Investor Presentaiton
Comparables - EV/EBITDA Multiples
EV/2019P EBITDA & EV/2020P EBITDA
DD3
ACQUISITION CORP.
Betterware
2019 EBITDA Margin
Direct Selling
US Retailers
Mexican Retailers
27%
15%
7%
7%
16%
16%
15%
19%
16%
11%
13%
11%
11%
25%
14%
16%
13%
I
15.4x
I
13.3x
11.6x
11.3x 9.7x
9.6x
8.5x
8.6x
7.4x
6.2x
6.3x
6.0x
4.6x
4.7x
8.6x
I
7.0x 1
Betterwarej
Amway AVON
Tupperware
natura
HERBALIFE.
USANA
NU SKIN
0.4x0.3x
18.6x
18.0x
4.7x
4.6x
14.4x
13.7x 12.3x
12.1x
11.7x
11.0x
HOME
DEPOT
6.3x
6.1x
14.3x
13.1x 11.5x
11.4x
11.4x
9.3x
7.3x
6.7x
6.7x
6.6x
LOWE'S newell
The Container Store Walmart.
OXXO Liverpool®
BRANDS
Kimberly-Clark
Grupo Sanbornis
Growth Adjusted - EV/EBITDA 2019P & EV/EBITDA 2020P5
Direct Selling
1.7x1.8x
1.6x1.4x
1.0x0.8x 1.0x0.8x
0.7x
0.6x
Betterware
Amway¹
Tupperware
NU SKIN
HERBALIFE.
9.4x
9.2x
AVON
newell
BRANDS
natura
USANA
Source: Capital IQ, Thomson Eikon, equity researchs and DD3 assumptions as of July 19, 2019
1. Amway Malaysia 2. Walmart de Mexico y Centroamerica; 3. Oxxo's value calculated as the
residual value of Femsa minus its other subsidiaries 4. Includes financial business 5. Growth
adjusted EV/EBITDA formula: EV/EBITDA multiple divided by '18-21 EBITDA CAGR
24
US Retailers
Mexican Retailers
2.8x
0.7x
2.7x
2.2x
2.1x
1.6x1.4x
1.4x
1.3x
1.0x1.0x
0.9x
0.7x
0.6x0.5x
0.7x
Liverpool
OXXO
Walmart
Grupo Sanborns
НОМЕ
The Container Store
LOWE'S
Kimberly-Clark
DEPOTView entire presentation