Investor Presentaiton
-
Comparables Key Metrics.
30%
25%
20%
15%
10%
5%
0%
4.0x
EV/2019P EBITDA vs 2019P EBITDA Margin
Tupperware
DD3
ACQUISITION CORP.
Betterware
EV/2019P EBITDA vs '18-'21P EBITDA Growth
30%
25%
Betterware
Betterware
20%
15%
10%
5%
0%
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
16.0x
6.0x
8.0x
10.0x
12.0x
14.0x
16.0x
-5%
• Herbalife
● Newell
● Home Depot
Nu Skin
Container Store
● Amway
● Usana
● Lowes
● Walmart
Kimberly-Clark
● Natura
● Oxxo
• Avon
● Liverpool
● Sanborns
Free Cash Flow Conversion 2020P1
FCF Yield 2020P
Direct Selling
US Retail
Mexican Retailers
9.0%
10.0%
7.5%
4.9%
6.3%
11.0%
6.4%
NA
5.1%
6.6%
5.9%
8.6%
4.7%
5.7%
6.3%
3.6%
3.8%
62.0%
57.7%
54.4%
48.3%
44.9%
41.2%
27.6%
iBetterwarer
NU SKIN
HERBALIFE.
natura
USANA
NA
Tupperware AVON
Amway
Source: Capital IQ, Thomson Eikon, equity researchs and DD3 assumptions as of July 19, 2019
1. FCF/EBITDA 2. Amway Malaysia 3. Walmart de Mexico y Centroamerica; 4. Oxxo's value
calculated as the residual value of Femsa minus its other subsidiaries 5. Includes financial
business
62.5%
60.8%
HOME
DEPOT
25
LOWE'S
32.9%
30.1%
59.6%
55.8%
35.4%
34.1%
20.5%
newell
The Container Store
Walmart
OXXO
Liverpool
BRANDS
Kimberly-Clark
Grupo Sanborns.View entire presentation