food & beverage report q4 2016 - sdr ventures...11/27/2012 ralcorp holdings inc. 4/17/2012 odom's...

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Strategic86%

Financial14%

Date Target Buyer(s) SegmentAmount

($ in Mil)

TEV/

Rev

TEV/

EBITDA12/2/2016 Victoria Fine Foods LLC B&G Foods, Inc. CPG Foods $70.00 1.70x 7.80x

11/29/2016 GNP Co. Pilgrim's Pride Corp. Proteins 350.00 - -

11/22/2016 KeVita, Inc. PepsiCo, Inc. Non-Alcohol 200.00 - -

11/22/2016 Bai Brands LLC Dr Pepper Snapple Group, Inc. Non-Alcohol 1,700.00 14.18x -

11/17/2016 Bellisio Foods, Inc. Charoen Pokphand Foods Public Co. Ltd. CPG Foods 1,075.00 1.60x 13.10x

10/19/2016 UTZ Quality Foods, Inc. C Dean Metropoulos & Co CPG Foods 146.00 - -

10/10/2016 Allied Specialty Foods, Inc. Oaktree Capital Management Private

Equity; AdvancePierre Foods Holdings,

Inc.

Proteins 60.00 - -

10/4/2016 High West Distillery & Saloon Constellation Brands, Inc. Alcohol 160.00 - -

10/3/2016 Fleischmann's Vinegar Company, Inc. & SCI

Ingredients Holdings Inc.

Green Plains, Inc. Ingredients & Flavors 250.00 - -

15

9

17

3 3

7

1 6 1 1 -

5

10

15

20

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Financial Buyer Inv. Date Select Corporate Acquisitions9/6/2016 ▪ CICI Enterprises, LP7/6/2016 ▪ Idaho Pacific Holdings, Inc.5/8/2015 ▪ The Coastal Companies9/19/2016 ▪ 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, LLC9/2/2016 ▪ Front Burner Restaurants LP9/2/2016 ▪ Velvet Taco12/22/2015 ▪ The Piada Group, LLC7/30/2015 ▪ Lily's Kitchen Limited7/14/2015 ▪ Snap Kitchen LLC8/24/2016 ▪ 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 Ag7/22/2016 ▪ 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 Acquisitions11/3/2016 ▪ 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, LLC9/30/2016 ▪ 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.9/21/2016 ▪ ACH Food Companies, Inc., Spices and Seasonings Business7/13/2015 ▪ Spartan Foods Of America, Inc.4/3/2014 ▪ Specialty Brands of America, Inc.6/10/2013 ▪ Pirate Brands, LLC10/7/2013 ▪ Rickland Orchards, 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.4/17/2012 ▪ Odom's Tennessee Pride Sausage, Inc.10/17/2016 ▪ 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.

Anheuser-Busch Companies, LLC

Archer-Daniels-Midland Company (NYSE:ADM)

B&G Foods Inc. (NYSE:BGS)

ConAgra Foods, Inc.

Constellation Brands, 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 179,577$ 106.06$ -13.8% -12.1% 79.0% 42.0% 34.9% 5.4x 15.0x 44.0x 3.9x 10.0x

Diageo Plc DGE-GB 65,602 26.07 -4.5% 13.7% 88.8% 16.4% 30.1% 6.0x 19.3x 19.7x 5.2x 15.3x

Constellation Brands, Inc. STZ-US 30,824 153.31 -7.9% 7.6% 88.3% 6.7% 33.9% 5.4x 15.9x 28.3x 5.6x 16.2x

Molson Coors Brewing Co. TAP-US 19,130 97.31 -11.4% 3.6% 86.7% 231.3% 21.9% 6.1x 36.1x 35.9x 1.8x 8.0x

Brown-Forman Corp. BF.B-US 17,509 44.92 -5.3% -9.5% 86.9% 5.6% 34.7% 6.5x 19.2x 17.1x 6.2x 17.4x

Boston Beer Co., Inc. SAM-US 1,561 169.85 9.4% -15.9% 83.0% 1.1% 24.9% 2.3x 11.5x 27.1x 2.3x 11.7x

MGP Ingredients, Inc. MGPI-US 833 49.98 23.3% 92.6% 93.9% 2.8% 13.5% 2.8x 17.3x 29.3x 2.7x 15.6x

Craft Brew Alliance, Inc. BREW-US 325 16.90 -10.2% 101.9% 75.4% 9.0% 6.9% 1.7x 28.1x 338.0x 1.6x NM

Castle Brands, Inc. ROX-US 122 0.76 -12.8% -38.2% 60.3% 13.6% 2.8% 1.9x 71.1x NM 1.7x 28.7x

Willamette Valley Vineyards, Inc. WVVI-US 40 8.01 0.1% 13.1% 89.0% NM 28.0% 2.5x 9.2x 22.3x NM NM

Truett-Hurst, Inc. THST-US 8 1.78 10.6% 22.8% 49.7% NM (0.1%) 0.9x 37.2x 64.3x NM NM

Segment Average $28,685 (2.1%) 16.3% 80.1% 36.5% 21.0% 3.8x 25.4x 62.6x 3.5x 15.4xSegment Median $1,561 (5.3%) 7.6% 86.7% 9.0% 24.9% 2.8x 19.2x 28.8x 2.7x 15.4x

Market Stats Operating Stats LTM Multiples NTM Multiples



($ in Mil)Price ($)

Quarter

Change

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Change

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The Coca-Cola Co. KO 178,815$ 41.46$ -2.0% -3.5% 88.0% (18.4%) 25.6% 4.8x 17.9x 25.1x 5.9x 17.5x

PepsiCo, Inc. PEP 150,059 104.63 -3.8% 4.7% 94.3% NM NM 2.8x 13.6x NM 2.7x 12.9x

Monster Beverage Corp. MNST 25,317 44.34 -9.4% -10.7% 79.9% 14.7% 38.8% 8.4x 27.1x 39.8x 7.5x 18.3x

Fomento Economico Mexicano SAB de CV FMX-US 16,470 76.21 -17.2% -17.5% 75.8% 0.7% 13.4% 1.7x 12.6x 24.0x 1.6x 12.0x

Coca-Cola European Partners Plc CCE 15,168 31.40 -21.3% -36.2% 57.6% 27.6% 18.0% 2.5x 16.3x 14.3x 1.9x 10.9x

Dr Pepper Snapple Group, Inc. DPS 16,657 90.67 -0.7% -2.7% 91.8% 4.4% 25.1% 3.0x 11.8x 19.6x 2.9x 11.5x

TreeHouse Foods, Inc. THS 4,095 72.19 -17.2% -8.0% 69.1% 22.1% 10.4% 1.3x 12.5x 41.7x 1.1x 9.6x

Coca-Cola FEMSA SAB de CV KOF 3,171 63.54 -15.3% -10.3% 72.6% 1.0% 19.4% 1.9x 9.2x 23.5x 1.7x 9.0x

Hain Celestial Group, Inc. HAIN 4,038 39.03 9.7% -3.4% 68.5% NM NM 1.7x 12.9x NM 1.6x 11.6x

National Beverage Corp. FIZZ 2,378 51.08 16.0% 12.4% 78.9% 13.2% 20.5% 2.9x 15.6x 28.9x 2.6x 13.0x

Cott Corp. (Canada) BCB-CA 1,568 11.33 -18.6% -0.3% 65.1% 25.4% 11.8% 1.2x 10.5x NM 1.0x 7.8x

Coca-Cola Bottling Co. Consolidated COKE 1,277 178.85 20.7% -2.0% 97.0% NM 9.5% 0.9x 10.3x 50.6x NM NM

SodaStream International Ltd. SODA 838 39.47 48.6% 142.0% 95.5% 9.9% 18.7% 1.7x 13.1x 26.5x 1.6x 12.5x

Primo Water Corp. PRMW 321 12.28 1.2% 53.5% 81.9% 8.6% 17.4% 2.5x 16.8x 64.6x 2.7x 14.4x

Reed's, Inc. REED 57 4.10 9.6% -23.8% 73.3% 11.3% 3.3% 1.5x NM NM 1.3x 23.5x

Coffee Holding Co., Inc. JVA 28 4.65 -16.4% 20.8% 75.6% NM NM 0.4x 8.2x NM NM NM

Crystal Rock Holdings, Inc. CRVP 17 0.82 -9.4% 40.5% 81.5% NM NM 0.5x 4.4x NM NM NM

Leading Brands, Inc. LBIX 4 1.53 -16.2% -45.0% 45.8% NM NM 0.5x NM NM NM NM



($ in Mil)Price ($)

Quarter

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Change

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Revenue

Growth

EBITDA

Margin

TEV/

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NTM

EBITDA

Mondelez International, Inc. MDLZ 68,464$ 44.33$ 1.0% -1.1% 95.5% (1.0%) 19.3% 3.2x 17.4x 81.4x 3.2x 16.3x

General Mills, Inc. GIS 35,827 61.77 -3.3% 7.1% 84.7% (1.5%) 23.2% 2.9x 13.5x 23.0x 3.0x 13.1x

Kellogg Co. K 25,865 73.71 -4.9% 2.0% 84.6% (0.7%) 17.4% 2.6x 18.9x 37.0x 2.6x 12.8x

Campbell Soup Co. CPB 18,567 60.47 10.5% 15.1% 89.1% 1.0% 24.9% 2.7x 14.0x 28.4x 2.7x 12.0x

Hormel Foods Corp. HRL 18,408 34.81 -8.2% -12.0% 76.1% (2.4%) 14.8% 1.9x 12.8x 21.2x 2.0x 12.2x

Conagra Brands, Inc. CAG 17,314 39.55 7.9% 20.6% 80.9% (20.3%) 12.9% 1.8x 14.3x 27.2x 2.5x 13.1x

Mead Johnson Nutrition Co. MJN 13,071 70.76 -10.4% -10.4% 75.0% (1.2%) 27.2% 3.7x 14.4x 26.2x 3.8x 13.6x

McCormick & Co., Inc. MKC 11,764 93.33 -6.6% 9.1% 86.5% NM NM 3.0x 17.4x NM 2.9x 16.0x

Pinnacle Foods, Inc. PF 6,306 53.45 6.5% 25.9% 99.3% 7.8% 20.7% 3.1x 15.5x 31.3x 2.9x 13.3x

Post Holdings, Inc. POST 5,195 80.39 4.2% 30.3% 90.3% 1.8% 14.6% 1.7x 9.6x NM 1.7x 9.4x

Flowers Foods, Inc. FLO 4,146 19.97 32.1% -7.1% 90.4% (17.3%) 10.6% 1.3x 9.6x 18.5x 1.3x 11.2x

Lancaster Colony Corp. LANC 3,877 141.39 7.0% 22.5% 98.4% 4.3% 19.5% 3.1x 17.2x 30.4x 3.0x 16.4x

B&G Foods, Inc. BGS 2,909 43.80 -10.9% 25.1% 82.9% 24.5% 24.9% 3.2x 13.7x 25.3x 2.5x 11.2x

J&J Snack Foods Corp. JJSF 2,493 133.43 12.0% 14.4% 98.8% 3.8% 15.6% 2.4x 15.3x 32.9x 2.3x 14.3x

Dean Foods Co. DF 1,971 21.78 32.8% 27.0% 98.4% 2.8% 4.9% 0.4x 6.4x 19.1x 0.4x 6.1x

Cal-Maine Foods, Inc. CALM 1,932 44.18 14.6% -4.7% 79.7% 5.9% (10.3%) 1.6x 47.3x 232.5x 1.5x 16.5x

Amplify Snack Brands, Inc. BETR 676 8.81 -45.6% -23.5% 50.3% 76.7% 25.2% 5.5x 15.5x 28.4x 3.0x 10.9x

Farmer Brothers Co. FARM 616 36.70 3.2% 13.7% 97.7% 5.9% 7.1% 1.1x 13.8x 6.6x 1.1x 10.0x

Inventure Foods, Inc. SNAK 194 9.85 4.8% 38.7% 97.0% 8.7% 1.0% 1.1x 45.1x NM 1.0x 14.9x

Lifeway Foods, Inc. LWAY 186 11.51 -32.1% 3.7% 62.3% 7.6% 3.0% 1.5x 20.8x 54.8x 1.4x 14.6x

Rocky Mountain Chocolate Factory, Inc. RMCF 60 10.19 -2.7% -5.2% 90.3% NM NM 1.5x 8.4x NM NM NM




($ in Mil)Price ($)

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The WhiteWave Foods Co. WWAV 9,854$ 55.60$ 2.1% 42.9% 97.9% 9.3% 14.3% 2.9x 21.3x 50.1x 2.7x 18.1x

Whole Foods Market, Inc. WFM 9,794 30.76 8.5% -8.2% 86.5% 4.6% 8.1% 0.6x 7.3x 19.8x 0.6x 7.7x

Pinnacle Foods, Inc. PF 6,306 53.45 6.5% 25.9% 99.3% 7.8% 20.7% 3.1x 15.5x 31.3x 2.9x 13.3x

Hain Celestial Group, Inc. HAIN 4,038 39.03 9.7% -3.4% 68.5% NM NM 1.7x 12.9x NM 1.6x 11.6x

Sprouts Farmers Markets, Inc. SFM 2,693 18.92 -8.4% -28.8% 63.1% 15.7% 6.1% 0.7x 9.6x 21.3x 0.7x 9.5x

United Natural Foods, Inc. UNFI 2,414 47.72 19.2% 21.2% 91.5% 11.1% 3.3% 0.3x 9.9x 19.2x 0.3x 9.1x

Darling Ingredients, Inc. DAR 2,125 12.91 -4.4% 22.7% 81.0% 3.7% 12.2% 1.2x 9.1x 14.5x 1.1x 8.3x

Calavo Growers, Inc. CVGW 1,071 61.40 -6.2% 25.3% 85.9% 12.8% 7.2% 1.2x 15.4x 28.2x 1.0x 13.7x

Amplify Snack Brands, Inc. BETR 676 8.81 -45.6% -23.5% 50.3% 76.7% 25.2% 5.5x 15.5x 28.4x 3.0x 10.9x

SunOpta, Inc. SOY-CA 611 7.14 3.5% 1.2% 92.9% 16.6% 6.4% 0.9x 19.0x NM 0.8x 9.6x

Limoneira Co. LMNR 305 21.51 13.8% 44.0% 98.8% (2.4%) NM 3.6x 39.7x 41.4x 3.7x 21.9x

Natural Grocers by Vitamin Cottage, Inc. NGVC 267 11.89 6.5% -41.6% 53.0% 14.7% 5.6% 0.5x 7.0x 23.3x 0.4x 6.1x

Inventure Foods, Inc. SNAK 194 9.85 4.8% 38.7% 97.0% 8.7% 1.0% 1.1x 45.1x NM 1.0x 14.9x


AMCON Distributing Co. DIT 80 115.30 26.8% 43.5% 99.5% NM 1.0% 0.1x 7.1x 13.8x NM NM

Reed's, Inc. REED 57 4.10 9.6% -23.8% 73.3% 11.3% 3.3% 1.5x NM NM 1.3x 23.5x

RiceBran Technologies RIBT 11 1.03 -23.7% -45.8% 43.6% 17.8% (15.5%) 0.7x NM NM 0.5x NM

Tofutti Brands, Inc. TOF 8 1.64 -37.2% -60.7% 39.3% NM 1.1% 0.6x 48.2x 32.8x NM NM



($ in Mil)Price ($)

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Danone SA BN-FR 41,646$ 63.50$ -8.9% -3.3% 80.5% 12.6% 17.0% 2.1x 13.1x 20.1x 1.8x 10.4x

Mead Johnson Nutrition Co. MJN 13,071 70.76 -10.4% -10.4% 75.0% (1.2%) 27.2% 3.7x 14.4x 26.2x 3.8x 13.6x

The WhiteWave Foods Co. WWAV 9,854 55.60 2.1% 42.9% 97.9% 9.3% 14.3% 2.9x 21.3x 50.1x 2.7x 18.1x

Dean Foods Co. DF 1,971 21.78 32.8% 27.0% 98.4% 2.8% 4.9% 0.4x 6.4x 19.1x 0.4x 6.1x

Synutra International, Inc. SYUT 303 5.35 25.6% 13.6% 96.2% NM 11.8% 2.1x 16.6x 20.6x NM NM




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Hormel Foods Corp. HRL 18,408$ 34.81$ -8.2% -12.0% 76.1% (2.4%) 14.8% 1.9x 12.8x 21.2x 2.0x 12.2x

Tyson Foods, Inc. TSN 17,746 61.68 -17.4% 15.7% 80.1% (1.3%) 8.3% 0.7x 7.7x 13.4x 0.8x 8.1x

Post Holdings, Inc. POST 5,195 80.39 4.2% 30.3% 90.3% 1.8% 14.6% 1.7x 9.6x NM 1.7x 9.4x

Pilgrim's Pride Corp. PPC 4,773 18.99 -10.1% -14.0% 68.3% 2.9% 11.2% 0.7x 6.4x 11.1x 0.7x 5.7x

Seaboard Corp. SEB 4,628 3,951.99 14.9% 36.5% 87.0% NM 7.0% 0.8x 12.6x 14.8x NM NM

Sanderson Farms, Inc. SAFM 2,143 94.24 -2.2% 21.6% 94.8% 11.0% 17.4% 0.7x 5.0x 11.3x 0.6x 4.8x

Cal-Maine Foods, Inc. CALM 1,932 44.18 14.6% -4.7% 79.7% 5.9% (10.3%) 1.6x 47.3x 232.5x 1.5x 16.5x

Nomad Foods Ltd. NOMD 1,708 9.57 -19.0% -20.3% 71.4% (6.5%) 19.3% 1.4x 4.0x 148.4x 1.5x 8.2x

Premium Brands Holdings Corp. PBH-CA 1,535 51.42 11.6% 80.6% 95.3% 26.6% 9.1% 1.4x 17.0x 32.8x 1.1x 12.8x

Pingtan Marine Enterprise Ltd. PME 138 1.74 61.1% 24.3% 74.7% NM (992.5%) 10.3x NM NM NM NM

Bridgford Foods Corp. BRID 103 11.37 -12.0% 30.7% 71.1% NM NM 0.7x 5.4x NM NM NM

Aoxin Tianli Group, Inc. ABAC 29 3.62 86.5% 0.5% 88.9% NM 8.3% (0.6x) NM NM NM NM




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Monsanto Co. MON 46,133$ 105.21$ 2.9% 6.8% 92.1% 1.6% 19.0% 3.8x 13.8x 29.1x 3.7x 13.0x

Fresh Del Monte Produce, Inc. FDP 3,141 60.63 1.2% 55.9% 90.7% 2.3% 9.5% 0.8x 8.2x 22.1x 0.8x 9.7x

Calavo Growers, Inc. CVGW 1,071 61.40 -6.2% 25.3% 85.9% 12.8% 7.2% 1.2x 15.4x 28.2x 1.0x 13.7x

Limoneira Co. LMNR 305 21.51 13.8% 44.0% 98.8% (2.4%) NM 3.6x 39.7x 41.4x 3.7x 21.9x

S&W Seed Co. SANW 82 4.60 -9.8% 9.0% 86.0% 8.6% (9.4%) 1.1x 20.5x NM 0.9x 10.5x

Origin Agritech Ltd. SEED 54 2.36 -0.4% 65.0% 74.0% NM NM 1.6x NM NM NM NM

China Green Agriculture, Inc. CGA 45 1.20 -17.8% -21.6% 71.4% NM 26.6% (0.2x) NM 1.8x NM NM



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McCormick & Co., Inc. MKC 11,764$ 93.33$ -6.6% 9.1% 86.5% NM NM 3.0x 17.4x NM 2.9x 16.0x

Ingredion, Inc. INGR 9,047 124.96 -6.1% 30.4% 89.3% 4.1% 18.5% 1.8x 9.8x 18.6x 1.8x 9.5x

Sensient Technologies Corp. SXT 3,500 78.58 3.7% 25.1% 94.2% 3.4% 18.9% 2.9x 15.3x 30.9x 2.9x 15.2x

Darling Ingredients, Inc. DAR 2,125 12.91 -4.4% 22.7% 81.0% 3.7% 12.2% 1.2x 9.1x 14.5x 1.1x 8.3x

SunOpta, Inc. SOY-CA 611 7.14 3.5% 1.2% 92.9% 16.6% 6.4% 0.9x 19.0x NM 0.8x 9.6x

TerraVia Holdings, Inc. TVIA 104 1.15 -58.2% -53.6% 36.5% (10.4%) (331.0%) 6.6x NM NM 10.6x NM

Feronia, Inc. FRN-CA 47 0.13 -4.3% 0.0% 34.2% NM (50.3%) 3.1x NM NM NM NM

LTM Multiples NTM Multiples Market Stats Operating Stats


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Pilgrim's Pride Corp. PPC 4,773$ 18.99$ -10.1% -14.0% 68.3% 2.9% 11.2% 0.7x 6.4x 11.1x 0.7x 5.7x

John B. Sanfilippo & Son, Inc. JBSS 606 70.39 37.1% 30.3% 96.6% (3.1%) 9.3% 0.9x 11.6x 24.6x 0.9x NM

High Liner Foods, Inc. HLF-CA 460 14.88 -23.4% 28.3% 71.8% 0.3% 7.1% 0.7x 8.6x 14.0x 0.7x 8.0x

Landec Corp. LNDC 376 13.80 2.9% 16.7% 89.0% 10.5% 4.3% 0.8x 16.3x NM 0.7x 11.1x

Amira Nature Foods Ltd. ANFI 228 6.15 -25.9% -32.5% 43.6% NM 12.5% 0.8x 7.1x NM 0.7x 5.1x

Bridgford Foods Corp. BRID 103 11.37 -12.0% 30.7% 71.1% NM NM 0.7x 5.4x NM NM NM

Coffee Holding Co., Inc. JVA 28 4.65 -16.4% 20.8% 75.6% NM NM 0.4x 8.2x NM NM NM

RiceBran Technologies RIBT 11 1.03 -23.7% -45.8% 43.6% 17.8% (15.5%) 0.7x NM NM 0.5x NM



($ in Mil)Price ($)

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Change

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Darden Restaurants, Inc. DRI-US 8,950$ 72.72$ 18.6% 14.3% 91.6% 3.5% 10.8% 1.3x 10.0x 21.3x 1.3x 9.3x

Cracker Barrel Old Country Store, Inc. CBRL-US 4,014 166.98 26.3% 31.7% 95.4% 4.0% 13.6% 1.5x 11.6x 20.4x 1.4x 10.6x

Ruth's Hospitality Group, Inc. RUTH-US 584 18.30 29.6% 14.9% 93.1% 8.7% 10.8% 1.6x 10.5x 19.5x 1.5x 9.3x

Fogo de Chão, Inc. FOGO-US 404 14.35 35.8% -5.3% 80.2% 11.6% 16.3% 1.9x 10.0x 13.7x 1.7x 8.9x

Del Frisco's Restaurant Group, Inc. DFRG-US 400 17.00 26.2% 6.1% 91.9% NM NM 1.2x 9.0x NM 1.0x 8.0x

J. Alexander's Holdings, Inc. JAX-US 158 10.75 6.1% -1.6% 96.9% 10.6% 7.0% 0.8x 8.5x 24.0x 0.7x 6.8x

Bravo Brio Restaurant Group, Inc. BBRG-US 56 3.80 -20.5% -57.8% 39.7% (1.3%) 1.0% 0.3x 4.2x NM 0.3x 3.8x

The ONE Group Hospitality, Inc. STKS-US 56 2.22 -11.2% -25.3% 64.7% 27.3% (6.6%) 1.0x NM 44.4x 0.8x 5.0x




($ in Mil)Price ($)

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Restaurant Brands International, Inc. QSR-US 11,164$ 47.66$ 6.9% 27.6% 94.9% 2.0% 44.2% 5.7x 13.5x 37.9x 8.0x 17.5x

Texas Roadhouse, Inc. TXRH-US 3,402 48.24 23.6% 34.9% 95.5% 12.3% 12.6% 1.7x 12.9x 29.1x 1.5x 11.3x

Cheesecake Factory, Inc. CAKE-US 2,840 59.88 19.6% 29.9% 93.0% 7.4% 12.8% 1.3x 10.3x 22.2x 1.3x 10.3x

Buffalo Wild Wings, Inc. BWLD-US 2,810 154.40 9.7% -3.3% 88.2% 11.8% 14.7% 1.4x 9.3x 27.8x 1.3x 8.5x

Brinker International, Inc. EAT-US 2,459 49.53 -1.8% 3.3% 88.7% 0.4% 11.4% 1.2x 8.1x 15.0x 1.3x 9.1x

Dave & Buster's Entertainment, Inc. PLAY-US 2,368 56.30 43.7% 34.9% 97.1% 17.5% 18.2% 2.7x 11.5x 28.2x 2.4x 9.8x

Bloomin' Brands, Inc. BLMN-US 1,900 18.03 4.6% 6.7% 90.2% 1.8% 8.4% 0.7x 7.2x 33.4x 0.7x 7.3x

DineEquity, Inc. DIN-US 1,393 77.00 -2.8% -9.1% 77.9% 0.6% 38.9% 4.1x 10.2x 14.0x 4.1x 10.0x

Bob Evans Farms, Inc. BOBE-US 1,052 53.21 38.9% 37.0% 96.5% 0.1% 11.3% 1.1x 11.4x 47.1x 1.1x 9.8x

Denny's Corp. DENN-US 941 12.83 20.0% 30.5% 97.5% 5.4% 18.3% 2.3x 17.1x 64.2x 2.3x 11.6x

BJ's Restaurants, Inc. BJRI-US 914 39.30 10.5% -9.6% 82.6% 9.6% 11.2% 1.0x 7.8x 22.3x 1.0x 7.8x

Fiesta Restaurant Group, Inc. FRGI-US 804 29.85 24.4% -11.2% 77.5% 6.6% 11.4% 1.2x 9.1x 34.7x 1.1x 8.3x

Red Robin Gourmet Burgers, Inc. RRGB-US 725 56.40 25.5% -8.6% 81.8% 6.0% 8.9% 0.8x 7.2x 24.1x 0.8x 7.0x

Carrols Restaurant Group, Inc. TAST-US 546 15.25 15.4% 29.9% 99.7% 9.4% 9.1% 0.8x 8.4x 27.7x 0.9x 9.1x

Chuy's Holdings, Inc. CHUY-US 546 32.45 16.1% 3.5% 85.9% 21.2% 12.8% 1.6x 13.1x 36.5x 1.4x 11.1x



($ in Mil)Price ($)

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Starbucks Corp. SBUX-US 80,804$ 55.52$ 2.5% -7.5% 89.9% 11.2% 24.2% 3.9x 16.7x 29.2x 3.5x 14.1x

Chipotle Mexican Grill, Inc. CMG-US 10,923 377.32 -10.9% -21.4% 69.6% 17.8% 6.1% 2.7x 38.2x 156.6x 2.3x 18.4x

Panera Bread Co. PNRA-US 4,478 205.09 5.3% 5.3% 91.5% 8.5% 13.3% 1.9x 12.7x 34.2x 1.7x 11.5x

Shake Shack, Inc. SHAK-US 892 35.79 3.2% -9.6% 81.4% 43.1% 17.3% 3.5x 18.6x 68.8x 2.4x 15.3x

Bojangles', Inc. BOJA-US 680 18.65 16.9% 17.5% 92.6% 12.1% 15.7% 1.7x 10.7x 19.6x 1.5x 10.1x

El Pollo Loco Holdings, Inc. LOCO-US 473 12.30 -2.3% -2.6% 79.7% 10.9% 15.9% 1.5x 9.6x 20.5x 1.4x 8.6x

Zoe's Kitchen, Inc. ZOES-US 467 23.99 8.1% -14.3% 57.4% 23.6% 8.9% 1.8x 20.7x 96.0x 1.5x 17.9x

The Habit Restaurants, Inc. HABT-US 331 17.25 23.2% -25.2% 70.6% 26.1% 8.9% 1.2x 11.5x 75.0x 0.9x 8.7x

Potbelly Corp. PBPB-US 325 12.90 3.8% 10.2% 86.1% 16.2% 10.0% 0.7x 7.6x 44.5x 0.7x 6.8x



($ in Mil)Price ($)

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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



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food & beverage report q4 2016 - sdr ventures...11/27/2012 ralcorp holdings inc. 4/17/2012 odom's...

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