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Seale & Associates Seale & Associates Creative Solutions. Trusted Advice. SUPERMARKET INDUSTRY Q1 2020 VALUATION UPDATE SUPERMARKETS INDUSTRY – VALUATION UPDATE “Industry valuation multiples have varied significantly due to the recent market dislocation caused by COVID-19’s global pandemic. We present below valuation multiples before the market disruption (February 19, 2020) as well as the latest available as of the publication date of this report” CURRENT MARKET SITUATION PUBLIC COMPARABLE COMPANIES – GLOBAL Enterprise Avg. Anual EV / Pre Crisis Post Crisis Market Cap Revenues EBITDA Company Country Value EBITDA Feb. 19, 2020 Apr. 17, 2020 US$M US$M Margin EV / EV / EV / EV / US$M 2018 2019 EBITDA Revenue EBITDA Revenue Wamart, Inc. USA $374,200 $444,747 $523,964 6.3% 9.7x 11.3x 11.6x 0.8x 12.3x 0.8x Woolworths Group AUS $29,956 $40,567 $43,032 7.2% 10.9x 12.0x 14.5x 1.0x 12.7x 1.0x Limited Koninklijke Ahold NLD $25,993 $38,606 $74,042 6.4% 6.5x 8.0x 6.8x 0.6x 6.6x 0.5x Delhaize N.V. The Kroger Co. USA $24,838 $45,607 $122,286 4.4% 7.2x 7.2x 7.5x 0.4x 7.3x 0.4x Aeon Co., Ltd. JPN $17,283 $37,032 $79,422 5.9% 8.5x 8.0x 8.5x 0.5x 7.8x 0.5x Carrefour SA FRA $12,148 $28,008 $82,949 4.7% 7.1x 7.6x 8.1x 0.4x 5.9x 0.3x Dairy Farm Int. Holdings HKG $6,696 $10,853 $11,192 5.2% 16.8x 17.5x 17.0x 1.0x 7.1x 1.0x Limited Sun Art Retail Group HKG $14,770 $14,299 $13,695 7.9% 9.2x 8.3x 12.2x 0.9x 11.0x 1.0x Limited Shoprite Holdings RSA $3,481 $4,804 $11,099 5.2% 12.2x 11.0x 9.0x 0.5x 11.1x 0.6x Limited J Sainsbury plc GBR $5,563 $13,480 $36,198 3.5% 6.9x 6.5x 11.0x 0.4x 10.9x 0.4x Public Joint Stock RUS $4,255 $11,425 $22,045 6.2% 6.5x 7.8x 9.4x 0.6x 6.7x 0.6x Company Magnit X5 Retail Group N.V. NLD $7,745 $18,925 $27,934 8.5% 6.9x 7.9x 9.1x 0.8x 5.6x 0.7x Morrisons GBR $5,555 $8,629 $23,133 5.7% 8.5x 7.2x 7.3x 0.4x 6.5x 0.4x Cencosud S.A. CHL $3,272 $7,401 $12,698 6.5% 11.4x 12.0x 10.2x 0.7x 8.5x 0.7x Metro Inc. CAN $10,745 $14,138 $12,775 8.1% 11.2x 12.7x 13.5x 1.1x 14.2x 1.2x Lawson, Inc. JPN $5,492 $7,285 $6,741 19.5% 7.1x 6.3x 6.1x 1.2x 5.5x 1.1x E-MART Inc. KOR $2,585 $7,394 $16,512 5.4% 9.5x 7.5x 6.4x 0.4x 8.1x 0.5x Kesko Oyj FIN $5,988 $9,234 $12,030 5.7% 11.7x 15.5x 9.9x 0.9x 8.7x 0.8x Metro AG GER $3,050 $7,835 $30,571 3.6% 5.6x 6.6x 8.7x 0.3x 7.1x 0.3x Mean 9.8x 0.7x 8.6x 0.7x Median 9.1x 0.6x 7.8x 0.6x Supermarkets Industry Sources: Capital IQ, Mergermarket Seale & Associates Q1 2020 Creative Solutions. Trusted Advice. SUPERMARKETS INDUSTRY – VALUATION UPDATE SUPERMARKETS – LATIN AMERICAN MULTIPLES Enterprise Avg. Anual EV / Pre Crisis Post Crisis Market Cap Revenues EBITDA EBITDA Feb. 19, 2020 Apr. 17, 2020 Company Country Value US$M US$M Margin EV / EV / EV / EV / US$M 2018 2019 EBITDA Revenue EBITDA Revenue Wal-Mart de México, S.A.B. de C.V. MEX $52,738 $41,001 $34,265 10.4% 15.1x 14.7x 14.2x 1.6x 14.6x 1.6x Organización Soriana, S.A.B. de C.V. MEX $2,276 $2,546 $8,257 7.5% 11.1x 8.8x 7.5x 0.6x 5.3x 0.4x InRetail Perú Corp. PER $3,790 $4,839 $3,945 10.8% 11.2x 11.0x 12.2x 1.5x 9.2x 1.2x Almacenes Éxito S.A. COL $1,865 $1,439 $4,660 10.1% 11.3x 8.0x 3.4x 0.5x 2.7x 0.4x Grupo Chedraui, S.A.B. de C.V. MEX $1,341 $2,333 $6,863 6.2% 9.8x 7.5x 8.5x 0.5x 6.3x 0.4x Sociedad Anónima Importadora y ARG $296 $313 $1,071 1.7% 9.2x 14.4x NR 0.3x NR 0.3x Exportadora de la Patagonia NR: Not Relevant Mean 9.1x 0.8x 7.6x 0.7x Median 8.5x 0.5x 6.3x 0.4x Supermarkets Industry Sources: Capital IQ, Mergermarket Seale & Associates Q1 2020 Creative Solutions. Trusted Advice. SUPERMARKETS INDUSTRY – VALUATION UPDATE SUPERMARKETS – GLOBAL TRANSACTIONS Size EV/ EV/ Date Target Country Description Buyer Stake % US$M EBITDA Revenue Dec-19 AEON TOHOKU Co., Ltd. JPN Supermarkets chain Aeon Co., Ltd. 29.9% $52 11.1x 0.2x Apr-19 Smart & Final Stores, Inc. USA Supermarkets chain Apollo Management IX LP 100.0% $2,135 13.2x 0.4x Mar-19 Shufersal Ltd. CHN Supermarkets chain Comprador no revelado 7.5% $116 10.3x 0.6x Jul-18 Tobu Store Co., Ltd JPN Supermarkets chain Tobu Railway Co., Ltd. 64.8% $156 7.3x 0.2x Apr-18 Fiesta Mart, L.L.C. USA Minisupers Grupo Comercial Chedraui 100.0% $265 - - Apr-18 Emperia Holding S.A. POL Supermarkets MAXIMA GRUPE, UAB 93.7% $336 11.9x 0.4x Yonghui Superstores Co., Linzhi Tencent Tech. Company Feb-18 CHN Supermarkets chain 5.0% $637 - 1.4x Ltd. Ltd. Sun Art Retail Group Monicole Exploitatie Maatschappij Jan-18 HKG Hypermarkets 36.6% $2,907 5.9x 0.4x Limited BV; Taobao China Holding Limited Aug-17 Whole Foods Market, Inc. USA Organic food supermarket Amazon.com, Inc. 100.0% $14,621 10.3x 0.9x Feb-17 S.C. Profi Rom Food S.R.L. ROM Supermarkets chain Mid Europa Partners LLP 100.0% $562 - - Feb-17 Lawson, Inc. JPN Convenience stores Mitsubishi Corporation 16.6% $3,292 7.7x 1.6x Lianhua Supermarket Supermarkets and Shanghai Yiguo E-Commerce Co., Dec-16 CHN 21.2% $122 - - Holdings Co., Ltd. hypermarkets Ltd. Owns hypermarkets and Nov-16 Kesko Food Rus FIN Lenta Limited 100.0% $172 - - supermarkets Jul-16 Groupe Delhaize SA BEL Supermarkets Koninklijke Ahold Delhaize N.V. 100.0% $13,588 8.6x 0.5x May-16 Tienda Inglesa URU Supermarkets Klaff Realty, LP 90.0% $140 - - Big C Supercenter Public May-16 THA Operates hypermarkets BJC Supercenter Company Limited 39.4% $2,333 - 1.7x Company Ltd. Hypermarkets and Apr-16 Big C Vietnam VIE The Central Group; Nguyen Kim 100.0% $1,145 - 1.7x supermarkets Big C Supercenter Public Mar-16 THA Operates hypermarkets BJC Supercenter Company Limited 32.1% $1,881 - 1.6x Company Ltd. Jan-16 Migros Ticaret A.S. TUR Minisupers Kenan Investments S.A. 15.1% $235 11.5x 0.7x Jan-16 Wumart Stores Inc. CHN Supermarkets Wumei Holdings, Inc. 43.7% $717 6.4x 0.2x Dec-15 Segisor, S.A. FRA Supermarkets Almacenes Éxito S.A. 50.0% $1,536 - - 70 Hipermercados OBI Group Holding SE & Co.KGaA; Oct-15 AUT Hypermarkets 100.0% $225 - - "Baumax" Supernova Management GmbH Mean 8.9x 1.0x Median 8.6x 0.9x Supermarkets Industry Sources: Capital IQ, Mergermarket Seale & Associates Q1 2020 Creative Solutions. Trusted Advice. SUPERMARKETS INDUSTRY – VALUATION UPDATE SUPERMARKETS – LATIN AMERICAN TRANSACTIONS Size EV/ EV/ Date Target Country Description Buyer Stake % US$M EBITDA Revenue Nov-18 Rey Holdings Corp. PAN Supermarkets chain Corporación Favorita CA 73.0% $347 NM 0.6x Supermarkets and Jun-18 Walmart Brasil Ltda. BRA Advent International Corporation NA $250 - - hypermarkets Owns and operates Tenedora CL del Noroeste, S.A. Jan-18 Casa Ley, S.A. de C.V. MEX 49.0% $345 - - supermarkets de C.V. Sep-16 St. Marche Ltda BRA Supermarkets chain L Catterton 52.0% $70 - - Hypermarkets and Jun-16 Comercial Mexicana MEX Tiendas Soriana, S.A. De C.V. 3.7% $159 - 1.8x supermarkets Hypermarkets and Jan-15 Comercial Mexicana MEX Tiendas Soriana, S.A. de C.V. 96.3% $2,375 9.2x 0.7x supermarkets NM: Not Meaningful Mean 9.2x 1.2x Median 9.2x 1.2x Supermarkets Industry Sources: Capital IQ, Mergermarket Seale & Associates Q1 2020 Creative Solutions. Trusted Advice. REPRESENTATIVE MEXICO ENGAGEMENTS intelectiva® has acquired has merged with merged its beverage merged its beverage has acquired has acquired division with division with KFC Costa Rica a business of from Grupo Educativo IEJV has partnered with has partnered with has been acquired by Acquisition Acquisition a subsidiary of Advisory Services Advisory Services has been acquired by has formed a partnership in the has formed a partnership has carved out and sold its casting tools business between sold to market and develop sold concrete pumping assets in oil storage and Mexico distribution in Mexico has been acquired by to with to and to has sold has acquired Holding company of Cosmocel Química to Corporate Corporate has been acquired by acquired a majority stake Finance Advisory Finance Advisory dealers of in a business unit of Services Services has sold has acquired its sanitaryware business Grupo Galaz, S.A de C.V.
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