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Food and Beverage Industry Insight March 2021 0 Food and Beverage Industry Insight | March 2021 U.S Update pic Food and Beverage Industry Insight March 2021 0 Food and Beverage Industry Insight | March 2021 U.S. F&B - M&A Market Overview U.S. F&B industry transaction activity remains strong, primarily driven by strategic buyers seeking growth U.S. F&B Transactions by Buyer Type U.S. F&B Transaction Multiples 17.7x 47 41 58 59 53 36 13.1x 45 12.5x 12.1x 48 11.0x 11.4x 9.6x 9.2x 9.8x 368 406 399 393 352 357 316 285 12 2.3x 1.5x 1.6x 97 1.5x 1.4x 0.7x 0.9x 1.1x 0.7x 2013 2014 2015 2016 2017 2018 2019 2020 2021 2013 2014 2015 2016 2017 2018 2019 2020 2021 YTD YTD Strategic Financial EV / EBITDA EV / Revenue Source: Peakstone & Capital IQ www.peakstone.com 1 Food and Beverage Industry Insight | March 2021 Peakstone Food and Beverage Index - Trading Statistics The S&P 500 has outperformed the broad Food & Beverage sector Relative Stock Performance 150%100% S&P 500: 90% 80% Food Ingredients: 53% 100%60% Beverage Products: 25% Food Production: -12% 40% Food Retail: -14% 20%50% 0% Peakstone Food Ingredients Index GIVN, KRZ, IFF, SY1, BARN, SXT, 4914, 4958 0% Peakstone Beverage Products Index -20% ABI, KO, PEP, STZ, MNST, TAP, BF.B, LWAY, FIZZ, FARM -40% Peakstone Food Retail Index KR, SFM, VLGE.A, SPTN, WMK, NGVC -50% Peakstone Food Production Index -60% NESN, ULVR, KHC, MDLZ, BN, GIS, ABF, TSN, BIMBO A, HSY, JBSS3, HRL, K, CPB, WN, CAG, SJM, SAP, MKC, PPC, POST, HAIN, FLO, ARYN, FDP, JJSF, LANC, LOTB, THS Source: Capital IQ, data as of March 2021 www.peakstone.com 2 Food and Beverage Industry Insight | March 2021 Peakstone Food and Beverage Index - Trading Statistics Food Ingredients are receiving a premium valuation relative to earnings when compared with the S&P 500 Comparable Valuation Trends – Enterprise Value / EBITDA 25.0x Food Ingredients: 19.7x S&P 500: 17.7x 20.0x Beverage Products: 16.7x Food Production: 11.3x 15.0x Food Retail: 5.9x 10.0x Peakstone Food Ingredients Index GIVN, KRZ, IFF, SY1, BARN, SXT, 4914, 4958 Peakstone Beverage Products Index ABI, KO, PEP, STZ, MNST, TAP, BF.B, LWAY, 5.0x FIZZ, FARM Peakstone Food Retail Index KR, SFM, VLGE.A, SPTN, WMK, NGVC Peakstone Food Production Index 0.0x NESN, ULVR, KHC, MDLZ, BN, GIS, ABF, TSN, BIMBO A, HSY, JBSS3, HRL, K, CPB, WN, CAG, SJM, SAP, MKC, PPC, POST, HAIN, FLO, ARYN, FDP, JJSF, LANC, LOTB, THS Source: Capital IQ, data as of March 2021 www.peakstone.com 3 Food and Beverage Industry Insight | March 2021 Public Trading Comparables by Sector Selected Public Trading Comparables ($ in millions) Stock % 52-Week Market Enterprise Enterprise Value / Forward Gross EBITDA Company Name Price High Cap Value Revenue EBITDA EBIT P/E Ratio Margin % Margin % Food Ingredients T. Hasegawa Co., Ltd. $2,068 81% $87,328 $70,921 1.4x 8.8x 13.8x 18.8x 39% 16% Takasago International Corporation 2,595 95% 52,748 90,528 0.6x 7.5x 17.1x 11.9x 29% 8% International Flavors & Fragrances Inc. 137 96% 34,692 38,877 7.6x 34.5x 52.6x 23.6x 41% 21% Givaudan SA 3,616 88% 33,541 37,595 5.9x 27.1x 36.4x 37.5x 42% 21% Kerry Group plc 105 86% 18,854 20,785 3.0x 21.4x 28.6x 27.6x 100% 14% Symrise AG 101 83% 13,814 15,206 4.3x 20.5x 31.2x 38.5x 39% 21% Barry Callebaut AG 2,088 98% 11,620 12,986 1.9x 18.9x 25.9x 33.0x 15% 9% Sensient Technologies Corporation 75 92% 3,249 3,775 2.8x 16.3x 22.0x 25.4x 32% 17% Food Ingredients Median $1,103 90.1% $26,197 $29,190 2.9x 19.7x 27.2x 26.5x 39% 16% Beverage Products The Coca-Cola Company $52 94% $224,170 $259,661 7.9x 20.2x 23.7x 24.2x 59% 35% PepsiCo, Inc. 139 94% 192,696 229,086 3.3x 17.2x 21.2x 23.1x 55% 18% Anheuser-Busch InBev SA/NV 53 89% 102,971 179,197 4.7x 13.4x 17.9x 20.8x 58% 34% Monster Beverage Corporation 89 94% 46,893 44,853 9.8x 26.3x 27.5x 33.0x 59% 37% Constellation Brands, Inc. 229 95% 44,605 55,777 6.5x 16.2x 17.8x 23.5x 52% 38% Brown-Forman Corporation 69 83% 32,198 33,751 10.1x 29.4x 31.5x 37.6x 61% 34% Molson Coors Beverage Company 48 86% 10,872 18,962 2.0x 8.5x 13.9x 13.0x 39% 22% National Beverage Corp. 47 47% 4,489 4,371 4.1x 17.1x 19.6x 25.9x 39% 22% Farmer Bros. Co. 10 85% 160 267 0.6x 11.4x NM NM 25% 4% Lifeway Foods, Inc. 7 76% 95 90 0.9x 10.4x 18.3x 0.0x 29% 8% Beverage Products Median $52 87.4% $38,401 $39,302 4.4x 16.7x 19.6x 23.5x 54% 28% Food Retail The Kroger Co. $36 83% $27,623 $46,523 0.4x 6.9x 15.0x 12.9x 23% 4% Sprouts Farmers Market, Inc. 25 90% 3,102 4,411 0.7x 5.8x 11.3x 14.2x 37% 8% Weis Markets, Inc. 55 92% 1,516 1,475 0.4x 4.6x 9.0x 0.0x 27% 6% SpartanNash Company 19 80% 706 1,498 0.2x 5.4x 11.7x 11.0x 15% NM Natural Grocers by Vitamin Cottage, Inc. 16 85% 378 782 0.7x 6.6x 25.5x 25.3x 32% 6% Village Super Market, Inc. 24 86% 359 658 0.3x 6.0x 19.6x 0.0x 28% 3% Food Retail Median $25 85.8% $1,111 $1,487 0.4x 5.9x 13.3x 12.0x 28% 6% Source: Capital IQ, data as of March 2021 www.peakstone.com 4 Food and Beverage Industry Insight | March 2021 Public Trading Comparables by Sector Selected Public Trading Comparables ($ in millions) Stock % 52-Week Market Enterprise Enterprise Value / Forward Gross EBITDA Company Name Price High Cap Value Revenue EBITDA EBIT P/E Ratio Margin % Margin % Food Production Nestlé S.A. $104 93% $294,320 $326,471 3.9x 16.7x 20.0x 23.7x 49% 20% Grupo Bimbo, S.A.B. de C.V. 43 95% 194,177 303,547 0.9x 6.2x 9.3x 19.8x 54% 13% Unilever PLC 41 82% 106,462 127,233 2.8x 12.6x 14.9x 19.0x 43% 21% Mondelez International, Inc. 58 97% 82,693 100,184 3.8x 15.3x 21.2x 20.4x 39% 20% JBS S.A. 28 99% 70,236 128,094 0.5x 4.5x 6.2x 6.6x 17% 10% The Kraft Heinz Company 39 97% 47,948 73,823 2.8x 8.8x 12.5x 15.3x 35% 26% Danone S.A. 58 88% 37,976 50,295 2.1x 10.7x 13.8x 17.5x 48% 19% General Mills, Inc. 58 88% 36,312 48,302 2.6x 11.3x 13.1x 16.2x 36% 22% The Hershey Company 158 99% 32,533 36,214 4.4x 16.9x 20.1x 23.4x 45% 26% Tyson Foods, Inc. 74 95% 27,483 36,577 0.9x 7.4x 9.8x 14.2x 13% 11% Hormel Foods Corporation 48 91% 26,186 25,724 2.7x 18.6x 21.7x 27.2x 20% 14% McCormick & Company, Incorporated 88 83% 23,672 28,307 5.1x 22.4x 26.5x 30.1x 41% 21% Kellogg Company 62 85% 21,350 29,578 2.1x 12.0x 16.1x 15.7x 34% 17% Conagra Brands, Inc. 37 94% 18,507 28,057 2.4x 11.0x 13.2x 15.5x 29% 21% Associated British Foods plc 23 92% 18,431 20,598 1.5x 11.0x 21.7x 28.9x 23% 11% George Weston Limited 108 99% 16,490 40,627 0.7x 8.1x 14.0x 14.6x 31% 8% Saputo Inc. 37 96% 15,345 19,070 1.3x 13.2x 19.7x 19.2x 10% 9% Campbell Soup Company 49 91% 14,960 20,275 2.3x 10.0x 14.4x 16.6x 35% 19% The J. M. Smucker Company 124 94% 13,716 18,216 2.2x 9.0x 12.4x 15.1x 39% 24% Post Holdings, Inc. 103 96% 6,793 13,274 2.3x 12.5x 20.6x 25.5x 31% 18% Pilgrim's Pride Corporation 24 92% 5,871 7,906 0.7x 8.5x 18.4x 13.1x 7% 6% Flowers Foods, Inc. 23 93% 5,068 6,083 1.4x 10.4x 16.7x 21.2x 50% 11% The Hain Celestial Group, Inc. 42 93% 4,403 4,745 2.3x 19.3x 27.0x 30.0x 25% 11% J & J Snack Foods Corp. 157 93% 2,994 2,769 2.8x 39.5x NM 52.1x 21% 6% Fresh Del Monte Produce Inc. 28 78% 1,330 2,121 0.5x 8.0x 25.7x 17.1x 7% 4% ARYZTA AG 1 92% 1,037 1,977 0.7x 21.4x NM NM 12% 2% Food Production Median $49 92.9% $19,929 $28,182 2.2x 11.1x 16.4x 19.0x 33% 15% Source: Capital IQ, data as of March 2021 www.peakstone.com 5 Food and Beverage Industry Insight | March 2021 Selected U.S.
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