks
A Private
Investor Group
CONTACTS
Glenn Gurtcheff
Managing Director
[email protected]
[phone]
Tim Alexander
Managing Director
a portfolio company of has divested tsoelected assets a portfolio company of [email protected]
[phone]
has acquired
has been acquired by and has been acquired by Ryan Budlong
Director
[email protected]
[phone]
Brant Cash
Director
[email protected]
[phone]
Ryan Freeman
Vice President
a portfolio company of a portfolio company of a portfolio company of [email protected]
[phone]
has been acquired by Andy Warczak
has been acquired by has been acquired by has been acquired by Vice President
[email protected]
and [phone]
www.harriswilliams.com
PAGE |1
FOOD AND BEVERAGE
INDUSTRY UPDATE │ AUGUST 2015
WHAT WE’RE READING
SYSCOLOOKSFORACQUISITIONSASPROFITDROPS
Sysco Corp., the nation’s largest foodservice distributor, plans to shift its growth strategy in the wake of the
government blocking its cancelled $8 billion takeover of competitor U.S. Foods. The Company will focus on smaller
acquisitions, internal cost-cutting, and technological improvements. The Company stated that it is looking at
acquisitions in its core business, as well as adjacencies and international opportunities. Hedge fund Trian Fund
Managementrecentlydisclosedthatithastakena7%stakeinSysco.
Accesstothefullarticlehere.
MEETTHENEWMEATS:INDUSTRYCATERSTOCONSUMERS’APPETITEFORCONVENIENCE
Asvegetarianismandveganismseeincreasingpopularity,U.S.consumersarenotonlybuyinglessmeatbutareusing
it differently in the past. For the first time, the majority of meat is being used as an ingredient in dishes rather than
serving as the focus of the meal. ANPD Group study found that over the last decade the percentage of meals and
snacks using meat as an ingredient increased from 47% to 51%. Factors behind the switch include all-time high beef
prices,increasedhealthconsciousness,andincreasedcompetitionfromotherfoodcategories.
Accesstothefullarticlehere.
WARRENBUFFETTTHROWSCOLDWATERONMONDELEZDEALTALK
Despite industry rumors that Mondolez International might be the newly-formed Kraft Heinz’s next acquisition target,
Warren Buffett downplayed the possibility of any near-term deal. Buffett cited the lengthy integration process to be
undertaken atKraft Heinz as well as frothy trading multiples for food companies asbarriers to apotential acquisition.
Additionally, the combination would be suspect given that Mondolez was spun out of Kraft only four years ago. Bill
Ackman’sPershingSquareCapitalManagementrecentlyrevealeda$5.5bnstakeinMondolez.
Accesstothefullarticlehere.
VITAL SIGNS
COMMODITYPRICEINDICES1
140
x
e Soybeans:
d
n120 (25.8%)
e I
y Pric100 Whe(a35t:.0%)
dit 80 Corn:
o
m (40.3%)
m 60
o Crude Oil:
C 40 (49.5%)
Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15
Corn Soybeans Wheat Crude Oil
PROTEINPRICEINDICES2,3
150
Beef:
ex 140 35.7%
d
e In 130 Pork:
c 6.8%
ein Pri 111200 Poultry5:.4%
ot 100
Pr
90
Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15
Beef Pork Poultry
PAGE |2
FOOD AND BEVERAGE
INDUSTRY UPDATE │ AUGUST 2015
VITAL SIGNS
RESTAURANTANDGROCERYSTORESALESINDICES4
140
Restaurant:
24.0%
x
e 120
d Grocery:
n
s I 9.3%
e
al 100
S
80
Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15
Restaurant Grocery
CONSUMERFOODPRICEINDEXINFLATION2
5.5
%) 4.0
n (
o 2.5
ti
a
nfl 1.0
I
(0.5)
Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15
PUBLIC EQUITY MARKET OVERVIEW
KEYTRADINGSTATISTICS5
Stock Price % Change EV/EBITDA % Change Current Valuation Stats Net Debt /
Industry and Segment 3 Month 1 Year 3 Month 1 Year Fwd PE LTM PE EV/EBITDA EBITDA
Protein Processing 0.7% 13.1% (11.0%) (1.7%) 11.1x 13.4x 8.6x 2.6x
utsFruit and Vegetable 3.4% 10.1% (8.2%) 0.4% 15.2x 20.2x 10.6x 0.8x
p
nIngredients / Flavors 1.5% 14.4% 3.6% 14.9% 20.5x 26.4x 14.7x 1.8x
I
Agribusiness (9.7%) (6.4%) 3.0% (10.9%) 13.1x 15.2x 8.9x 1.8x
eBranded Processed Foods 9.2% 12.6% 5.7% 17.4% 20.4x 33.0x 13.9x 3.1x
g
aPrivate Label Foods and Beve 6.7% (0.4%) (16.6%) (2.6%) 30.8x 31.6x 12.5x 5.5x
er
vNatural / Organic Foods / BFY 3.6% 13.3% 5.7% 12.6% 30.4x 55.6x 23.5x 3.7x
e
d BBaked Goods / Snack Foods 2.7% 7.5% (2.6%) 0.5% 24.5x 32.0x 12.0x 2.7x
anDairy (5.0%) (4.4%) (11.6%) (2.5%) 18.7x 24.4x 10.6x 2.1x
od Non-Alcoholic Beverages 2.3% 7.9% 0.9% 12.3% 19.4x 21.9x 12.7x 1.8x
FoAlcoholic Beverages 2.6% 6.1% 1.7% 14.2% 20.1x 21.5x 14.3x 2.9x
Food Retail (5.7%) (1.2%) (8.2%) 3.9% 17.5x 19.5x 7.0x 2.7x
Grocery Distribution 1.7% 4.6% (3.8%) (19.1%) 15.6x 17.8x 7.9x 1.8x
ailFoodservice (10.0%) (1.7%) (0.1%) (0.6%) 22.2x 31.8x 10.7x 6.5x
RetQuick Service Restaurant (4.3%) 27.8% (8.6%) 16.6% 25.4x 30.4x 13.4x 2.5x
nd Fast Casual (1.3%) 10.3% (19.3%) (15.6%) 37.2x 32.6x 13.1x 0.7x
a
er Differentiated Casual 12.1% 29.2% 4.4% (8.0%) 29.8x 37.9x 11.7x 2.2x
mCasual Dining Restaurant 4.8% 28.7% (0.3%) 6.9% 22.4x 29.0x 9.4x 2.0x
u
nsFine Dining (4.3%) 12.2% (5.3%) (3.8%) 18.5x 19.4x 10.3x NM
o
CPizza 2.6% 72.6% (1.8%) 22.4% 27.8x 36.9x 17.9x 3.7x
Beverage / Snack Retail 3.9% 15.4% 0.4% 7.1% 29.2x 29.8x 19.4x 2.2x
Family Restaurant 12.0% 41.2% 5.2% 22.0% 23.5x 22.2x 12.1x 2.4x
Overall Median 0.9% 11.7% (1.1%) 6.9% 21.7x 26.5x 12.7x 2.3x
PAGE |3
FOOD AND BEVERAGE
INDUSTRY UPDATE │ AUGUST 2015
PUBLIC EQUITY MARKET OVERVIEW
PUBLICCOMPANYSECTORPERFORMANCE(ONEYEARCHANGEINSTOCKPRICE)5
Pizza
Family Restaurant
Differentiated Casual
Casual Dining Restaurant
Quick Service Restaurant
Beverage / Snack Retail
Ingredients / Flavors
Natural / Organic Foods / BFY
Protein Processing
Branded Processed Foods
Fine Dining
S&P
Fast Casual
Fruit and Vegetable
Non-Alcoholic Beverages
Baked Goods / Snack Foods
Alcoholic Beverages
Private Label Foods and Grocery Distribution
Beverages
Food Retail
Foodservice
Dairy
Agribusiness
(17.5%) (5.0%) 7.5% 20.0% 32.5% 45.0% 57.5% 70.0% 82.5%
Inputs Food and Beverage Consumer and Retail
RECENTEQUITYOFFERINGS6
Gross Proceeds
Close Date Filing Date Issuer Ticker Transaction Type ($mm) Use of Funds
08/12/15 03/10/14 Post Holdings Inc POST Follow-On $351.0 Reduce Indebtedness
08/07/15 06/26/15 Captiva Verde Industries Ltd VEG Follow-On $2.5 General Corp. Purp.
08/04/15 06/26/15 Amplify Snack Brands Inc BETR IPO $270.0 Liquidity for Private Owners
07/09/15 07/09/15 The JM Smucker Co SJM Follow-On $533.8 Secondary
07/06/15 07/06/15 Ten Peaks Coffee Co Inc TPK Follow-On $13.9 Construction
Working Capital
07/01/15 06/26/15 Captiva Verde Industries Ltd VEG Follow-On $0.1 General Corp. Purp.
05/26/15 05/26/15 Cott Corp COTT Follow-On $150.0 Redeem A Class Shares, Pay Fees
& Expenses
05/05/15 09/08/14 Pinnacle Foods Inc PF Follow-On $204.8 Secondary
04/29/15 04/28/15 B&G Foods Inc BGS Follow-On $128.5 General Corp. Purp.
04/13/15 04/13/15 Diamond Estate Wines DWS Follow-On $1.9 General Corp. Purp.
04/02/15 04/02/15 Scor International Foods Inc - IPO $5.0 Working Capital
Oper Fund / Cash Res
03/25/15 03/25/15 Premium Brands Holding Corp PBH Convertible $48.0 Reduce Indebtedness
Future Acquisitions
03/16/15 03/16/15 Wayne Farms Inc - IPO $100.0 Reduce Indebtedness
Working Capital
PAGE |4
FOOD AND BEVERAGE
INDUSTRY UPDATE │ AUGUST 2015
PUBLIC COMPARABLES5
Price at As a % of Market Cash & Enterprise Last Twelve Months (LTM) Revenue Growth LTM Margins P/E EV / LTM EV / 2015E
($ in millions, except per share data) Ticker 8/12/15 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA
Food and Beverage
Branded Processed Foods
Associated British Foods plc ABF $49.74 96.3% $39,128 $1,675 $437 $40,366 $20,062 $2,399 (9.2%) 2.9% 24.0% 12.0% 43.6x 2.01x 16.8x 1.90x 16.6x
B&G Foods Inc. BGS 29.42 90.1% 1,706 984 99 2,592 858 184 8.0% 13.4% 29.6% 21.5% 35.8x 3.02x 14.1x 2.87x 12.6x
Campbell Soup Company CPB 50.40 99.2% 15,650 3,795 230 19,215 8,241 1,508 1.3% 2.3% 34.3% 18.3% 20.2x 2.33x 12.7x 2.36x 12.0x
ConAgra Foods, Inc. CAG 44.69 98.2% 19,294 7,905 183 27,016 15,832 2,106 (0.1%) 5.9% 21.1% 13.3% NM 1.71x 12.8x 1.78x 12.8x
General Mills, Inc. GIS 59.10 98.7% 35,385 9,224 334 44,275 17,630 3,245 (1.6%) 1.9% 34.2% 18.4% 28.5x 2.51x 13.6x 2.53x 12.7x
Hormel Foods Corporation HRL 60.89 94.9% 16,092 250 349 15,993 9,407 1,153 3.4% 4.8% 18.5% 12.3% 24.7x 1.70x 13.9x 1.66x 12.7x
Kellogg Company K 68.90 98.6% 24,362 7,507 294 31,575 14,207 1,641 (3.0%) 2.4% 34.2% 11.6% 64.0x 2.22x 19.2x 2.30x 12.5x
McCormick & Company, Incorporated MKC 84.67 99.3% 10,821 1,431 95 12,156 4,251 691 0.9% 2.7% 40.5% 16.2% 24.4x 2.86x 17.6x 2.77x 16.2x
Mondelez International, Inc. MDLZ 46.53 95.8% 74,974 19,378 2,028 92,324 32,590 5,070 (7.0%) 7.1% 37.7% 15.6% 34.1x 2.83x 18.2x 3.28x 17.9x
Nestlé S.A. NESN 74.48 92.0% 237,481 24,371 5,052 256,799 97,991 18,659 (3.6%) 2.7% 49.0% 19.0% 15.8x 2.62x 13.8x 2.63x 13.8x
Post Holdings, Inc. POST 61.68 92.8% 3,383 4 ,610 274 7,719 4,382 599 NM 66.5% 25.0% 13.7% NM 1.76x 12.9x 1.46x 9.9x
The Hershey Company HSY 92.26 82.9% 20,240 2,414 402 22,252 7,488 1,664 3.1% 5.7% 45.2% 22.2% 34.9x 2.97x 13.4x 2.90x 12.5x
The J. M. Smucker Company SJM 109.35 90.6% 13,086 6 ,171 126 19,131 5,693 1,150 1.5% 1.0% 35.5% 20.2% 33.0x 3.36x 16.6x 2.42x 11.7x
Mean (0.5%) 9.2% 33.0% 16.5% 32.6x 2.45x 15.1x 2.37x 13.4x
Median 0.4% 2.9% 34.2% 16.2% 33.0x 2.51x 13.9x 2.42x 12.7x
Private Label Foods and Beverages
Cott Corporation TSX:BCB $11.15 94.0% $1,223 $1,752 $79 $2,896 $2,568 $264 25.3% 3.6% 22.7% 10.3% 64.7x 1.13x 11.0x 0.95x 8.0x
Seneca Foods Corp. SENE.A 29.55 93.4% 300 238 8 530 1,273 41 (5.6%) 1.1% 6.8% 3.3% 23.6x 0.42x 12.8x NA NA
Treehouse Foods, Inc. THS 77.14 83.0% 3,322 1,346 54 4,614 3,242 369 31.0% 15.3% 20.1% 11.4% 31.6x 1.42x 12.5x 1.37x 11.5x
Mean 16.9% 6.7% 16.6% 8.3% 40.0x 0.99x 12.1x 1.16x 9.7x
Median 25.3% 3.6% 20.1% 10.3% 31.6x 1.13x 12.5x 1.16x 9.7x
Natural / Organic Foods / Better-For-You
Amplify Snack Brands, Inc. BETR $15.33 89.1% $1,150 $216 $13 $1,353 $163 $53 NA NA 56.0% 32.7% NM 8.31x 25.4x NA NA
Boulder Brands, Inc. BDBD 8.80 56.9% 541 299 31 808 509 46 2.2% 17.9% 36.5% 9.0% NM 1.59x 17.6x 1.54x 11.1x
SunOpta Inc. TSX:SOY 9.88 80.2% 670 158 4 824 1,203 56 0.6% 4.9% 10.9% 4.6% 174.0x 0.68x 14.8x 0.59x 8.2x
The Hain Celestial Group, Inc. HAIN 67.08 94.9% 6,883 844 167 7,560 2,689 322 24.8% 24.9% 23.2% 12.0% 37.3x 2.81x 23.5x 2.51x 17.7x
The WhiteWave Foods Company WWAV 49.95 95.5% 8,779 1,582 27 10,333 3,603 415 20.7% 18.6% 34.1% 11.5% 55.6x 2.87x 24.9x 2.53x 18.9x
Mean 12.1% 16.6% 32.1% 14.0% 89.0x 3.25x 21.2x 1.79x 14.0x
Median 11.4% 18.3% 34.1% 11.5% 55.6x 2.81x 23.5x 2.02x 14.4x
Baked Goods / Snack Foods
ARYZTA AG SWX:ARYN $52.66 58.4% $4,644 $3,279 $985 $6,937 $5,753 $839 (6.1%) 4.1% 27.9% 14.6% 34.7x 1.21x 8.3x 1.52x 9.3x
Diamond Foods, Inc. DMND 32.19 95.5% 1,013 648 32 1,629 881 94 4.2% (3.9%) 25.3% 10.6% 41.7x 1.85x 17.4x 1.83x 13.2x
Flowers Foods, Inc. FLO 22.03 90.0% 4,628 693 47 5,275 3,757 440 0.7% 8.9% 48.4% 11.7% 26.8x 1.40x 12.0x 1.36x 11.0x
George Weston Limited WN 85.44 98.5% 10,931 11,088 2,206 19,813 38,228 2,513 13.8% 6.3% 26.6% 6.6% 36.7x 0.52x 7.9x 0.55x 6.3x
Golden Enterprises Inc. GLDC 4.13 85.2% 47 10 1 56 132 7 (3.1%) (1.1%) 100.0% 5.3% 27.2x 0.42x 8.0x NA NA
Grupo Bimbo, S.A.B. de C.V. BIMBO A 2.61 98.8% 12,287 4,244 209 16,322 12,972 1,480 (5.4%) 3.3% 53.0% 11.4% 45.9x 1.26x 11.0x 1.25x 11.3x
Inventure Foods, Inc. SNAK 8.84 62.7% 173 92 1 265 290 19 14.9% 17.9% 16.8% 6.6% NM 0.91x 13.7x 0.86x 12.0x
J&J Snack Foods Corp. JJSF 117.50 98.4% 2,197 2 127 2,072 970 149 7.3% 6.3% 31.0% 15.3% 29.3x 2.14x 13.9x 2.04x 13.0x
John B Sanfilippo & Son Inc. JBSS 49.47 86.4% 551 98 2 647 887 68 14.0% 8.2% 14.9% 7.7% 20.0x 0.73x 9.5x 0.67x NA
Lancaster Colony Corporation LANC 94.28 96.4% 2,579 0 182 2,397 1,105 175 6.1% 3.8% 23.3% 15.8% 27.1x 2.17x 13.7x 2.04x 12.5x
Snyder's-Lance, Inc. LNCE 33.55 95.7% 2,371 443 43 2,772 1,682 186 9.2% 1.1% 35.2% 11.0% 35.2x 1.65x 14.9x 1.59x 12.9x
Mean 5.1% 5.0% 36.6% 10.6% 32.5x 1.30x 11.9x 1.37x 11.3x
Median 6.1% 4.1% 27.9% 11.0% 32.0x 1.26x 12.0x 1.44x 12.0x
PAGE |5
FOOD AND BEVERAGE
INDUSTRY UPDATE │ AUGUST 2015
PUBLIC COMPARABLES5
Price at As a % of Market Cash & Enterprise Last Twelve Months (LTM) Revenue Growth LTM Margins P/E EV / LTM EV / 2015E
($ in millions, except per share data) Ticker 8/12/15 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA
Dairy
Danone BN $67.11 87.3% $41,141 $13,529 $4,179 $50,491 $24,583 $3,969 (13.3%) (1.1%) 49.0% 16.1% 36.8x 2.05x 12.7x 1.91x 11.4x
Dean Foods Company DF 17.07 86.5% 1,612 839 106 2,345 8,834 314 (4.3%) (3.6%) 20.7% 3.6% NM 0.27x 7.5x 0.29x 6.2x
Emmi AG SWX:EMMN 328.31 80.0% 1,756 609 308 2,058 3,569 351 (5.2%) 5.6% 33.8% 9.8% 17.2x 0.58x 5.9x 0.59x 6.6x
Glanbia plc GL9 19.47 87.6% 5,760 745 105 6,400 2,970 295 (10.4%) 7.2% 29.6% 9.9% 32.4x 2.15x 21.7x 1.99x 18.6x
Lifeway Foods Inc. LWAY 14.76 66.0% 241 9 6 244 119 7 22.0% 19.4% 26.4% 6.3% NM 2.05x 32.6x 1.73x 16.0x
Parmalat SpA BIT:PLT 2.60 89.5% 4,768 386 1,200 3,954 6,588 466 (10.8%) 3.9% 18.5% 7.1% 27.3x 0.60x 8.5x 0.54x 7.2x
Saputo Inc. TSX:SAP 23.70 83.0% 9,313 1,498 141 10,670 8,497 843 (6.4%) 7.4% 9.9% 9.9% 19.8x 1.26x 12.7x 1.27x 12.2x
Savencia SA ENXTPA:SAVE 65.54 89.1% 919 1,168 594 1,494 5,576 279 (3.7%) 2.5% 31.7% 5.0% 21.5x 0.27x 5.3x 0.28x 4.8x
Mean (4.0%) 5.2% 27.4% 8.5% 25.8x 1.15x 13.4x 1.08x 10.4x
Median (5.8%) 4.8% 28.0% 8.5% 24.4x 0.93x 10.6x 0.93x 9.3x
Non-Alcoholic Beverages
A.G.Barr p.l.c. LSE:BAG $8.86 80.8% $1,022 $23 $38 $1,006 $392 $73 (6.5%) 3.9% 47.3% 18.6% 21.5x 2.57x 13.8x 2.41x 12.2x
Cott Corporation BCB 11.15 94.0% 1,223 1,752 79 2,896 2,568 264 25.3% 3.6% 22.7% 10.3% NM 1.13x 11.0x 0.95x 8.0x
Dr Pepper Snapple Group, Inc. DPS 81.61 97.7% 15,578 2,607 150 18,035 6,198 1,422 2.7% 1.2% 58.9% 22.9% 21.5x 2.91x 12.7x 2.87x 11.9x
Keurig Green Mountain, Inc. GMCR 52.89 33.3% 8,148 415 80 8,483 4,679 1,115 2.6% 8.9% 36.8% 23.8% 14.8x 1.81x 7.6x 1.86x 8.1x
Lassonde Industries Inc. LAS.A 107.84 97.9% 754 301 0 1,054 1,091 117 10.1% 4.7% 28.1% 10.7% 19.8x 0.97x 9.0x NA NA
Monster Beverage Corporation MNST 142.15 91.2% 29,212 0 2,931 26,280 2,562 852 8.8% 9.9% 56.1% 33.3% 51.1x 10.26x 30.8x 8.70x 24.5x
National Beverage Corp. FIZZ 24.42 89.4% 1,133 10 52 1,091 646 86 0.7% 0.9% 33.9% 13.2% 24.2x 1.69x 12.7x NA NA
Pepsico, Inc. PEP 98.38 97.6% 144,520 31,458 9,579 166,399 65,306 12,194 (1.9%) (0.7%) 54.1% 18.7% 22.3x 2.55x 13.6x 2.58x 13.0x
The Coca-Cola Company KO 41.26 91.7% 179,481 44,553 20,953 203,081 45,715 12,700 (1.1%) (1.3%) 61.0% 27.8% 23.1x 4.44x 16.0x 4.47x 15.9x
Mean 4.5% 3.5% 44.3% 19.9% 24.8x 3.15x 14.2x 3.40x 13.4x
Median 2.6% 3.6% 47.3% 18.7% 21.9x 2.55x 12.7x 2.58x 12.2x
Alcoholic Beverages
Anheuser-Busch InBev SA/NV ENXTBR:ABI $118.31 87.2% $189,211 $51,504 $6,784 $233,931 $45,762 $17,597 (1.0%) 5.2% 60.2% 38.5% 18.6x 5.11x 13.3x 4.98x 12.6x
Brown-Forman Corporation BF.B 108.76 97.9% 23,316 1,188 370 24,134 3,134 1,104 4.8% 4.8% 69.7% 35.2% 31.9x 7.70x 21.9x 5.72x 21.2x
Carlsberg A/S CPSE:CARL B 85.94 86.7% 13,253 6,106 422 18,937 9,684 1,871 (18.4%) (4.1%) 49.1% 19.3% 20.9x 1.96x 10.1x 1.88x 9.1x
Constellation Brands Inc. STZ 125.25 96.0% 24,461 7,339 134 31,665 6,133 1,840 7.2% 32.2% 44.1% 30.0% 28.5x 5.16x 17.2x 4.85x 15.2x
Diageo plc DGE 27.77 86.2% 69,573 15,883 742 84,714 17,004 5,284 (3.1%) 1.7% 57.6% 31.1% 17.8x 4.98x 16.0x 4.99x 15.2x
Heineken NV ENXTAM:HEIA 84.03 95.5% 48,881 12,999 946 60,934 22,547 4,786 (13.9%) 4.3% 38.8% 21.2% 20.0x 2.70x 12.7x 2.59x 11.0x
Kirin Holdings Company, Limited TSE:2503 14.72 93.9% 13,625 6,333 227 19,731 18,094 2,131 (17.3%) 7.3% 43.3% 11.8% 31.5x 1.09x 9.3x 1.08x 9.1x
Pernod-Ricard SA RI 115.18 86.2% 30,406 11,719 703 41,422 9,679 2,716 (14.7%) (2.7%) 62.1% 28.1% 27.0x 4.28x 15.2x 4.12x 14.0x
SABMiller plc LSE:SAB 50.95 84.3% 82,418 12,550 1,027 93,941 16,534 5,435 (1.0%) (0.2%) 70.3% 32.9% 22.1x 5.68x 17.3x 5.99x 15.2x
Sapporo Holdings Ltd. TSE:2501 4.05 89.7% 1,601 1,993 86 3,508 4,297 332 (16.1%) 2.8% 34.2% 7.7% 15.4x 0.82x 10.6x 0.79x 9.6x
Mean (7.3%) 5.1% 52.9% 25.6% 23.4x 3.95x 14.4x 3.70x 13.2x
Median (8.5%) 3.5% 53.3% 29.0% 21.5x 4.63x 14.3x 4.48x 13.3x
Inputs
Protein Processing
Cal-Maine Foods, Inc. CALM $53.93 88.8% $2,615 $51 $259 $2,408 $1,576 $276 9.4% 12.3% 25.1% 17.5% 14.9x 1.53x 8.7x 1.07x 3.1x
JBS S.A. BOVESPA:JBSS3 4.36 88.6% 12,599 15,670 4,472 23,797 44,312 4,013 (8.5%) 10.3% 15.7% 9.1% 13.4x 0.54x 5.9x 0.45x 5.0x
Sanderson Farms, Inc. SAFM 75.21 78.4% 1,686 10 154 1,542 2,913 540 7.4% 10.1% 21.4% 18.5% 5.2x 0.53x 2.9x 0.52x 3.5x
Seaboard Corp. SEB 3,434.00 74.0% 4,021 109 708 3,422 6,179 376 (6.1%) 1.8% 8.9% 6.1% 13.0x 0.55x 9.1x NA NA
Tyson Foods, Inc. TSN 42.28 93.7% 17,171 7,234 473 23,932 40,972 2,769 12.7% 7.3% 9.1% 6.8% 15.5x 0.58x 8.6x 0.59x 7.6x
Mean 3.0% 8.4% 16.0% 11.6% 12.4x 0.75x 7.0x 0.66x 4.8x
Median 7.4% 10.1% 15.7% 9.1% 13.4x 0.55x 8.6x 0.56x 4.3x
PAGE |6
FOOD AND BEVERAGE
INDUSTRY UPDATE │ AUGUST 2015
PUBLIC COMPARABLES5
Price at As a % of Market Cash & Enterprise Last Twelve Months (LTM) Revenue Growth LTM Margins P/E EV / LTM EV / 2015E
($ in millions, except per share data) Ticker 8/12/15 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA
Fruit and Vegetable
Calavo Growers Inc. CVGW $52.72 91.6% $916 $51 $9 $958 $836 $51 11.6% 13.7% 9.7% 6.1% 70.0x 1.15x 18.8x 0.97x 15.4x
Fresh Del Monte Produce Inc. FDP 37.47 91.0% 1,966 209 34 2,140 3,956 252 2.6% 4.9% 8.9% 6.4% 16.8x 0.54x 8.5x 0.53x 8.3x
Seneca Foods Corp. SENE.A 29.55 93.4% 300 238 8 530 1,273 41 (5.6%) 1.1% 6.8% 3.3% 23.6x 0.42x 12.8x NA NA
Total Produce plc ISE:T7O 1.42 94.0% 470 161 140 491 3,228 75 (11.1%) 2.8% 13.7% 2.3% 14.2x 0.15x 6.5x 0.16x 7.0x
Mean (0.6%) 5.6% 9.8% 4.5% 31.2x 0.56x 11.7x 0.55x 10.2x
Median (1.5%) 3.9% 9.3% 4.7% 20.2x 0.48x 10.6x 0.53x 8.3x
Ingredients / Flavors
Givaudan SA SWX:GIVN $1,810.49 88.4% $16,678 $1,352 $307 $17,724 $4,696 $971 (3.9%) 3.3% 46.0% 20.7% 26.4x 3.77x 18.3x 3.82x 15.7x
Ingredion Incorporated INGR $92.35 98.4% 6,591 2,212 677 8,126 5,607 849 (5.8%) (4.2%) 21.0% 15.1% 17.5x 1.45x 9.6x 1.38x 9.0x
International Flavors & Fragrances Inc. IFF 113.74 92.4% 9,166 998 379 9,784 3,072 664 1.5% 3.3% 44.4% 21.6% 21.2x 3.18x 14.7x 3.11x 13.4x
Kerry Group plc ISE:KRZ 76.24 93.5% 13,409 1 ,786 198 14,997 6,562 839 (17.1%) (2.4%) 45.8% 12.8% 22.0x 2.29x 17.9x 2.16x 15.8x
Sensient Technologies Corporation SXT 67.61 95.9% 3,098 574 22 3,650 1,400 264 (4.2%) (0.9%) 33.8% 18.8% 28.5x 2.61x 13.9x 2.60x 13.0x
Symrise AG XTRA:SY1 64.70 88.5% 8,399 1,655 216 9,839 2,795 590 11.1% 10.3% 42.4% 21.1% 33.1x 3.52x 16.7x 3.23x 14.5x
Tate & Lyle plc TATE 8.46 72.5% 3,948 1,141 400 4,690 3,500 410 (31.2%) (8.4%) 38.6% 11.7% 80.5x 1.34x 11.4x 1.16x 9.0x
Mean (7.1%) 0.1% 38.8% 17.4% 32.8x 2.59x 14.6x 2.49x 12.9x
Median (4.2%) (0.9%) 42.4% 18.8% 26.4x 2.61x 14.7x 2.60x 13.4x
Agribusiness
Archer-Daniels-Midland Company ADM $46.89 87.0% $28,553 $6,923 $1,176 $34,300 $73,703 $3,785 (16.0%) (6.1%) 6.8% 5.1% 12.4x 0.47x 9.1x 0.45x 9.0x
Bunge Limited BG 77.32 83.0% 11,122 4 ,846 792 15,176 48,495 1,770 (20.9%) (5.1%) 5.7% 3.6% 20.4x 0.31x 8.6x 0.32x 7.2x
CF Industries Holdings, Inc. CF 61.64 87.7% 14,365 4 ,593 810 18,148 4,403 2,053 (12.4%) (11.7%) 42.0% 46.6% 15.2x 4.12x 8.8x 3.78x 7.5x
Darling Ingredients Inc. DAR 12.25 62.3% 2,024 2 ,045 126 3,943 3,713 441 27.6% 29.5% 21.6% 11.9% 24.5x 1.06x 8.9x 1.13x 8.5x
Monsanto Company MON 103.25 81.9% 48,304 8 ,983 1,101 56,186 15,276 4,694 (1.0%) 3.8% 55.3% 30.7% 18.2x 3.68x 12.0x 3.47x 11.0x
The Andersons, Inc. ANDE 38.53 55.1% 1,081 586 41 1,626 4,383 129 (13.7%) (2.2%) 8.9% 3.0% 12.6x 0.37x 12.6x 0.37x 7.8x
The Mosaic Company MOS 43.55 80.9% 15,431 3 ,846 2,210 17,067 9,256 2,404 20.7% (6.0%) 22.0% 26.0% 11.8x 1.84x 7.1x 1.72x 7.0x
Mean (2.3%) 0.3% 23.2% 18.1% 16.5x 1.69x 9.6x 1.60x 8.3x
Median (12.4%) (5.1%) 21.6% 11.9% 15.2x 1.06x 8.9x 1.13x 7.8x
Consumer and Retail
Food Retail
Costco Wholesale Corporation COST $146.49 93.4% $64,381 $6,026 $6,805 $63,602 $115,944 $4,656 5.8% 6.8% 12.9% 4.0% 26.6x 0.55x 13.7x 0.52x 13.0x
Establishments Delhaize Freres DELB 89.03 87.2% 9,165 2,827 1,679 10,313 25,724 1,483 (8.1%) (1.5%) 24.2% 5.8% 29.3x 0.40x 7.0x 0.37x 5.8x
Fairway Group Holdings Corp. FWM 2.31 29.6% 102 257 32 327 793 11 0.7% 12.6% 31.4% 1.3% NM 0.41x NM 0.41x 8.0x
Ingles Markets, Incorporated IMKT.A 50.23 89.8% 1,018 918 9 1,927 3,791 240 (0.8%) 1.5% 23.4% 6.3% 18.1x 0.51x 8.0x 0.50x 7.8x
J Sainsbury plc LSE:SBRY 3.95 80.3% 7,567 4,246 1,956 9,858 35,064 1,832 (11.9%) (0.2%) 6.4% 5.2% NM 0.28x 5.4x 0.27x 5.3x
Koninklijke Ahold N.V. ENXTAM:AH 19.83 87.9% 16,542 1,683 2,187 16,037 39,568 2,431 (9.2%) 0.8% 26.8% 6.1% 19.5x 0.41x 6.6x 0.37x 5.9x
Natural Grocers by Vitamin Cottage NGVC 24.90 71.1% 560 28 3 584 598 49 19.6% 23.6% 29.1% 8.2% 32.4x 0.98x 12.0x 0.81x 10.4x
Roundy's, Inc. RNDY 2.63 43.0% 127 647 40 735 4,030 121 15.3% 1.3% 26.3% 3.0% NM 0.18x 6.1x 0.18x 6.1x
Sprouts Farmers Market, Inc. SFM 21.30 55.4% 3,271 289 97 3,463 3,261 273 20.4% 43.4% 29.4% 8.4% 27.2x 1.06x 12.7x 0.90x 10.8x
SUPERVALU Inc. SVU 9.14 76.2% 2,421 2,712 137 4,996 17,963 793 4.6% 16.1% 15.0% 4.4% 16.8x 0.28x 6.3x 0.27x 6.2x
Tesco PLC LSE:TSCO 3.19 80.3% 25,801 19,558 3,309 42,050 95,399 1,724 (9.1%) (2.0%) 2.9% 1.8% NM 0.44x NM 0.44x 9.7x
The Kroger Co. KR 37.80 95.9% 36,720 11,307 252 47,775 108,555 5,374 7.1% 5.7% 22.1% 5.0% 18.9x 0.44x 8.9x 0.43x 8.6x
Village Super Market Inc. VLGE.A 27.95 80.8% 396 46 59 383 1,575 66 5.1% 4.1% 27.3% 4.2% 14.1x 0.24x 5.8x NA NA
Weis Markets, Inc. WMK 42.68 82.2% 1,148 0 104 1,044 2,828 155 3.7% 0.9% 27.3% 5.5% 19.7x 0.37x 6.7x NA NA
Whole Foods Market, Inc. WFM 34.27 59.5% 12,233 63 691 11,605 15,207 1,414 9.3% 10.9% 35.4% 9.3% 19.0x 0.76x 8.2x 0.71x 7.8x
Mean 3.5% 8.3% 22.7% 5.2% 21.9x 0.49x 8.2x 0.48x 8.1x
Median 4.6% 4.1% 26.3% 5.2% 19.5x 0.41x 7.0x 0.43x 7.8x
PAGE |7
FOOD AND BEVERAGE
INDUSTRY UPDATE │ AUGUST 2015
PUBLIC COMPARABLES5
Price at As a % of Market Cash & Enterprise Last Twelve Months (LTM) Revenue Growth LTM Margins P/E EV / LTM EV / 2015E
($ in millions, except per share data) Ticker 8/12/15 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA
Grocery Distribution
AMCON Distributing Co. DIT $84.99 96.2% $52 $18 $0 $70 $883 $14 5.8% 3.0% 8.7% 1.5% 10.2x 0.08x 5.2x NA NA
Core-Mark Holding Company, Inc. CORE 63.13 88.3% 1,455 149 15 1,589 8,483 112 6.8% 8.0% 7.1% 1.3% 31.8x 0.19x 14.2x 0.14x 11.1x
SpartanNash Company SPTN 32.63 96.3% 1,227 535 8 1,754 7,895 222 57.4% 44.2% 14.5% 2.8% 21.9x 0.22x 7.9x 0.22x 7.2x
SUPERVALU Inc. SVU 9.14 76.2% 2,421 2,712 137 4,996 17,963 793 4.6% 16.1% 15.0% 4.4% 18.1x 0.28x 6.3x 0.27x 6.2x
United Natural Foods, Inc. UNFI 45.29 54.0% 2,268 549 24 2,794 7,888 290 18.2% 16.0% 15.6% 3.7% 17.2x 0.35x 9.6x 0.33x 8.4x
Mean 18.6% 17.5% 12.2% 2.8% 19.9x 0.22x 8.6x 0.24x 8.2x
Median 6.8% 16.0% 14.5% 2.8% 18.1x 0.22x 7.9x 0.25x 7.8x
Foodservice
Colabor Group Inc. TSX:GCL $0.86 26.9% $23 $151 $0 $175 $1,159 $23 (8.9%) (5.5%) 2.1% 2.0% NM 0.15x 7.5x 0.14x 7.0x
Sysco Corporation SYY 38.63 92.3% 22,937 7,322 5,130 25,129 48,681 2,345 4.7% 4.7% 17.6% 4.8% 35.8x 0.52x 10.7x 0.49x 9.9x
The Chefs' Warehouse, Inc. CHEF 16.62 69.0% 437 313 2 747 918 47 20.1% 28.7% 25.0% 5.2% 30.8x 0.81x 15.7x 0.67x 10.8x
Mean 5.3% 9.3% 14.9% 4.0% 33.3x 0.49x 11.3x 0.44x 9.2x
Median 4.7% 4.7% 17.6% 4.8% 33.3x 0.52x 10.7x 0.49x 9.9x
Quick Service Restaurant
Bojangles', Inc. BOJA $23.38 82.2% $841 $244 $13 $1,072 $463 $64 23.4% NA 22.3% 13.8% 33.6x 2.32x 16.8x 2.09x 14.2x
Jack in the Box Inc. JACK 87.46 87.5% 3,199 659 18 3,840 1,531 286 3.6% 10.5% 27.7% 18.7% 31.6x 2.51x 13.4x 2.41x 12.5x
McDonald's Corp. MCD 98.28 96.9% 92,561 17,902 3,999 106,464 26,016 9,032 (8.1%) (1.8%) 37.8% 34.7% 23.4x 4.09x 11.8x 4.33x 11.8x
Popeyes Louisiana Kitchen, Inc. PLKI 56.32 84.7% 1,304 110 6 1,407 245 79 13.6% 15.3% 65.0% 32.4% 33.1x 5.74x 17.7x 5.08x 15.9x
Restaurant Brands International Inc. QSR 42.09 92.1% 19,675 8 ,860 689 27,846 2,669 827 156.0% 5.1% 48.0% 31.0% NM NM NM 6.81x 16.6x
Sonic Corp. SONC 29.04 79.1% 1,508 453 23 1,938 595 158 8.6% 3.0% 54.4% 26.6% 27.4x 3.26x 12.3x 3.10x 11.3x
The Wendy's Company WEN 9.99 85.3% 2,900 2,397 1,198 4,100 1,988 374 (11.6%) (6.9%) 33.5% 18.8% 39.2x 2.06x 11.0x 2.80x 10.5x
Yum! Brands, Inc. YUM 80.68 84.1% 34,790 3,399 636 37,553 13,078 2,696 (3.6%) (0.5%) 25.7% 20.6% 41.3x 2.87x 13.9x 2.63x 11.9x
Mean 22.7% 3.5% 39.3% 24.6% 32.8x 3.26x 13.8x 3.66x 13.1x
Median 6.1% 3.0% 35.7% 23.6% 33.1x 2.87x 13.4x 2.95x 12.2x
Fast Casual
Chipotle Mexican Grill, Inc. CMG $745.98 98.3% $23,231 $0 $879 $22,352 $4,441 $951 22.5% 20.8% 38.3% 21.4% 45.7x 5.03x 23.5x 4.41x 20.3x
El Pollo Loco Holdings, Inc. LOCO 17.84 43.6% 683 136 6 812 356 62 9.9% 20.0% 25.8% 17.4% 12.2x 2.28x 13.1x 2.08x 11.9x
Fiesta Restaurant Group, Inc. FRGI 54.79 79.4% 1,454 74 6 1,522 647 93 17.3% 36.0% 25.9% 14.3% 36.6x 2.35x 16.4x 2.05x 13.5x
The Habit Restaurants, Inc. HABT 24.11 54.5% 332 2 52 282 207 22 17.3% 36.0% 22.0% 10.6% NM 1.36x 12.9x 1.09x 9.9x
Noodles & Company NDLS 12.74 45.5% 361 30 2 389 436 46 17.3% 36.0% 19.2% 10.5% NM 0.89x 8.5x 0.79x 8.4x
Panera Bread Company PNRA 197.73 95.1% 5,373 100 125 5,348 2,618 390 17.3% 36.0% 33.0% 14.9% 31.5x 2.04x 13.7x 1.98x 13.2x
Potbelly Corporation PBPB 12.09 72.7% 365 0 54 311 351 34 17.3% 36.0% 30.4% 9.6% NM 0.89x 9.2x 0.78x 8.4x
Shake Shack Inc. SHAK 64.79 67.0% 781 0 65 717 153 16 17.3% 36.0% 38.5% 10.4% NM 4.69x NM 3.47x 22.3x
Zoe's Kitchen, Inc. ZOES 41.40 88.8% 800 25 26 798 188 15 43.6% NA 20.6% 8.0% NM 4.24x NM 3.36x 40.3x
Mean 20.0% 32.1% 28.2% 13.0% 31.5x 2.64x 13.9x 2.22x 16.5x
Median 17.3% 36.0% 25.9% 10.6% 34.1x 2.28x 13.1x 2.05x 13.2x
Differentiated Casual
BJ's Restaurants, Inc. BJRI $47.10 85.0% $1,206 $75 $25 $1,255 $877 $109 7.9% 9.3% 19.0% 12.4% 34.2x 1.43x 11.5x 1.29x 10.0x
Buffalo Wild Wings Inc. BWLD 195.69 98.1% 3,721 0 92 3,629 1,649 247 18.6% 22.0% 23.3% 15.0% 40.3x 2.20x 14.7x 1.75x 11.3x
Chuy's Holdings, Inc. CHUY 32.83 91.8% 541 0 8 533 268 31 20.0% 21.5% 19.1% 11.6% 38.3x 1.99x 17.1x 1.73x 14.7x
Dave & Buster's Entertainment, Inc. PLAY 36.00 89.7% 1,480 429 90 1,819 775 154 15.7% 13.1% 27.2% 19.8% 90.6x 2.35x 11.9x 2.12x 10.1x
Ignite Restaurant Group, Inc. IRG 4.50 54.0% 118 162 48 231 836 29 17.3% 36.0% 29.9% 3.4% NM 0.28x 8.1x 0.46x 7.7x
The Cheesecake Factory Incorporated CAKE 56.43 95.9% 2,762 104 62 2,805 2,046 244 17.3% 36.0% 42.9% 11.9% 25.7x 1.37x 11.5x 1.28x 10.4x
Wingstop Inc. WING 31.58 87.8% 903 101 5 998 73 25 41.0% NA 70.5% 34.1% 120.3x 13.72x NM 12.45x 35.6x
Mean 19.7% 23.0% 33.1% 15.5% 58.2x 3.33x 12.5x 3.01x 14.3x
Median 17.3% 21.8% 27.2% 12.4% 39.3x 1.99x 11.7x 1.73x 10.4x
PAGE |8
FOOD AND BEVERAGE
INDUSTRY UPDATE │ AUGUST 2015
PUBLIC COMPARABLES5
Price at As a % of Market Cash & Enterprise Last Twelve Months (LTM) Revenue Growth LTM Margins P/E EV / LTM EV / 2015E
($ in millions, except per share data) Ticker 8/12/15 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA
Casual Dining Restaurant
Bloomin' Brands, Inc. BLMN $21.49 81.9% $2,635 $1,324 $133 $3,827 $4,476 $449 4.4% 4.5% 16.7% 10.0% 25.2x 0.86x 8.5x 0.85x 7.9x
Brinker International, Inc. EAT 56.18 88.6% 3,435 974 55 4,354 3,002 461 3.3% 2.1% 19.8% 15.4% 17.7x 1.45x 9.4x 1.29x 8.5x
Darden Restaurants, Inc. DRI 70.72 93.5% 9,030 1,467 536 9,961 6,764 774 7.6% 8.3% 21.0% 11.4% 46.5x 1.47x 12.9x 1.44x 10.6x
DineEquity, Inc. DIN 100.61 88.1% 1,899 1,449 104 3,244 675 257 4.3% (11.8%) 56.4% 38.1% 36.2x 4.81x 12.6x 4.80x 11.5x
Red Robin Gourmet Burgers Inc. RRGB 82.37 86.7% 1,168 145 23 1,290 1,237 136 15.7% 9.8% 22.9% 11.0% 29.5x 1.04x 9.4x 0.97x 8.4x
Ruby Tuesday, Inc. RT 6.81 79.5% 423 245 75 592 1,127 82 (3.6%) (4.9%) 17.2% 7.3% NM 0.53x 7.2x 0.52x 7.3x
Texas Roadhouse, Inc. TXRH 38.31 93.9% 2,684 51 71 2,665 1,705 201 13.4% 12.7% 32.1% 11.8% 28.5x 1.56x 13.3x 1.40x 11.2x
Mean 6.4% 3.0% 26.6% 15.0% 30.6x 1.67x 10.5x 1.61x 9.4x
Median 4.4% 4.5% 21.0% 11.4% 29.0x 1.45x 9.4x 1.29x 8.5x
Fine Dining
Del Frisco's Restaurant Group, Inc. DFRG $15.38 59.3% $361 $0 $2 $359 $317 $43 10.9% 13.5% 24.3% 13.4% 21.1x 1.13x 8.4x 0.99x 7.1x
Fogo de Chao, Inc. FOGO 19.89 73.2% 555 165 25 695 266 50 21.1% NA 32.0% 19.0% 1.2x 2.62x 13.8x 2.40x 11.5x
Ruth's Hospitality Group Inc. RUTH 16.61 93.2% 585 0 5 580 361 56 24.2% (1.4%) 25.9% 15.6% 19.4x 1.61x 10.3x 1.50x 9.8x
Mean 18.7% 6.0% 27.4% 16.0% 13.9x 1.79x 10.8x 1.63x 9.5x
Median 21.1% 6.0% 25.9% 15.6% 19.4x 1.61x 10.3x 1.50x 9.8x
Pizza
Domino's Pizza, Inc. DPZ $111.88 93.4% $6,144 $1,527 $26 $7,645 $2,080 $401 10.9% 8.3% 30.4% 19.3% 33.7x 3.68x 19.1x 3.40x 16.8x
Papa John's International Inc. PZZA 71.14 89.6% 2,807 234 22 3,019 1,647 168 8.6% 9.3% 24.9% 10.2% 40.1x 1.83x 17.9x 1.76x 15.9x
Papa Murphy's Holdings, Inc. FRSH 15.00 66.0% 254 113 1 366 109 27 22.5% NA 49.9% 24.8% NM 3.36x 13.5x 2.78x 11.9x
Mean 14.0% 8.8% 35.1% 18.1% 36.9x 2.96x 16.8x 2.65x 14.9x
Median 10.9% 8.8% 30.4% 19.3% 36.9x 3.36x 17.9x 2.78x 15.9x
Beverage / Snack Retail
DAVIDsTEA Inc. DTEA $13.45 44.9% $322 $35 $8 $348 $123 $12 70.2% NA 54.1% 9.7% NM 2.83x 29.0x 2.52x 19.5x
Dunkin' Brands Group, Inc. DNKN 52.11 91.8% 4,963 2,503 329 7,137 783 390 6.9% 6.0% 79.9% 49.8% 29.1x 9.11x 18.3x 8.66x 16.9x
Jamba, Inc. JMBA 13.47 79.8% 217 0 14 204 209 (2) (5.7%) (1.8%) 33.1% NM NM 0.97x NM 1.85x 15.9x
Krispy Kreme Doughnuts, Inc. KKD 18.40 82.4% 1,177 11 59 1,129 501 64 8.7% 7.2% 18.9% 12.8% 37.7x 2.25x 17.5x 2.06x 13.8x
Starbucks Corporation SBUX 56.38 95.1% 83,679 2,937 2,175 84,441 18,429 4,133 14.8% 12.4% 31.0% 22.4% 29.8x 4.58x 20.4x 4.08x 17.0x
Mean 19.0% 6.0% 43.4% 23.7% 32.2x 3.95x 21.3x 3.83x 16.6x
Median 8.7% 6.6% 33.1% 17.6% 29.8x 2.83x 19.4x 2.52x 16.9x
Family Restaurant
Bob Evans Farms, Inc. BOBE $46.17 76.8% $1,023 $451 $6 $1,467 $1,349 $121 1.6% 1.6% 34.7% 8.9% NM 1.09x 12.2x 1.08x 9.3x
Cracker Barrel Old Country Store, Inc. CBRL 151.48 93.3% 3,629 410 202 3,837 2,816 318 5.7% 4.1% 66.4% 11.3% 22.2x 1.36x 12.1x 1.31x 11.2x
Denny's Corporation DENN 12.11 94.6% 1,009 161 5 1,164 489 87 6.8% (1.9%) 39.6% 17.9% 28.1x 2.38x 13.3x 2.33x 12.3x
Frisch's Restaurants, Inc. FRS 33.75 96.0% 173 2 5 170 212 26 1.3% 1.1% 10.1% 12.0% 17.5x 0.80x 6.7x NA NA
Luby's, Inc. LUB 4.78 80.6% 137 48 2 183 396 16 0.8% 3.5% 30.8% 4.0% NM 0.46x 11.5x NA NA
Mean 3.2% 1.7% 36.3% 10.8% 22.6x 1.22x 11.2x 1.57x 10.9x
Median 1.6% 1.6% 34.7% 11.3% 22.2x 1.09x 12.1x 1.31x 11.2x
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