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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 17.5x - 19.3x | 18.4x |
| Selected Fwd EBIT Multiple | 10.1x - 11.1x | 10.6x |
| Fair Value | $6.57 - $7.95 | $7.26 |
| Upside | -27.0% - -11.7% | -19.4% |
| Benchmarks | Ticker | Full Ticker |
| Bunge Global SA | BG | NYSE:BG |
| The J. M. Smucker Company | SJM | NYSE:SJM |
| Archer-Daniels-Midland Company | ADM | NYSE:ADM |
| Tyson Foods, Inc. | TSN | NYSE:TSN |
| Utz Brands, Inc. | UTZ | NYSE:UTZ |
| South Dakota Soybean Processors, LLC | SDSY.A | OTCPK:SDSY.A |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| BG | SJM | ADM | TSN | UTZ | SDSY.A | ||
| NYSE:BG | NYSE:SJM | NYSE:ADM | NYSE:TSN | NYSE:UTZ | OTCPK:SDSY.A | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 11.9% | 4.7% | 4.8% | -9.2% | 18.3% | 15.9% | |
| 3Y CAGR | -12.8% | 1.9% | -11.3% | -26.4% | 89.3% | -6.9% | |
| Latest Twelve Months | -52.2% | 22.3% | -49.7% | 192.6% | 72.6% | -67.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 4.1% | 16.1% | 3.5% | 6.2% | 2.1% | 6.2% | |
| Prior Fiscal Year | 5.5% | 13.8% | 4.3% | 1.5% | 2.4% | 10.2% | |
| Latest Fiscal Year | 2.9% | 17.7% | 2.4% | 3.3% | 4.2% | 4.2% | |
| Latest Twelve Months | 2.9% | 19.4% | 2.4% | 3.8% | 4.2% | 4.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.26x | 2.31x | 0.33x | 0.55x | 1.97x | 0.79x | |
| EV / LTM EBITDA | 6.7x | 9.2x | 9.2x | 8.7x | 21.4x | 12.1x | |
| EV / LTM EBIT | 8.7x | 11.9x | 14.0x | 14.4x | 47.2x | 14.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 8.7x | 14.0x | 47.2x | ||||
| Historical EV / LTM EBIT | 4.5x | 10.8x | 18.4x | ||||
| Selected EV / LTM EBIT | 17.5x | 18.4x | 19.3x | ||||
| (x) LTM EBIT | 23 | 23 | 23 | ||||
| (=) Implied Enterprise Value | 407 | 429 | 450 | ||||
| (-) Non-shareholder Claims * | (200) | (200) | (200) | ||||
| (=) Equity Value | 208 | 229 | 251 | ||||
| (/) Shares Outstanding | 30.4 | 30.4 | 30.4 | ||||
| Implied Value Range | 6.83 | 7.54 | 8.24 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 6.83 | 7.54 | 8.24 | 9.00 | |||
| Upside / (Downside) | -24.1% | -16.2% | -8.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BG | SJM | ADM | TSN | UTZ | SDSY.A | |
| Enterprise Value | 13,646 | 20,279 | 28,193 | 29,744 | 2,783 | 473 | |
| (+) Cash & Short Term Investments | 3,795 | 47 | 857 | 2,293 | 56 | 40 | |
| (+) Investments & Other | 953 | 0 | 5,715 | 109 | 0 | 19 | |
| (-) Debt | (7,119) | (7,948) | (11,538) | (9,806) | (941) | (100) | |
| (-) Other Liabilities | (1,036) | 0 | (263) | (124) | (685) | (158) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 10,239 | 12,378 | 22,964 | 22,216 | 1,213 | 274 | |
| (/) Shares Outstanding | 134.0 | 106.4 | 479.7 | 356.2 | 86.1 | 30.4 | |
| Implied Stock Price | 76.43 | 116.32 | 47.87 | 62.37 | 14.09 | 9.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 76.43 | 116.32 | 47.87 | 62.37 | 14.09 | 9.00 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |