Valuation Summary

All figures in USD millions unless stated

Enterprise Value

15,000

14,000

13,000 12,848

12,000

11,000

10,000

9,000

8,000

7,000
6,850
6,000
Comparable Trading Analysis Precedent Transaction Analysis DCF Valuation Analysis

Comparable Trading and Precedent Transaction Analysis both use LTM EBITDA.⁽¹⁾
Comparable Trading Analysis

All figures in USD millions unless stated

Enterprise Market EBITDA Net Income EV / EBITDA P/E3

Peer Companies Value 1 Cap LTM 2 FY+1 LTM 2 FY+1 LTM 2 FY+1 LTM 2 FY+1

Alpha.com 10,142 7,992 586 600 453 480

Big Bucks Company 10,846 10,796 569 613 370 398
Centibillions Inc. 11,584 10,301 530 655 332 485
Deep Pockets Ltd. 12,787 9,921 542 635 361 465
Evergreen Co. 12,328 11,932 525 619 393 427
Fat Cat Inc. 10,500 9,282 516 631 432 360

Target Company Valuation 4

Average 486 290

Median
Maximum
Minimum

Enterprise Value = Market Cap + Net Debt. ⁽¹⁾

LTM means Last Twelve Months. ⁽²⁾
Calculated as Market Cap divided by Net Income. ⁽³⁾
Target Company Valuation based on LTM Multiple. ⁽⁴⁾
Precedent Transaction Analysis

All figures in USD millions unless stated

Enterprise EBITDA EV / EBITDA

Date Acquirer Target Value LTM 1
FY+1 FY+2 LTM 1
FY+1 FY+2
(YYYY-MM-DD)

2022-03-11 Cake Ice Cream 12,411 414 591 650

2022-03-06 Salt Pepper 12,490 520 595 654
2021-09-17 Fish Chips 12,825 475 558 602
2020-11-13 Peanut Butter Jelly 11,133 445 530 541
2020-08-13 Brisket NoSauce 11,447 424 498 513
2020-05-01 Biscuits Gravy 12,803 441 640 647

Target Company Valuation 2

Average
Median
Maximum
Minimum

LTM means Last Twelve Months⁽¹⁾

Target Company Valuation based on LTM Multiple⁽²⁾