food & beverage report q1 2017 · 3/29/2017 marley beverage co. llc new age beverages corp....
TRANSCRIPT
Date Target Buyer(s) SegmentAmount
($ in Mil)
TEV/
Rev
TEV/
EBITDA3/29/2017 Marley Beverage Co. LLC New Age Beverages Corp. Non-Alcohol $12.99 - -
3/27/2017 Cheddar's Casual Cafe, Inc. Darden Restaurants, Inc. Restaurants 780.00 - -
3/23/2017 Checkers Drive-In Restaurants, Inc. Oak Hill Capital Management LLC;
Checkers Drive-In Restaurants, Inc.
Restaurants 525.00 - -
3/16/2017 Thanasi Foods LLC ConAgra Brands, Inc. CPG Foods - - -
2/28/2017 Country Fresh, Inc. (Texas) Kainos Capital LLC Produce - - -
2/23/2017 Ready Pac Foods, Inc. Bonduelle SA CPG Foods 409.00 0.51x -
2/21/2017 Popeyes Louisiana Kitchen, Inc. Restaurant Brands International, Inc. Restaurants 1,736.16 6.46x 19.57x
2/21/2017 Lightlife Foods, Inc. Maple Leaf Foods, Inc. CPG Foods 140.00 3.50x -
2/2/2017 Mead Johnson Nutrition Co. Reckitt Benckiser Group Plc Non-Alcohol 17,710.29 4.73x 17.61x
2/2/2017 CK3 LLC Davide Campari-Milano SpA Alcohol 55.00 4.58x -
2/1/2017 Calbee North America LLC Calbee America, Inc. CPG Foods 170.00 1.43x -
1/31/2017 TAO Group Operating LLC The Madison Square Garden Co. Restaurants 400.00 - -
1/24/2017 Bob Evans Restaurants LLC Golden Gate Private Equity, Inc. Restaurants 615.00 - -
1/24/2017 Pineland Farms Potato Co., Inc. Bob Evans Farms, Inc. Produce 140.00 - -
7 9 13
4
9 4
7
1
23
-
5
10
15
20
25
Strategic91%
Financial9%
Financial Buyer Inv. Date Select Corporate Investments9/6/2016 ▪ CICI Enterprises, LP7/6/2016 ▪ Idaho Pacific Holdings, Inc.5/8/2015 ▪ The Coastal Companies
9/19/2016 ▪ good culture, LLC (2nd Investment)5/9/2016 ▪ Lyrical Foods, Inc.3/29/2016 ▪ Tio Foods, LLC3/8/2016 ▪ good culture, LLC1/13/2016 ▪ Rhythm Superfoods, LLC
9/2/2016 ▪ Front Burner Restaurants LP9/2/2016 ▪ Velvet Taco12/22/2015 ▪ The Piada Group, LLC7/30/2015 ▪ Lily's Kitchen Limited7/14/2015 ▪ Snap Kitchen LLC
8/24/2016 ▪ Hip Chick Farms, Inc.7/12/2016 ▪ Freed Foods, Inc.2/18/2016 ▪ American Botanicals LLC8/27/2015 ▪ Shenandoah Growers Inc.7/30/2015 ▪ Pacific Ag
7/22/2016 ▪ Kodiak Cakes, LLC3/29/2016 ▪ Performance Enhancing Meat Snacks, Inc.12/15/2015 ▪ Teton Waters Ranch LLC
301 Inc.
Arlon Group LLC
L Catterton
Advantage Capital Partners
Sunrise Strategic Partners, LLC
Strategic Buyer Inv. Date Select Corporate Acquisitions3/31/2017 ▪ Maverick Brands LLC3/29/2017 ▪ Marley Beverage Co. LLC
1/18/2017 ▪ Cameron Hughes Wine10/10/2016 ▪ Delectus Vineyard & Winery8/3/2016 ▪ Splinter Group Napa LLC
1/5/2017 ▪ Catoctin Creek Distilling Co. LLC10/17/2016 ▪ The Bardstown Bourbon Co. LLC10/17/2016 ▪ Charles Smith Wines LLC (Wines Business)10/4/2016 ▪ High West Distillery & Saloon11/16/2015 ▪ Home Brew Mart, Inc.
11/3/2016 ▪ Karbach Brewing Co. LLC10/13/2016 ▪ Northern Brewer LLC10/10/2016 ▪ SABMiller plc 9/9/2016 ▪ Boathouse Beverage, LLC4/12/2016 ▪ Devils Backbone Brewing Company LLC3/31/2016 ▪ Breckenridge Brewery, LLC
9/30/2016 ▪ Caterina Foods LLC8/12/2016 ▪ Soozie's Doozies, LLC2/2/2016 ▪ Harvest Innovations LLC10/1/2015 ▪ Eatem Foods Co.10/13/2014 ▪ Specialty Commodities Inc.
3/16/2017 ▪ Thanasi Foods LLC9/26/2016 ▪ Frontera Foods, Inc. (Packaged Food Bus)9/26/2016 ▪ Red Fork LLC5/12/2015 ▪ Blake's All Natural Food11/27/2012 ▪ Ralcorp Holdings Inc.
Anheuser-Busch Companies, LLC
Archer-Daniels-Midland Company (NYSE:ADM)
ConAgra Foods, Inc.
Constellation Brands, Inc.
New Age Beverages Corp.
Vintage Wine Estates, Inc.
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
Alcohol Non-Alcohol CPG Foods Natural & Organic Foods
Dairy Proteins Produce Ingredients & Flavors
Co-Packers Restaurants S&P 500
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Anheuser-Busch InBev SA/NV ABI-BE 186,353$ 110.06$ 2.3% 2.3% 82.0% 29.3% 35.4% 7.5x 20.9x 152.9x 5.5x 14.1x
Diageo Plc DGE-GB 71,876 28.55 8.2% 8.2% 97.3% 10.0% 34.9% 6.0x 18.8x 23.1x 5.5x 15.9x
Constellation Brands, Inc. STZ-US 31,786 162.07 5.7% 5.7% 93.4% 5.3% 33.8% 5.6x 17.0x 24.0x 6.0x 16.9x
Molson Coors Brewing Co. TAP-US 18,872 95.71 -1.6% -1.6% 85.3% 129.6% 10.2% 6.6x 38.6x 10.3x 2.9x 12.5x
Brown-Forman Corp. BF.B-US 17,919 46.18 2.8% 2.8% 89.6% 5.5% 34.2% 6.6x 19.6x 17.6x 6.3x 17.7x
Boston Beer Co., Inc. SAM-US 1,346 144.65 -14.8% -14.8% 74.0% (4.2%) 21.1% 1.9x 9.1x 21.3x 2.0x 11.2x
MGP Ingredients, Inc. MGPI-US 906 54.23 8.5% 8.5% 96.5% 5.8% 16.3% 3.0x 18.9x 29.8x 2.8x 16.2x
Craft Brew Alliance, Inc. BREW-US 257 13.35 -21.0% -21.0% 59.6% 7.5% 7.3% 1.4x 25.5x NM 1.3x NM
Castle Brands, Inc. ROX-US 250 1.55 103.9% 103.9% 95.1% 10.7% 6.0% 3.6x 98.2x NM 3.3x 50.4x
Willamette Valley Vineyards, Inc. WVVI-US 40 8.00 -0.1% -0.1% 88.9% NM 33.2% 2.5x 8.8x 18.6x NM NM
Truett-Hurst, Inc. THST-US 10 2.29 28.7% 28.7% 61.4% NM 2.8% 1.1x 168.7x NM NM NM
Segment Average 22.2% 21.4% 4.2x 40.4x 37.2x 4.0x 19.4xSegment Median 7.5% 21.1% 3.6x 19.6x 22.2x 3.3x 16.0x
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
The Coca-Cola Co. KO 182,153$ 42.44$ 2.4% 2.4% 90.0% (19.0%) 25.0% 5.0x 18.5x 28.5x 6.2x 18.7x
PepsiCo, Inc. PEP 159,763 111.86 6.9% 6.9% 99.2% 1.8% 16.1% 2.9x 14.2x 25.7x 2.9x 13.7x
Monster Beverage Corp. MNST 26,161 46.17 4.1% 4.1% 83.2% 13.9% 40.9% 8.4x 21.2x 38.8x 7.8x 19.4x
Fomento Economico Mexicano SAB de CV FMX-US 19,131 88.52 16.2% 16.2% 88.0% 20.2% 16.1% 1.9x 14.4x 27.9x 1.7x 12.8x
Coca-Cola European Partners Plc CCE 18,212 37.69 20.0% 20.0% 69.1% 15.9% 9.2% 2.4x 13.9x 23.7x 1.8x 9.9x
Dr Pepper Snapple Group, Inc. DPS 17,997 97.92 8.0% 8.0% 99.1% 4.7% 25.0% 3.2x 12.5x 21.6x 3.1x 12.4x
TreeHouse Foods, Inc. THS 4,809 84.66 17.3% 17.3% 81.0% 5.1% 10.6% 1.2x 11.7x NM 1.1x 9.5x
Coca-Cola FEMSA SAB de CV KOF 3,551 71.70 12.8% 12.8% 81.9% 22.1% 22.8% 2.0x 10.8x 27.5x 1.6x 8.6x
Hain Celestial Group, Inc. HAIN 3,848 37.20 -4.7% -4.7% 65.3% NM NM 1.6x 12.4x NM 1.5x 11.6x
National Beverage Corp. FIZZ 3,936 84.53 65.5% 65.5% 98.9% 19.1% 20.9% 4.8x 23.8x 41.2x 4.1x 18.8x
Cott Corp. (Canada) BCB-CA 1,714 12.34 8.3% 8.3% 70.9% 15.7% 8.4% 1.2x 11.0x NM 1.0x 8.3x
Coca-Cola Bottling Co. Consolidated COKE 1,471 206.02 15.2% 15.2% 99.3% NM 6.4% 0.9x 12.0x 38.4x NM NM
SodaStream International Ltd. SODA 1,051 48.43 22.7% 22.7% 94.5% 7.8% 18.8% 2.1x 13.0x 23.1x 1.9x 11.9x
Primo Water Corp. PRMW 402 13.58 10.6% 10.6% 88.2% 102.0% (0.5%) 4.6x 41.3x NM 2.2x 11.8x
Reed's, Inc. REED 58 4.15 1.2% 1.2% 83.5% NM NM 1.5x NM NM 1.4x 23.7x
Coffee Holding Co., Inc. JVA 27 4.65 0.0% 0.0% 75.6% NM 4.5% 0.4x 10.2x 13.3x NM NM
Crystal Rock Holdings, Inc. CRVP 18 0.83 1.8% 1.8% 87.4% NM 7.2% 0.5x 4.8x 14.3x NM NM
Leading Brands, Inc. LBIX 5 1.79 17.2% 17.2% 53.6% NM NM 0.6x NM NM NM NM
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Mondelez International, Inc. MDLZ 65,676$ 43.08$ -2.8% -2.8% 92.8% 0.0% 15.5% 3.1x 17.6x 41.9x 3.2x 16.2x
General Mills, Inc. GIS 33,998 59.01 -4.5% -4.5% 80.9% (1.4%) 21.2% 2.8x 12.8x 21.9x 2.9x 12.8x
Kellogg Co. K 25,417 72.61 -1.5% -1.5% 83.3% (2.6%) 6.7% 2.5x 15.1x 37.0x 2.6x 12.5x
Campbell Soup Co. CPB 17,423 57.24 -5.3% -5.3% 84.3% 1.0% 23.0% 2.6x 13.3x 35.6x 2.6x 11.3x
Hormel Foods Corp. HRL 18,316 34.63 -0.5% -0.5% 78.7% (1.4%) 16.3% 1.9x 12.6x 21.0x 2.0x 12.1x
Conagra Brands, Inc. CAG 17,556 40.34 2.0% 2.0% 82.6% (12.5%) 19.5% 2.0x 14.8x 28.8x 2.6x 13.4x
Mead Johnson Nutrition Co. MJN 16,352 89.08 25.9% 25.9% 94.4% (1.8%) 28.9% 4.7x 17.5x 30.5x 4.8x 18.1x
McCormick & Co., Inc. MKC 12,162 97.55 4.5% 4.5% 90.5% 4.3% 16.0% 3.1x 17.6x 26.4x 3.0x 16.6x
Pinnacle Foods, Inc. PF 6,837 57.87 8.3% 8.3% 97.9% 3.2% 24.6% 3.1x 15.0x 32.3x 3.0x 13.5x
Post Holdings, Inc. POST 5,626 87.52 8.9% 8.9% 98.3% 3.1% 19.0% 1.9x 10.3x 132.6x 2.1x 11.0x
Flowers Foods, Inc. FLO 4,055 19.41 -2.8% -2.8% 92.5% 1.0% 10.1% 1.3x 11.4x 24.9x 1.3x 10.9x
Lancaster Colony Corp. LANC 3,534 128.84 -8.9% -8.9% 86.3% 3.4% 20.1% 2.9x 15.2x 26.8x 2.8x 14.8x
B&G Foods, Inc. BGS 2,676 40.25 -8.1% -8.1% 76.2% 19.2% 13.3% 3.1x 13.8x 23.3x 2.6x 11.4x
J&J Snack Foods Corp. JJSF 2,536 135.56 1.6% 1.6% 94.7% 7.9% 12.9% 2.4x 15.4x 33.0x 2.2x 14.0x
Dean Foods Co. DF 1,786 19.66 -9.7% -9.7% 88.1% 4.6% 5.7% 0.3x 5.8x 15.0x 0.3x 6.0x
Cal-Maine Foods, Inc. CALM 1,611 36.80 -16.7% -16.7% 69.4% 21.4% 2.7% 1.5x NM NM 1.2x 12.7x
Amplify Snack Brands, Inc. BETR 645 8.40 -4.7% -4.7% 47.9% 54.4% 22.9% 4.5x 15.7x 23.3x 2.8x 11.0x
Farmer Brothers Co. FARM 595 35.35 -3.7% -3.7% 94.1% 6.4% 5.1% 1.1x 15.6x 5.5x 1.0x 9.3x
Inventure Foods, Inc. SNAK 87 4.42 -55.1% -55.1% 43.5% (4.9%) (2.5%) 0.7x 37.6x NM 0.8x 14.2x
Lifeway Foods, Inc. LWAY 173 10.73 -6.8% -6.8% 58.1% 7.0% 6.4% 1.4x 18.9x 48.8x 1.3x 13.6x
Rocky Mountain Chocolate Factory, Inc. RMCF 66 11.28 10.7% 10.7% 92.7% NM NM 1.7x 8.9x NM NM NM
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
The WhiteWave Foods Co. WWAV 9,977$ 56.15$ 1.0% 1.0% 98.8% 7.5% 13.5% 2.9x 21.6x 47.6x 2.7x 18.4x
Whole Foods Market, Inc. WFM 9,468 29.72 -3.4% -3.4% 83.5% 2.6% 8.2% 0.6x 7.1x 21.4x 0.6x 7.4x
Pinnacle Foods, Inc. PF 6,837 57.87 8.3% 8.3% 97.9% 3.2% 24.6% 3.1x 15.0x 32.3x 3.0x 13.5x
Hain Celestial Group, Inc. HAIN 3,848 37.20 -4.7% -4.7% 65.3% NM NM 1.6x 12.4x NM 1.5x 11.6x
Sprouts Farmers Markets, Inc. SFM 3,155 23.12 22.2% 22.2% 78.7% 15.7% 5.1% 0.9x 12.0x 27.9x 0.8x 12.1x
United Natural Foods, Inc. UNFI 2,187 43.23 -9.4% -9.4% 82.8% 9.0% 3.0% 0.3x 8.8x 17.1x 0.3x 8.2x
Darling Ingredients, Inc. DAR 2,392 14.52 12.5% 12.5% 91.1% 3.3% 13.2% 1.2x 9.5x 23.4x 1.2x 8.8x
Calavo Growers, Inc. CVGW 1,062 60.60 -1.3% -1.3% 84.8% 13.9% 4.6% 1.2x 16.4x 28.7x 1.0x 14.3x
Amplify Snack Brands, Inc. BETR 645 8.40 -4.7% -4.7% 47.9% 54.4% 22.9% 4.5x 15.7x 23.3x 2.8x 11.0x
SunOpta, Inc. SOY-CA 596 6.94 -3.3% -3.3% 90.3% 2.5% (1.0%) 0.8x 20.8x NM 0.8x 12.2x
Limoneira Co. LMNR 298 20.91 -2.8% -2.8% 96.0% 0.1% (5.8%) 3.6x 22.8x 32.2x 3.6x 18.3x
Natural Grocers by Vitamin Cottage, Inc. NGVC 233 10.39 -12.6% -12.6% 47.3% 12.9% 6.1% 0.4x 6.4x 24.2x 0.4x 5.4x
Inventure Foods, Inc. SNAK 87 4.42 -55.1% -55.1% 43.5% (4.9%) (2.5%) 0.7x 37.6x NM 0.8x 14.2x
Lifeway Foods, Inc. LWAY 173 10.73 -6.8% -6.8% 58.1% 7.0% 6.4% 1.4x 18.9x 48.8x 1.3x 13.6x
AMCON Distributing Co. DIT 67 99.10 -14.1% -14.1% 80.6% NM 0.8% 0.1x 6.4x 12.3x NM NM
Reed's, Inc. REED 58 4.15 1.2% 1.2% 83.5% NM NM 1.5x NM NM 1.4x 23.7x
RiceBran Technologies RIBT 9 0.86 -16.5% -16.5% 39.3% 16.2% (10.4%) 0.6x NM NM 0.5x NM
Tofutti Brands, Inc. TOF 10 1.85 12.8% 12.8% 48.1% NM 2.7% 0.7x 20.6x 23.1x NM NM
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Danone SA BN-FR 44,728$ 68.19$ 5.9% 5.9% 86.4% 15.3% 17.7% 2.1x 12.2x 22.1x 1.8x 10.5x
Mead Johnson Nutrition Co. MJN 16,352 89.08 25.9% 25.9% 94.4% (1.8%) 28.9% 4.7x 17.5x 30.5x 4.8x 18.1x
The WhiteWave Foods Co. WWAV 9,977 56.15 1.0% 1.0% 98.8% 7.5% 13.5% 2.9x 21.6x 47.6x 2.7x 18.4x
Dean Foods Co. DF 1,786 19.66 -9.7% -9.7% 88.1% 4.6% 5.7% 0.3x 5.8x 15.0x 0.3x 6.0x
Synutra International, Inc. SYUT 337 5.95 11.2% 11.2% 100.0% NM 8.7% 2.2x 24.2x 42.5x NM NM
Lifeway Foods, Inc. LWAY 173 10.73 -6.8% -6.8% 58.1% 7.0% 6.4% 1.4x 18.9x 48.8x 1.3x 13.6x
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Hormel Foods Corp. HRL 18,316$ 34.63$ -0.5% -0.5% 78.7% (1.4%) 16.3% 1.9x 12.6x 21.0x 2.0x 12.1x
Tyson Foods, Inc. TSN 17,708 61.71 0.0% 0.0% 80.1% (0.7%) 12.3% 0.7x 7.3x 11.4x 0.8x 7.7x
Post Holdings, Inc. POST 5,626 87.52 8.9% 8.9% 98.3% 3.1% 19.0% 1.9x 10.3x 132.6x 2.1x 11.0x
Pilgrim's Pride Corp. PPC 5,598 22.51 18.5% 18.5% 81.0% 7.6% 9.0% 0.8x 7.2x 13.0x 0.8x 6.5x
Seaboard Corp. SEB 4,882 4,169.46 5.5% 5.5% 91.7% NM 6.9% 0.8x 12.6x 15.6x NM NM
Sanderson Farms, Inc. SAFM 2,361 103.84 10.2% 10.2% 98.6% 9.9% 8.5% 0.7x 5.4x 11.6x 0.7x 5.5x
Cal-Maine Foods, Inc. CALM 1,611 36.80 -16.7% -16.7% 69.4% 21.4% 2.7% 1.5x NM NM 1.2x 12.7x
Nomad Foods Ltd. NOMD 2,043 11.45 19.6% 19.6% 88.3% (4.5%) 12.7% 1.5x 9.0x 51.8x 1.6x 8.9x
Premium Brands Holdings Corp. PBH-CA 1,906 63.85 23.5% 23.5% 99.9% 21.8% 8.5% 1.6x 19.0x 35.4x 1.3x 14.2x
Pingtan Marine Enterprise Ltd. PME 379 4.80 175.9% 175.9% 92.7% NM 76.5% 22.0x NM NM NM NM
Bridgford Foods Corp. BRID 104 11.43 0.5% 0.5% 71.4% NM 10.3% 0.6x 6.4x 12.4x NM NM
Aoxin Tianli Group, Inc. ABAC 18 2.30 -36.4% -36.4% 56.5% NM 17.6% (1.0x) NM NM NM NM
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Monsanto Co. MON 49,636$ 113.20$ 7.6% 7.6% 97.6% 0.2% 41.6% 3.9x 13.2x 26.0x 3.9x 13.4x
Fresh Del Monte Produce, Inc. FDP 3,018 59.23 -2.3% -2.3% 88.6% 5.0% 3.2% 0.8x 9.5x 13.7x 0.8x 9.6x
Calavo Growers, Inc. CVGW 1,062 60.60 -1.3% -1.3% 84.8% 13.9% 4.6% 1.2x 16.4x 28.7x 1.0x 14.3x
Limoneira Co. LMNR 298 20.91 -2.8% -2.8% 96.0% 0.1% (5.8%) 3.6x 22.8x 32.2x 3.6x 18.3x
S&W Seed Co. SANW 89 4.95 7.6% 7.6% 92.5% 7.0% 8.8% 1.3x 19.5x NM 1.2x 14.2x
Origin Agritech Ltd. SEED 47 2.03 -14.0% -14.0% 63.6% NM NM 1.5x NM NM NM NM
China Green Agriculture, Inc. CGA 50 1.30 8.3% 8.3% 77.4% NM 20.2% (0.2x) NM 1.9x NM NM
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
McCormick & Co., Inc. MKC 12,162$ 97.55$ 4.5% 4.5% 90.5% 4.3% 16.0% 3.1x 17.6x 26.4x 3.0x 16.6x
Ingredion, Inc. INGR 8,633 120.43 -3.6% -3.6% 86.0% 5.5% 17.3% 1.8x 9.5x 18.4x 1.7x 9.3x
Sensient Technologies Corp. SXT 3,513 79.26 0.9% 0.9% 95.1% 2.8% 17.1% 3.0x 15.7x 28.1x 2.9x 15.2x
Darling Ingredients, Inc. DAR 2,392 14.52 12.5% 12.5% 91.1% 3.3% 13.2% 1.2x 9.5x 23.4x 1.2x 8.8x
SunOpta, Inc. SOY-CA 596 6.94 -3.3% -3.3% 90.3% 2.5% (1.0%) 0.8x 20.8x NM 0.8x 12.2x
TerraVia Holdings, Inc. TVIA 73 0.72 -37.0% -37.0% 24.3% 155.2% (272.6%) 11.3x NM NM 4.2x NM
Feronia, Inc. FRN-CA 65 0.19 37.8% 37.8% 47.4% NM NM 4.1x NM NM NM NM
LTM Multiples NTM Multiples Market Stats Operating Stats
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Pilgrim's Pride Corp. PPC 5,598$ 22.51$ 18.5% 18.5% 81.0% 7.6% 9.0% 0.8x 7.2x 13.0x 0.8x 6.5x
John B. Sanfilippo & Son, Inc. JBSS 634 73.19 4.0% 4.0% 99.5% (4.8%) 9.5% 0.9x 12.3x 24.9x 1.0x NM
High Liner Foods, Inc. HLF-CA 418 13.53 -9.5% -9.5% 65.4% (1.1%) 8.3% 0.7x 8.4x 12.6x 0.7x 7.8x
Landec Corp. LNDC 327 12.00 -13.0% -13.0% 77.4% 6.3% 6.7% 0.7x 11.0x 25.5x 0.6x 9.8x
Amira Nature Foods Ltd. ANFI 199 5.36 -12.8% -12.8% 47.7% NM 12.5% 0.8x 6.6x NM 0.6x 4.7x
Bridgford Foods Corp. BRID 104 11.43 0.5% 0.5% 71.4% NM 10.3% 0.6x 6.4x 12.4x NM NM
Coffee Holding Co., Inc. JVA 27 4.65 0.0% 0.0% 75.6% NM 4.5% 0.4x 10.2x 13.3x NM NM
RiceBran Technologies RIBT 9 0.86 -16.5% -16.5% 39.3% 16.2% (10.4%) 0.6x NM NM 0.5x NM
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Darden Restaurants, Inc. DRI-US 10,389$ 83.67$ 15.1% 15.1% 99.5% 8.0% 15.7% 1.5x 11.0x 21.5x 1.4x 10.0x
Cracker Barrel Old Country Store, Inc. CBRL-US 3,829 159.25 -4.6% -4.6% 91.0% 3.9% 13.5% 1.4x 10.5x 19.1x 1.3x 9.9x
Ruth's Hospitality Group, Inc. RUTH-US 639 20.05 9.6% 9.6% 98.8% 9.3% 17.3% 1.6x 10.4x 21.1x 1.6x 9.8x
Fogo de Chão, Inc. FOGO-US 458 16.25 13.2% 13.2% 90.8% 13.1% 20.7% 2.0x 10.6x 19.1x 1.8x 9.5x
Del Frisco's Restaurant Group, Inc. DFRG-US 422 18.05 6.2% 6.2% 97.6% 6.1% 14.6% 1.2x 8.9x 23.8x 1.1x 8.3x
J. Alexander's Holdings, Inc. JAX-US 148 10.05 -6.5% -6.5% 91.4% 7.3% 10.5% 0.8x 8.6x 21.4x 0.7x 7.3x
Bravo Brio Restaurant Group, Inc. BBRG-US 77 5.10 34.2% 34.2% 58.8% (1.4%) 6.4% 0.3x 5.1x NM 0.3x 4.1x
The ONE Group Hospitality, Inc. STKS-US 48 1.90 -14.4% -14.4% 55.4% 24.2% (0.6%) 0.9x NM NM NM NM
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Restaurant Brands International, Inc. QSR-US 13,033$ 55.74$ 17.0% 17.0% 96.1% 10.4% 44.9% 6.1x 13.8x 37.7x 8.4x 18.2x
Texas Roadhouse, Inc. TXRH-US 3,150 44.53 -7.7% -7.7% 88.2% 12.2% 11.0% 1.6x 11.8x 27.3x 1.4x 10.6x
Cheesecake Factory, Inc. CAKE-US 3,024 63.36 5.8% 5.8% 98.4% 4.9% 11.7% 1.3x 10.6x 22.4x 1.3x 10.9x
Buffalo Wild Wings, Inc. BWLD-US 2,465 152.75 -1.1% -1.1% 87.2% 8.2% 13.0% 1.3x 8.6x 29.8x 1.4x 9.4x
Brinker International, Inc. EAT-US 2,149 43.96 -11.2% -11.2% 78.7% (1.3%) 13.2% 1.1x 7.6x 13.9x 1.1x 8.4x
Dave & Buster's Entertainment, Inc. PLAY-US 2,570 61.09 8.5% 8.5% 96.8% 18.5% 25.1% 2.8x 11.8x 29.1x 2.4x 10.3x
Bloomin' Brands, Inc. BLMN-US 2,033 19.73 9.4% 9.4% 98.7% 1.1% 10.0% 0.7x 7.1x 53.3x 0.7x 7.5x
DineEquity, Inc. DIN-US 971 54.42 -29.3% -29.3% 57.7% (0.9%) 38.3% 3.5x 8.8x 10.2x 3.5x 9.3x
Bob Evans Farms, Inc. BOBE-US 1,282 64.87 21.9% 21.9% 99.3% 22.0% 21.3% 1.5x 22.2x 69.8x 2.1x 12.8x
Denny's Corp. DENN-US 875 12.37 -3.6% -3.6% 86.8% 4.7% 18.9% 2.2x 11.7x 49.5x 2.3x 11.5x
BJ's Restaurants, Inc. BJRI-US 883 40.40 2.8% 2.8% 85.0% 6.1% 12.7% 1.0x 7.8x 21.5x 1.0x 8.8x
Fiesta Restaurant Group, Inc. FRGI-US 651 24.20 -18.9% -18.9% 67.2% 4.7% 12.3% 1.0x 7.9x 39.0x 1.0x 7.7x
Red Robin Gourmet Burgers, Inc. RRGB-US 752 58.45 3.6% 3.6% 87.2% 6.4% 9.5% 0.8x 8.0x 67.2x 0.8x 7.5x
Carrols Restaurant Group, Inc. TAST-US 512 14.15 -7.2% -7.2% 80.6% 8.6% 8.3% 0.8x 8.3x 14.0x 0.8x 8.9x
Chuy's Holdings, Inc. CHUY-US 502 29.80 -8.2% -8.2% 78.9% 19.7% 10.1% 1.5x 11.9x 29.2x 1.2x 10.3x
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Starbucks Corp. SBUX-US 85,098$ 58.39$ 5.2% 5.2% 94.7% 10.9% 22.8% 4.0x 17.3x 29.9x 3.6x 14.3x
Chipotle Mexican Grill, Inc. CMG-US 12,819 445.52 18.1% 18.1% 94.2% 21.0% 6.8% 3.2x 60.8x 578.6x 2.7x 22.4x
Panera Bread Co. PNRA-US 5,589 261.87 27.7% 27.7% 99.8% 8.0% 15.9% 2.2x 15.6x 42.4x 2.2x 14.2x
Shake Shack, Inc. SHAK-US 851 33.40 -6.7% -6.7% 77.8% 41.0% 12.7% 3.1x 19.5x 63.0x 2.0x 13.0x
Bojangles', Inc. BOJA-US 748 20.50 9.9% 9.9% 93.8% 8.3% 16.0% 1.7x 11.1x 20.5x 1.6x 11.3x
El Pollo Loco Holdings, Inc. LOCO-US 459 11.95 -2.8% -2.8% 79.8% 10.5% 13.3% 1.5x 9.6x 25.4x 1.4x 8.5x
Zoe's Kitchen, Inc. ZOES-US 360 18.50 -22.9% -22.9% 44.3% 23.1% 4.4% 1.4x 16.8x 205.6x 1.1x 14.9x
The Habit Restaurants, Inc. HABT-US 357 17.70 2.6% 2.6% 88.5% 25.6% 9.3% 1.2x 11.8x 65.6x 0.8x 8.5x
Potbelly Corp. PBPB-US 349 13.90 7.8% 7.8% 92.7% 14.0% 9.5% 0.8x 8.2x 44.8x 0.7x 7.6x
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
McDonald's Corp. MCD-US 101,082$ 121.72$ 5.5% 3.0% 92.2% (9.3%) 39.5% 5.0x 13.5x 22.9x 5.6x 13.0x
Yum! Brands, Inc. YUM-US 23,242 63.33 -3.0% 20.6% 68.8% NM NM 2.3x 10.5x NM 5.5x 15.3x
Domino's Pizza, Inc. DPZ-US 7,674 159.24 4.9% 43.1% 92.2% 11.8% 19.4% 4.1x 20.4x 39.9x 3.7x 18.0x
Dunkin' Brands Group, Inc. DNKN-US 4,811 52.44 0.7% 23.1% 93.4% 3.9% 54.0% 8.5x 16.4x 36.7x 8.2x 14.5x
Jack in the Box, Inc. JACK-US 3,610 111.64 16.4% 45.5% 98.5% 0.4% 21.6% 2.9x 13.6x 30.8x 3.0x 12.6x
The Wendy's Co. WEN-US 3,475 13.52 25.2% 25.5% 96.1% (26.5%) 32.6% 3.5x 12.1x 20.6x 4.8x 14.3x
Papa John's International, Inc. PZZA 3,157 85.58 8.5% 53.2% 94.6% 7.2% 10.4% 2.1x 17.9x 34.5x 1.9x 17.0x
Popeyes Louisiana Kitchen, Inc. PLKI-US 1,254 60.48 13.8% 3.4% 95.8% 2.8% 37.2% 5.1x 15.8x 30.9x 5.1x 14.7x
Sonic Corp. SONC-US 1,238 26.51 1.3% -18.0% 72.9% (17.8%) 26.6% 3.0x 10.8x 19.9x 3.7x 11.3x
Four Corners Property Trust, Inc. FCPT-US 1,229 20.52 -3.8% -15.1% 84.8% NM NM 48.8x NM NM 12.2x 15.5x
Wingstop, Inc. WING-US 850 29.59 1.0% 29.7% 88.5% 17.1% 31.3% 11.5x 32.8x 58.0x 9.9x 25.6x
Del Taco Restaurants, Inc. TACO-US 553 14.12 18.5% 32.6% 92.2% NM NM 1.6x 11.2x NM 1.5x 9.4x
Papa Murphy's Holdings, Inc. FRSH-US 72 4.22 -34.6% -62.5% 32.6% 13.2% 14.0% 1.5x 8.4x 18.3x 1.3x 8.8x
Market Stats Operating Stats LTM Multiples NTM Multiples
