Pro Forma Financials and Market Positioning
Valuation Benchmarking to Peers (1-Year Average Multiples)
NTM EBITDA
Multiple
NTM + 1
EBITDA
Multiple
NTM + 1
P/E Multiple
31.5x
17.9x
17.7x
16.8x
16.3x
15.8x
14.9x
14.6x
13.5x
13.4x
13.3x
12.8x
12.1x
11.2x
Simply Good
16.8x
HERSHEY'S
Mondelez,
PEPSICO
16.3x
15.6x
14.7x
13.7x
HERSHEY'S
Mondelez
✔ PEPSICO
Peer Median: 14.8x
belling
(1)
Kellogg's
FlowersFoods
13.4x
13.1x
13.1x
13.1x
12.8x
ร
Campbells
Butz
BRANDS
(2)
Hostess
belliing
(1)
Kellogg's
g
Flowersfoods
25.9x
23.8x
22.7x
21.2x
20.8x
20.3x
18.9x
17.8x
1). Data as of IPO date, October 16, 2019.
Simply Good
Source: Company filings, FactSet. Market data as of June 1, 2020.
utz
SM
BRANDS
ROCO
CELESTIAL
HERSHEY'S
PEPSICO
FlowersFoods
2). Utz NTM EBITDA multiple based on Q2'20 NTM Pro Forma Adjusted EBITDA and NTM+1 multiples based on FY 2021 figures.
belling
Peer Median: 13.3x
12.7x
11.6x
10.7x
Campbells
Simply Good
ROCOS CON
butz
BRANDS
(2)
Hostess
(1)
Mondelez
butz
BRANDS
(2)
Hostess
17.2x
17.0x
Campbell's
ร
Peer Median: 20.5x
15.4x
15.3x
Kellogg's
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