Pro Forma Financials and Market Positioning
Margin Enhancements Further Reduce Implied Entry Valuation
($ in millions)
⚫utz
BRANDS
SM
Current Financial Profile (2020E)
Net Sales
$910
Pro Forma Normalized Financial Profile
Adj. EBITDA
Incremental
% of Identified
Margin (1)
EBITDA
Opportunities (2)
Implied
Multiple
15%
$12
25%
11.4x
(4)
16%
$22
43%
10.7x
Adj. EBITDA
$124
Adj. EBITDA Margin
13.6%
17%
$31
61%
10.1x
(1)
Normalized Adj. EBITDA Margin
Mid-
Teens
Median Peer NTM EBITDA Multiple (3) — 14.8x
1). Represents potential future margin level based on management and CCH estimates reflecting identified potential margin enhancements and inclusive of expected incremental marketing investments.
2). Incremental EBITDA as a percentage of identified supply chain cost savings initiatives that have the potential to cumulatively deliver approximately $50 million of annual gross cost savings.
3). Represents 1-year average. Peers include BellRing, Campbell's, Flowers Foods, General Mills, Hain Celestial, Hershey's, Hostess, JJ Snack Foods, Kellogg's, Mondelez, PepsiCo, and Simply Good. See page 36 for additional detail.
4). See page 40 for reconciliation.
utz
BRANDS
SM
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