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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 5.7x - 6.3x | 6.0x |
| Selected Fwd EBITDA Multiple | 4.8x - 5.3x | 5.1x |
| Fair Value | $11.81 - $15.19 | $13.50 |
| Upside | 41.3% - 81.7% | 61.5% |
| Benchmarks | Ticker | Full Ticker |
| Coty Inc. | COTY | NYSE:COTY |
| Medifast, Inc. | MED | NYSE:MED |
| BellRing Brands, Inc. | BRBR | NYSE:BRBR |
| USANA Health Sciences, Inc. | USNA | NYSE:USNA |
| Natural Alternatives International, Inc. | NAII | NasdaqGM:NAII |
| Herbalife Ltd. | HLF | NYSE:HLF |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| COTY | MED | BRBR | USNA | NAII | HLF | ||
| NYSE:COTY | NYSE:MED | NYSE:BRBR | NYSE:USNA | NasdaqGM:NAII | NYSE:HLF | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 4.1% | -27.7% | 16.9% | -12.9% | NM- | -2.8% | |
| 3Y CAGR | 10.5% | -56.1% | 23.2% | -23.9% | NM- | -11.6% | |
| Latest Twelve Months | -1.8% | -86.5% | 35.6% | -23.6% | -483.2% | 12.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 14.1% | 12.4% | 19.1% | 13.7% | 5.2% | 12.6% | |
| Prior Fiscal Year | 17.4% | 13.0% | 18.9% | 11.5% | 5.8% | 10.3% | |
| Latest Fiscal Year | 16.4% | 3.1% | 21.3% | 9.5% | -3.4% | 11.8% | |
| Latest Twelve Months | 17.2% | 3.1% | 21.4% | 9.5% | -3.7% | 11.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.24x | 0.00x | 4.89x | 0.48x | 0.60x | 0.58x | |
| EV / LTM EBITDA | 7.2x | 0.0x | 22.9x | 5.0x | -16.3x | 4.9x | |
| EV / LTM EBIT | 12.0x | 0.0x | 23.9x | 6.1x | -8.1x | 6.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -16.3x | 5.0x | 22.9x | ||||
| Historical EV / LTM EBITDA | 4.9x | 6.9x | 10.4x | ||||
| Selected EV / LTM EBITDA | 5.7x | 6.0x | 6.3x | ||||
| (x) LTM EBITDA | 590 | 590 | 590 | ||||
| (=) Implied Enterprise Value | 3,337 | 3,513 | 3,688 | ||||
| (-) Non-shareholder Claims * | (2,054) | (2,054) | (2,054) | ||||
| (=) Equity Value | 1,283 | 1,459 | 1,634 | ||||
| (/) Shares Outstanding | 101.2 | 101.2 | 101.2 | ||||
| Implied Value Range | 12.68 | 14.41 | 16.15 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 12.68 | 14.41 | 16.15 | 8.36 | |||
| Upside / (Downside) | 51.7% | 72.4% | 93.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | COTY | MED | BRBR | USNA | NAII | HLF | |
| Enterprise Value | 7,545 | (0) | 10,260 | 406 | 74 | 2,900 | |
| (+) Cash & Short Term Investments | 250 | 162 | 50 | 182 | 9 | 415 | |
| (+) Investments & Other | 1,057 | 0 | 0 | 20 | 0 | 0 | |
| (-) Debt | (3,661) | (16) | (838) | (39) | (62) | (2,469) | |
| (-) Other Liabilities | (287) | 0 | 0 | (54) | 0 | 0 | |
| (-) Preferred Stock | (142) | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 4,761 | 146 | 9,472 | 515 | 21 | 846 | |
| (/) Shares Outstanding | 872.0 | 10.7 | 128.3 | 18.9 | 5.9 | 101.2 | |
| Implied Stock Price | 5.46 | 13.68 | 73.84 | 27.22 | 3.50 | 8.36 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 5.46 | 13.68 | 73.84 | 27.22 | 3.50 | 8.36 | |
| 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 | |