Food & Beverage Report Q4 2017

13 Pages·2017·1.9 MB·English

30
25 Financial
20 25 15%
14 20
15
10 15 6 9
5 3 2 - -
- Strategic
85%
Amount TEV/ TEV/
Date Target Buyer(s) Segment
($ in Mil) Rev EBITDA
12/18/2017 Snyder's-Lance, Inc. Campbell Soup Co. CPG Foods 5,957.89 2.81x 23.63x
12/19/2017 Dole Food Co., Inc. Greenyard Foods NV Produce 3,749.65 0.83x 19.39x
11/28/2017 Buffalo Wild Wings, Inc. Arby's Restaurant Group, Inc.; Roark Capital Restaurants 2,809.61 1.39x 10.85x
Group, Inc.
12/17/2017 Amplify Snack Brands, Inc. The Hershey Co. CPG Foods 1,503.03 4.04x 18.47x
10/6/2017 Omega Protein Corp. Cooke, Inc. Proteins 473.57 1.38x 7.83x
11/2/2017 Richelieu Foods, Inc. Süddeutsche Zuckerrübenverwertungs- CPG Foods 435.00 1.34x -
Genossenschaft eG
11/2/2017 Tazo Tea Co. Unilever Plc Non-Alcohol 384.00 3.41x -
12/19/2017 Qdoba Restaurant Corp. Apollo Global Management LLC Restaurants 305.00 - -
12/22/2017 Northern Harvest Sea Farms Ltd. Marine Harvest ASA Proteins 247.46 - -
12/12/2017 Imvescor Restaurant Group, Inc. MTY Food Group, Inc. Restaurants 208.27 5.67x 13.69x
12/13/2017 Hood River Distillers, Inc. (Pendleton Whisky Assets) Becle SAB de CV Alcohol 205.00 - -
11/30/2017 Field Roast Grain Meat Co. Maple Leaf Foods, Inc. Proteins 120.00 3.16x -
Strategic Buyer Inv. Date Select Corporate Acquisitions
Four Foods Group Holdings LLC 12/1/2017 ▪ Swig Holdings LLC
7/1/2017 ▪ MO' Bettahs Hawaiian Style Food
3/29/2017 ▪ Little Caesar Enterprises Inc (48 Restaurants)
1/31/2017 ▪ The Soda Shop LLC
Premium Brands Holdings Corp. 11/22/2017 ▪ Buddy's Kitchen, Inc.
11/22/2017 ▪ Shaw Bakers LLC
11/22/2017 ▪ Raybern Foods LLC
10/18/2010 ▪ SK Food Group, Inc.
Tyson Foods, Inc. 11/13/2017 ▪ Original Philly Holdings, Inc.
4/25/2017 ▪ AdvancePierre Foods Holdings, Inc.
10/10/2016 ▪ Savage River, Inc.
1/20/2014 ▪ Artinian, Inc.
Nestlé 11/3/2017 ▪ Chameleon Cold Brew LLC
9/14/2017 ▪ Blue Bottle Coffee, Inc.
9/7/2017 ▪ Sweet Earth, Inc.
4/23/2012 ▪ Pfizer Nutrition Inc.
Coca-Cola North America 10/2/2017 ▪ Topo Chico Mineral Water
4/13/2017 ▪ Coca Cola Refreshments Usa, Inc. (Twinsburg Manufacturing)
6/22/2016 ▪ LA Aloe, LLC
6/15/2016 ▪ Distribution Territory in Parts of Alabama, Georgia, Mississippi
5/25/2016 ▪ The Coca-Cola Company, Territory in Oklahoma
Financial Buyer Inv. Date 42199 Select Corporate Investments
Apollo Global Management 12/19/2017 ▪ Qdoba Restaurant Corp.
3/14/2016 ▪ The Fresh Market, Inc.
2/16/2011 ▪ Sprouts Farmers Market, Inc. (NasdaqGS:SFM)
1/30/2013 ▪ Hostess Brands, Inc. (Certain Snack Cake Brands)
Wind Point Advisors LLC 12/6/2017 ▪ Pacifica Foods LLC
11/6/2017 ▪ Gaytan Foods Co.
4/11/2016 ▪ Evans Food Group Ltd.
3/27/2015 ▪ Gehl Foods, LLC
L Catterton 10/11/2017 ▪ Uncle Julio's Corp.
6/20/2017 ▪ Punch Bowl Social
9/2/2016 ▪ Front Burner Restaurants LP
9/2/2016 ▪ Velvet Taco
12/22/2015 ▪ The Piada Group, LLC
7/30/2015 ▪ Lily's Kitchen Limited
Brynwood Partners 8/3/2017 ▪ Cold Spring Brewing Co.
12/7/2016 ▪ Nestle Healthcare Nutrition, Inc. (Nutrament Bus)
11/1/2016 ▪ Faribault Foods, Inc. (Beverage Business)
1/14/2016 ▪ Sunny Delight Beverages Co.
7/2/2014 ▪ Nestle USA, Inc. (Juicy Juice Business)
Advent International Corp. 7/27/2017 ▪ First Watch Restaurants, Inc.
6/8/2017 ▪ Rao's Specialty Foods, Inc.
2/1/2017 ▪ Bottom Line Food Processors, Inc.
11/21/2014 ▪ Noosa Yoghurt, LLC
50%
40%
30%
20%
10%
0%
-10%
-20%
Alcohol Non-Alcohol CPG Foods
Natural & Organic Foods Dairy Proteins
Produce Ingredients & Flavors Co-Packers
Restaurants Digitally Native S&P 500
Market Stats Operating Stats LTM Multiples NTM Multiples
Est. TEV/ TEV/
Market Cap Quarter YTD % of 52 EBITDA TEV/ TEV/ Price/
Company Name Symbol Price ($) Revenue NTM NTM
($ in Mil) Change Change Week High Margin Rev EBITDA EPS
Growth Revenue EBITDA
Anheuser-Busch InBev SA/NV ABI-BE $ 189,356 $ 111.83 -8.1% -7.4% 88.4% 1.2% 36.0% 5.9x 16.3x 55.1x 6.0x 14.8x
Diageo Plc DGE-GB 91,721 36.86 11.1% 29.1% 99.9% 4.9% 30.5% 6.4x 19.8x 27.4x 6.2x 17.8x
Constellation Brands, Inc. STZ-US 44,684 228.57 14.6% 49.1% 99.6% NM NM 7.1x 19.3x NM 8.1x 21.5x
Brown-Forman Corp. BF.B-US 26,151 68.67 26.5% 52.9% 99.3% 7.8% 38.1% 9.1x 25.9x 35.8x 8.5x 23.3x
Molson Coors Brewing Co. TAP-US 16,239 82.07 0.5% -15.7% 80.4% 4.7% 23.2% 2.7x 12.7x 7.9x 2.6x 11.6x
Boston Beer Co., Inc. SAM-US 1,656 191.10 22.3% 12.5% 97.0% (0.1%) 26.0% 2.5x 11.6x 26.3x 2.5x 13.2x
MGP Ingredients, Inc. MGPI-US 1,286 76.88 26.8% 53.8% 95.2% 6.7% 15.5% 3.9x 24.3x 35.1x 3.6x 20.3x
Craft Brew Alliance, Inc. BREW-US 371 19.20 9.4% 13.6% 95.5% 6.9% 9.7% 1.9x 28.0x NM 1.8x 21.9x
Castle Brands, Inc. ROX-US 200 1.22 -9.0% 60.5% 55.0% 10.9% 6.4% 2.9x 61.1x NM 2.6x 30.8x
Willamette Valley Vineyards, Inc. WVVI-US 41 8.25 4.3% 3.0% 93.1% NM 29.0% 2.5x 8.9x 21.2x NM NM
Truett-Hurst, Inc. THST-US 9 2.07 -8.8% 16.3% 55.5% NM 0.2% 1.2x NM NM NM NM
Segment Average 5.4% 21.5% 4.2x 22.8x 29.8x 4.7x 19.5x
Segment Median 5.8% 24.6% 2.9x 19.5x 27.4x 3.6x 20.3x
Market Stats Operating Stats LTM Multiples NTM Multiples
Est. TEV/ TEV/
Market Cap Quarter YTD % of 52 EBITDA TEV/ TEV/ Price/
Company Name Symbol Price ($) Revenue NTM NTM
($ in Mil) Change Change Week High Margin Rev EBITDA EPS
Growth Revenue EBITDA
The Coca-Cola Co. KO $ 195,479 $ 45.88 1.9% 10.7% 96.6% (16.2%) 29.7% 5.9x 20.6x 44.1x 7.1x 19.4x
PepsiCo, Inc. PEP 170,543 119.92 7.6% 14.6% 99.5% NM NM 3.0x 15.1x NM 2.9x 13.9x
Monster Beverage Corp. MNST 35,693 63.29 14.6% 42.7% 97.7% 13.8% 38.0% 10.4x 26.2x 46.2x 9.4x 23.8x
Fomento Economico Mexicano SAB de CV FMX-US 20,293 93.90 -1.7% 23.2% 90.4% 7.5% 13.2% 1.6x 13.1x 13.8x 1.5x 11.4x
Coca-Cola European Partners Plc CCE 19,303 39.85 -4.3% 26.9% 89.1% 4.1% 18.8% 2.1x 10.9x 21.0x 1.9x 10.5x
Dr Pepper Snapple Group, Inc. DPS 17,523 97.06 9.7% 7.0% 97.6% 3.7% 22.3% 3.3x 13.8x 24.3x 3.2x 13.0x
National Beverage Corp. FIZZ 4,541 97.44 -21.5% 90.8% 75.1% 17.6% 22.4% 4.8x 21.6x 36.4x 4.1x 17.8x
Hain Celestial Group, Inc. HAIN 4,400 42.39 3.0% 8.6% 92.9% 5.6% 7.4% 1.7x 20.7x 55.8x 1.7x 13.9x
Coca-Cola FEMSA SAB de CV KOF 3,676 69.62 -9.7% 9.6% 75.8% 2.2% 19.4% 1.7x 9.6x 20.0x 1.7x 8.6x
TreeHouse Foods, Inc. THS 2,830 49.46 -27.0% -31.5% 54.7% (2.6%) 10.3% 0.8x 8.1x NM 0.9x 8.4x
Cott Corp. (Canada) BCB-CA 2,329 16.74 12.1% 38.0% 94.4% (41.8%) 13.6% 1.1x 12.7x NM 1.6x 10.7x
Coca-Cola Bottling Co. Consolidated COKE 1,537 215.26 -0.2% 20.4% 86.3% NM 7.1% 0.8x 12.6x 50.4x NM NM
SodaStream International Ltd. SODA 1,540 70.34 5.9% 78.2% 97.5% 14.2% 21.7% 2.7x 14.3x 23.5x 2.5x 12.8x
Primo Water Corp. PRMW 377 12.57 6.1% 2.4% 81.7% 17.3% 20.7% 2.5x 17.6x NM 2.3x 11.4x
Reed's, Inc. REED 24 1.55 -29.5% -62.2% 32.6% 18.7% (5.9%) 1.0x NM NM 0.9x NM
Coffee Holding Co., Inc. JVA 25 4.26 -4.1% -8.5% 83.6% NM NM 0.4x 16.6x NM 0.4x NM
Crystal Rock Holdings, Inc. CRVP 18 0.83 18.6% 1.8% 66.9% NM NM 0.5x 6.2x NM NM NM
Leading Brands, Inc. LBIX 5 1.63 94.0% 6.5% 43.5% NM NM 2.6x NM NM NM NM
Market Stats Operating Stats LTM Multiples NTM Multiples
Est. TEV/ TEV/
Market Cap Quarter YTD % of 52 EBITDA TEV/ TEV/ Price/
Company Name Symbol Price ($) Revenue NTM NTM
($ in Mil) Change Change Week High Margin Rev EBITDA EPS
Growth Revenue EBITDA
Mondelez International, Inc. MDLZ $ 63,960 $ 42.80 5.3% -3.5% 90.6% 2.8% 22.8% 3.2x 16.3x 29.7x 3.1x 15.1x
General Mills, Inc. GIS 33,739 59.29 14.5% -4.0% 93.0% 1.0% 21.0% 2.8x 13.6x 21.7x 2.8x 12.9x
Kellogg Co. K 23,485 67.98 9.0% -7.8% 88.6% (0.6%) 19.0% 2.5x 8.7x 30.3x 2.5x 11.6x
Hormel Foods Corp. HRL 19,272 36.39 13.2% 4.5% 95.8% 7.8% 14.0% 2.1x 14.0x 23.2x 2.0x 13.1x
Campbell Soup Co. CPB 14,462 48.11 2.8% -20.4% 74.9% 0.8% 24.1% 2.3x 9.0x 16.8x 2.3x 10.0x
Conagra Brands, Inc. CAG 15,388 37.67 11.6% -4.8% 90.4% 0.6% 18.7% 2.4x 13.6x 22.5x 2.4x 12.4x
McCormick & Co., Inc. MKC 13,326 101.91 -0.7% 9.2% 95.7% NM NM 4.1x 22.6x NM 3.4x 16.2x
Pinnacle Foods, Inc. PF 7,065 59.47 4.0% 11.3% 89.2% 1.7% 21.6% 3.2x 14.8x 39.9x 3.1x 13.5x
Post Holdings, Inc. POST 5,247 79.23 -10.2% -1.4% 89.0% 14.5% 17.9% 2.1x 11.5x NM 1.9x 9.2x
Flowers Foods, Inc. FLO 4,048 19.31 2.7% -3.3% 92.0% 0.7% 8.6% 1.3x 12.5x 48.3x 1.2x 10.6x
Lancaster Colony Corp. LANC 3,546 129.21 7.6% -8.6% 86.5% 3.4% 17.1% 2.8x 16.0x 31.9x 2.7x 14.7x
J&J Snack Foods Corp. JJSF 2,834 151.83 15.6% 13.8% 96.5% 5.3% 15.1% 2.5x 16.7x 36.1x 2.4x 15.7x
B&G Foods, Inc. BGS 2,337 35.15 10.4% -19.7% 73.6% 8.8% 21.5% 2.6x 12.9x 23.4x 2.4x 10.9x
Cal-Maine Foods, Inc. CALM 1,946 44.45 8.2% 0.6% 88.2% NM NM 1.9x NM NM 1.5x 13.7x
Dean Foods Co. DF 1,053 11.56 6.3% -46.9% 51.8% (4.7%) 4.0% 0.3x 5.7x 24.9x 0.3x 5.5x
Farmer Brothers Co. FARM 542 32.15 -2.1% -12.4% 86.1% 19.0% 6.4% 1.0x 16.5x 24.9x 0.9x 9.1x
Amplify Snack Brands, Inc. BETR 922 12.01 69.4% 36.3% 98.8% 5.7% 20.6% 4.0x 18.5x 85.8x 3.8x 17.1x
Lifeway Foods, Inc. LWAY 128 8.00 -10.1% -30.5% 66.2% 3.8% 4.5% 1.0x 18.4x 66.7x 1.0x NM
Inventure Foods, Inc. SNAK #N/A 4.00 -14.8% -59.4% 39.8% NM (16.1%) 0.7x NM NM NM NM
Rocky Mountain Chocolate Factory, Inc. RMCF 70 11.78 -0.3% 15.6% 89.0% NM NM 1.8x 9.7x NM NM NM
Market Stats Operating Stats LTM Multiples NTM Multiples
Est. TEV/ TEV/
Market Cap Quarter YTD % of 52 EBITDA TEV/ TEV/ Price/
Company Name Symbol Price ($) Revenue NTM NTM
($ in Mil) Change Change Week High Margin Rev EBITDA EPS
Growth Revenue EBITDA
Pinnacle Foods, Inc. PF 7,065 59.47 4.0% 11.3% 89.2% 1.7% 21.6% 3.2x 14.8x 39.9x 3.1x 13.5x
Hain Celestial Group, Inc. HAIN 4,400 42.39 3.0% 8.6% 92.9% 5.6% 7.4% 1.7x 20.7x 55.8x 1.7x 13.9x
Darling Ingredients, Inc. DAR 2,986 18.13 3.5% 40.4% 97.2% 3.0% 11.8% 1.3x 10.8x 46.5x 1.3x 10.0x
Sprouts Farmers Markets, Inc. SFM 3,240 24.35 29.7% 28.7% 93.7% 16.3% 6.5% 0.8x 11.9x 24.8x 0.7x 10.6x
United Natural Foods, Inc. UNFI 2,483 49.27 18.5% 3.2% 93.5% 7.5% 3.2% 0.3x 9.1x 19.1x 0.3x 8.4x
Calavo Growers, Inc. CVGW 1,480 84.40 15.3% 37.5% 99.4% 21.9% 7.2% 1.4x 21.3x 39.6x 1.1x 16.4x
SunOpta, Inc. SOY-CA 670 7.73 -10.5% 1.1% 75.7% (1.1%) 6.0% 0.9x 21.1x NM 0.9x 12.8x
Amplify Snack Brands, Inc. BETR 922 12.01 69.4% 36.3% 98.8% 5.7% 20.6% 4.0x 18.5x 85.8x 3.8x 17.1x
Limoneira Co. LMNR 323 22.40 -3.3% 4.1% 86.0% NM NM 3.5x 19.9x NM 3.6x 18.4x
Lifeway Foods, Inc. LWAY 128 8.00 -10.1% -30.5% 66.2% 3.8% 4.5% 1.0x 18.4x 66.7x 1.0x NM
Natural Grocers by Vitamin Cottage, Inc. NGVC 200 8.93 60.0% -24.9% 64.8% 7.1% 5.2% 0.3x 5.8x 28.8x 0.3x 5.6x
Inventure Foods, Inc. SNAK #N/A 4.00 -14.8% -59.4% 39.8% NM (16.1%) 0.7x NM NM NM NM
AMCON Distributing Co. DIT 63 90.80 0.9% -21.2% 73.9% NM 0.8% 0.1x 11.4x 21.3x NM NM
Reed's, Inc. REED 24 1.55 -29.5% -62.2% 32.6% 18.7% (5.9%) 1.0x NM NM 0.9x NM
RiceBran Technologies RIBT 25 1.48 13.9% 43.7% 95.5% (63.7%) (34.8%) 0.6x NM NM 0.6x NM
Tofutti Brands, Inc. TOF 9 1.80 -1.1% 9.8% 71.3% NM 10.0% 0.7x 17.0x 20.0x NM NM
Market Stats Operating Stats LTM Multiples NTM Multiples
Est. TEV/ TEV/
Market Cap Quarter YTD % of 52 EBITDA TEV/ TEV/ Price/
Company Name Symbol Price ($) Revenue NTM NTM
($ in Mil) Change Change Week High Margin Rev EBITDA EPS
Growth Revenue EBITDA
Danone SA BN-FR $ 56,337 $ 84.00 5.4% 16.2% 98.3% 12.7% 17.4% 2.7x 15.5x 26.2x 2.4x 13.0x
Dean Foods Co. DF 1,053 11.56 6.3% -46.9% 51.8% (4.7%) 4.0% 0.3x 5.7x 24.9x 0.3x 5.5x
Lifeway Foods, Inc. LWAY 128 8.00 -10.1% -30.5% 66.2% 3.8% 4.5% 1.0x 18.4x 66.7x 1.0x NM
Market Stats Operating Stats LTM Multiples NTM Multiples
Est. TEV/ TEV/
Market Cap Quarter YTD % of 52 EBITDA TEV/ TEV/ Price/
Company Name Symbol Price ($) Revenue NTM NTM
($ in Mil) Change Change Week High Margin Rev EBITDA EPS
Growth Revenue EBITDA
Tyson Foods, Inc. TSN 24,126 81.07 15.1% 31.4% 95.8% 7.2% 11.1% 1.0x 9.7x 16.6x 1.0x 8.9x
Hormel Foods Corp. HRL $ 19,272 $ 36.39 13.2% 4.5% 95.8% 7.8% 14.0% 2.1x 14.0x 23.2x 2.0x 13.1x
Pilgrim's Pride Corp. PPC 7,726 31.06 9.3% 63.6% 80.9% 28.0% 17.2% 1.1x 7.6x NM 0.9x 6.9x
Post Holdings, Inc. POST 5,247 79.23 -10.2% -1.4% 89.0% 14.5% 17.9% 2.1x 11.5x NM 1.9x 9.2x
Seaboard Corp. SEB 5,164 4,410.00 -2.1% 11.6% 94.0% NM 7.6% 0.8x 11.5x 15.8x NM NM
Sanderson Farms, Inc. SAFM 3,168 138.78 -14.1% 47.3% 78.7% 3.9% 14.8% 0.8x 5.2x 11.3x 0.8x 5.6x
Nomad Foods Ltd. NOMD 2,915 16.91 16.1% 76.7% 99.4% 5.8% 17.0% 2.0x 12.2x 24.8x 1.9x 10.2x
Premium Brands Holdings Corp. PBH-CA 2,478 82.33 3.7% 49.6% 94.8% 24.3% 8.9% 1.7x 18.9x 38.6x 1.3x 13.8x
Cal-Maine Foods, Inc. CALM 1,946 44.45 8.2% 0.6% 88.2% NM NM 1.9x NM NM 1.5x 13.7x
Pingtan Marine Enterprise, Ltd. PME 241 3.05 5.9% 75.3% 58.9% NM (5.8%) 4.7x 12.5x 7.1x NM NM
Bridgford Foods Corp. BRID 114 12.55 4.1% 10.4% 69.7% NM NM 0.7x 7.4x NM NM NM
Renmin Tianli Group, Inc. ABAC 24 2.95 24.5% -18.5% 62.0% NM 16.7% (1.3x) NM 32.3x NM NM
Market Stats Operating Stats LTM Multiples NTM Multiples
Est. TEV/ TEV/
Market Cap Quarter YTD % of 52 EBITDA TEV/ TEV/ Price/
Company Name Symbol Price ($) Revenue NTM NTM
($ in Mil) Change Change Week High Margin Rev EBITDA EPS
Growth Revenue EBITDA
Sysco Corp. SYY 31,644 60.73 12.6% 9.7% 96.7% 5.1% 5.6% 0.7x 12.8x 27.7x 0.7x 11.9x
US Foods Holding Corp. USFD 7,172 31.93 19.6% 16.2% 99.5% 5.2% 4.4% 0.5x 11.6x 27.1x 0.4x 9.6x
Nomad Foods Ltd. NOMD 2,915 16.91 16.1% 76.7% 99.4% 8.7% 17.0% 2.0x 12.2x 24.8x 1.8x 10.2x
United Natural Foods, Inc. UNFI 2,483 49.27 18.5% 3.2% 93.5% 7.5% 3.2% 0.3x 9.1x 19.1x 0.3x 8.4x
Fresh Del Monte Produce, Inc. FDP 2,371 47.67 4.9% -21.4% 75.9% 5.6% 4.1% 0.6x 11.2x 17.6x 0.6x 8.9x
Calavo Growers, Inc. CVGW 1,480 84.40 15.3% 37.5% 99.4% 21.9% 7.2% 1.4x 21.3x 39.6x 1.1x 16.4x
SpartanNash Co. SPTN 986 26.68 1.2% -32.5% 66.1% 2.8% 2.8% 0.2x 7.2x NM 0.2x 6.6x
SunOpta, Inc. ¹ SOY-CA 670 7.73 -10.5% 1.1% 75.7% (1.1%) 6.0% 0.9x 21.1x NM 0.9x 12.8x
Landec Corp. LNDC 347 12.60 -2.7% -8.7% 84.3% 7.5% 5.7% 0.8x 14.3x 42.0x 0.7x 12.7x
Limoneira Co. LMNR 323 22.40 -3.3% 4.1% 86.0% 0.9% (16.5%) 3.6x 23.7x 53.3x 3.6x 18.0x
Seneca Foods Corp. SENEA 306 30.75 -10.9% -23.2% 74.1% NM 2.4% 0.6x 15.8x 66.8x NM NM
Village Farms International, Inc. ¹ VFF-CA 256 6.10 195.0% 465.9% 96.3% 4.3% 1.9% 1.7x 34.4x 50.8x 1.7x 42.9x
Alico, Inc. ALCO 243 29.50 -13.6% 8.7% 84.8% NM NM 3.3x 23.2x NM NM NM
Market Stats Operating Stats LTM Multiples NTM Multiples
Est. TEV/ TEV/
Market Cap Quarter YTD % of 52 EBITDA TEV/ TEV/ Price/
Company Name Symbol Price ($) Revenue NTM NTM
($ in Mil) Change Change Week High Margin Rev EBITDA EPS
Growth Revenue EBITDA
McCormick & Co., Inc. MKC $ 13,326 $ 101.91 -0.7% 9.2% 95.7% NM NM 4.1x 22.6x NM 3.4x 16.2x
Ingredion, Inc. INGR 10,047 139.80 15.9% 11.9% 98.0% 2.4% 19.6% 2.0x 10.6x 20.0x 2.0x 10.1x
Sensient Technologies Corp. SXT 3,180 73.15 -4.9% -6.9% 86.1% 5.3% 20.0% 2.8x 14.9x 30.1x 2.7x 13.2x
Darling Ingredients, Inc. DAR 2,986 18.13 3.5% 40.4% 97.2% 3.0% 11.8% 1.3x 10.8x 46.5x 1.3x 10.0x
SunOpta, Inc. SOY-CA 670 7.73 -10.5% 1.1% 75.7% (1.1%) 6.0% 0.9x 21.1x NM 0.9x 12.8x
Feronia, Inc. FRN-CA 111 0.32 97.0% 122.2% 100.0% NM (26.2%) 8.9x NM NM NM NM
TerraVia Holdings, Inc. TVIA 0 0.00 -63.1% -99.8% 0.1% NM NM 5.7x NM NM NM NM
Market Stats Operating Stats LTM Multiples NTM Multiples
Est. TEV/ TEV/
Market Cap Quarter YTD % of 52 EBITDA TEV/ TEV/ Price/
Company Name Symbol Price ($) Revenue NTM NTM
($ in Mil) Change Change Week High Margin Rev EBITDA EPS
Growth Revenue EBITDA
Pilgrim's Pride Corp. PPC $ 7,726 $ 31.06 9.3% 63.6% 80.9% 28.0% 17.2% 1.1x 7.6x NM 0.9x 6.9x
John B. Sanfilippo & Son, Inc. JBSS 550 63.25 -6.0% -10.1% 84.7% 5.4% 9.6% 0.9x 10.5x 19.8x 0.9x NM
High Liner Foods, Inc. HLF-CA 395 11.84 5.9% -25.7% 72.4% 8.8% 5.5% 0.7x 11.6x NM 0.6x 8.6x
Landec Corp. LNDC 347 12.60 -2.7% -8.7% 84.3% NM NM 0.8x 12.5x NM 0.7x 12.7x
Amira Nature Foods Ltd. ANFI 155 4.17 -30.7% -32.2% 59.1% 2.5% 13.2% 0.7x 5.6x 4.8x 0.7x 4.9x
Bridgford Foods Corp. BRID 114 12.55 4.1% 10.4% 69.7% NM NM 0.7x 7.4x NM NM NM
Coffee Holding Co., Inc. JVA 25 4.26 -4.1% -8.5% 83.6% NM NM 0.4x 16.6x NM 0.4x NM
RiceBran Technologies RIBT 25 1.48 13.9% 43.7% 95.5% (63.7%) (34.8%) 0.6x NM NM 0.6x NM
Market Stats Operating Stats LTM Multiples NTM Multiples
Est. TEV/ TEV/
Market Cap Quarter YTD % of 52 EBITDA TEV/ TEV/ Price/
Company Name Symbol Price ($) Revenue NTM NTM
($ in Mil) Change Change Week High Margin Rev EBITDA EPS
Growth Revenue EBITDA
Darden Restaurants, Inc. DRI-US $ 11,875 $ 96.02 21.9% 32.0% 97.6% 8.8% 11.0% 1.7x 13.1x 24.6x 1.6x 11.1x
Cracker Barrel Old Country Store, Inc. CBRL-US 3,813 158.89 4.8% -4.8% 93.2% 4.9% 13.0% 1.4x 10.3x 19.2x 1.3x 9.7x
Ruth's Hospitality Group, Inc. RUTH-US 677 21.65 3.3% 18.3% 95.6% 13.7% 8.0% 1.8x 11.6x 22.8x 1.5x 9.7x
Fogo de Chão, Inc. FOGO-US 328 11.60 -6.5% -19.2% 68.0% 9.9% 14.7% 1.4x 7.8x 15.9x 1.3x 7.5x
Del Frisco's Restaurant Group, Inc. DFRG-US 324 15.25 4.8% -10.3% 81.1% NM NM 1.0x 9.2x NM 0.9x 7.4x
J. Alexander's Holdings, Inc. JAX-US 143 9.70 -16.4% -9.8% 78.9% 8.6% 6.0% 0.7x 8.5x 31.3x 0.6x 6.6x
The ONE Group Hospitality, Inc. STKS-US 60 2.39 42.3% 7.7% 90.5% 1.0% 0.9% 0.9x NM NM 0.9x 9.8x
Bravo Brio Restaurant Group, Inc. BBRG-US 38 2.50 9.9% -34.2% 47.2% (4.4%) 3.7% 0.2x 3.1x NM 0.2x 3.2x
Market Stats Operating Stats LTM Multiples NTM Multiples
Est. TEV/ TEV/
Market Cap Quarter YTD % of 52 EBITDA TEV/ TEV/ Price/
Company Name Symbol Price ($) Revenue NTM NTM
($ in Mil) Change Change Week High Margin Rev EBITDA EPS
Growth Revenue EBITDA
Restaurant Brands International, Inc. QSR-US $ 14,649 $ 61.48 -3.8% 29.0% 89.2% 9.0% 45.6% 6.0x 14.1x 40.8x 8.7x 18.6x
Texas Roadhouse, Inc. TXRH-US 3,746 52.68 7.2% 9.2% 94.1% 12.3% 12.8% 1.7x 12.9x 30.5x 1.5x 11.5x
Dave & Buster's Entertainment, Inc. PLAY-US 2,245 55.17 5.1% -2.0% 75.1% 15.1% 18.2% 2.3x 9.6x 21.1x 2.1x 8.8x
Cheesecake Factory, Inc. CAKE-US 2,206 48.18 14.4% -19.5% 71.8% 2.8% 10.3% 1.0x 8.7x 17.7x 1.0x 9.3x
Bloomin' Brands, Inc. BLMN-US 1,948 21.34 21.2% 18.4% 95.0% 0.6% 7.3% 0.8x 8.0x 26.7x 0.8x 8.0x
Buffalo Wild Wings, Inc. BWLD-US 2,429 156.35 47.9% 1.3% 94.4% 1.6% 14.2% 1.4x 10.8x 40.5x 1.4x 9.9x
Bob Evans Farms, Inc. BOBE-US 1,580 78.82 1.7% 48.1% 98.9% 16.0% 13.7% 3.9x 43.8x NM 3.2x 15.0x
Brinker International, Inc. EAT-US 1,798 38.84 21.9% -21.6% 77.4% 1.3% 10.9% 1.0x 7.3x 14.3x 1.0x 7.7x
Red Robin Gourmet Burgers, Inc. RRGB-US 730 56.40 -15.8% 0.0% 76.1% 3.9% 8.3% 0.8x 7.7x 56.4x 0.7x 6.8x
Denny's Corp. DENN-US 864 13.24 6.3% 3.2% 92.9% 4.4% 18.2% 2.2x 9.9x 25.5x 2.2x 11.5x
DineEquity, Inc. DIN-US 913 50.73 18.0% -34.1% 64.9% (3.1%) 32.6% 3.6x 9.8x NM 3.7x 10.0x
BJ's Restaurants, Inc. BJRI-US 751 36.40 19.5% -7.4% 76.6% 3.3% 8.7% 0.9x 7.8x 23.9x 0.9x 7.8x
Fiesta Restaurant Group, Inc. FRGI-US 514 19.00 0.0% -36.3% 62.9% (1.4%) 8.4% 0.8x 7.5x NM 0.8x 8.1x
Carrols Restaurant Group, Inc. TAST-US 439 12.15 11.5% -20.3% 69.2% 9.2% 8.1% 0.6x 8.1x 16.6x 0.7x 8.2x
Chuy's Holdings, Inc. CHUY-US 474 28.05 33.3% -13.6% 85.3% 15.2% 9.4% 1.3x 11.7x 30.8x 1.1x 9.8x
Market Stats Operating Stats LTM Multiples NTM Multiples
Est. TEV/ TEV/
Market Cap Quarter YTD % of 52 EBITDA TEV/ TEV/ Price/
Company Name Symbol Price ($) Revenue NTM NTM
($ in Mil) Change Change Week High Margin Rev EBITDA EPS
Growth Revenue EBITDA
Starbucks Corp. SBUX-US $ 81,711 $ 57.43 6.9% 3.4% 88.5% 12.2% 21.1% 3.7x 16.5x 29.2x 3.4x 13.8x
Chipotle Mexican Grill, Inc. CMG-US 8,160 289.03 -6.1% -23.4% 57.9% 11.1% 9.6% 1.7x 17.2x 56.0x 1.6x 13.0x
Shake Shack, Inc. SHAK-US 1,132 43.20 30.0% 20.7% 92.1% 35.9% 17.4% 3.3x 20.9x 69.7x 2.5x 17.1x
Bojangles', Inc. BOJA-US 437 11.80 -12.6% -36.7% 52.8% 1.8% 11.2% 1.1x 8.1x 13.7x 1.1x 8.9x
El Pollo Loco Holdings, Inc. LOCO-US 383 9.90 -18.5% -19.5% 66.7% 5.9% 13.4% 1.2x 8.0x 43.0x 1.1x 7.1x
Potbelly Corp. PBPB-US 305 12.30 -0.8% -4.7% 86.1% 4.9% 6.9% 0.7x 8.0x NM 0.7x 7.4x
The Habit Restaurants, Inc. HABT-US 194 9.55 -26.8% -44.6% 48.4% 21.9% 7.3% 0.6x 6.3x 39.8x 0.5x 6.2x
Zoe's Kitchen, Inc. ZOES-US 325 16.72 32.4% -30.3% 64.5% 17.8% 8.1% 1.2x 15.9x NM 1.0x 13.2x