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Seale & Associates Creative Solutions. Trusted Advice. FAST FOOD INDUSTRY Q1 2020 VALUATION UPDATE FAST FOOD 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 COMPARABLE PUBLIC COMPANIES – GLOBAL ENTERPRISE VALUE > US$1B Annual Average Pre Downturn After Downturn Market Annual Enterprise EBITDA EV / EBITDA February 19, 2020 April 21, 2020 Company Country Cap. Revenue Value Margin EV / EV / EV / EV / US$MM US$MM 2018 2019 EBITDA Revenue EBITDA Revenue Alsea, S.A.B. de C.V. MEX $565 $2,547 $3,083 15.2% 11.0x 9.9x 7.9x 1.6x 4.8x 1.1x AmRest Holdings SE ESP $1,329 $2,850 $2,201 11.2% 16.4x 14.6x 12.0x 2.0x 7.8x 1.4x Arcos Dorados URY $759 $2,223 $2,959 9.7% 9.3x 9.9x 9.4x 1.0x 6.2x 0.8x Holdings Inc. Carrols Restaurant USA $152 $1,461 $1,463 5.1% 8.0x 10.5x 10.0x 1.1x 8.0x 1.0x Group, Inc. Café de Coral Holdings HKG $1,100 $1,373 $1,092 11.2% 11.1x 12.0x 12.9x 1.5x 11.0x 1.2x Limited Chipotle Mexican Grill, USA $22,489 $24,460 $5,586 12.4% 21.6x 31.1x 26.9x 5.0x 23.6x 4.4x Inc. Dairy Farm HKG $6,249 $10,406 $11,192 5.2% 16.8x 17.5x 17.0x 1.0x 6.8x 0.9x International Holdings Domino's Pizza Group GBR $1,914 $2,195 $666 21.1% 15.9x 14.1x 18.1x 3.2x 16.1x 3.5x plc Jubilant FoodWorks IND $2,588 $2,488 $547 18.0% 46.2x 31.2x 34.6x 6.2x 27.2x 4.9x Limited McDonald's USA $135,410 $182,068 $21,077 49.9% 15.7x 17.8x 16.2x 9.9x 14.8x 8.6x Corporation Restaurant Brands CAN $13,155 $26,929 $5,603 39.5% 13.0x 15.3x 16.6x 5.9x 13.5x 4.8x International Inc. Restaurant Brands New NZL $890 $1,225 $594 13.0% 12.0x 13.9x 17.8x 2.6x 14.3x 2.3x Zealand Limited Shake Shack Inc. USA $1,598 $1,888 $595 11.8% 23.9x 28.1x 25.0x 5.0x 14.9x 3.2x The Wendy's Company USA $4,020 $7,433 $1,370 29.6% 16.3x 18.8x 23.6x 6.4x 20.7x 5.4x Xiabuxiabu Catering CHN $920 $1,084 $866 13.0% 16.4x 12.0x 7.9x 1.5x 9.6x 1.2x Management Holdings Yum! Brands, Inc. USA $24,688 $35,417 $5,597 36.1% 18.4x 21.8x 20.7x 7.4x 17.2x 6.3x Yum China Holdings, CHN $17,004 $17,658 $8,776 14.9% 10.6x 10.0x 4.7x 2.0x 8.2x 2.0x Inc. Mean 22.0% 18.9x 19.3x 19.1x 4.7x 15.6x 4.0x Median 16.4% 16.4x 17.6x 17.9x 5.0x 14.9x 3.9x Fast Food Industry Source: Capital IQ, Mergermarket Seale & Associates Q1 2020 Creative Solutions. Trusted Advice. FAST FOOD INDUSTRY – VALUATION UPDATE CURRENT MARKET SITUATION ENTERPRISE VALUE < US$1B Annual Average Pre Downturn After Downturn Market Annual Enterprise EBITDA EV / EBITDA February 19, 2020 April 20, 2020 Company Country Cap. Revenue Value Margin EV / EV / EV / EV / US$MM US$MM 2018 2019 EBITDA Revenue EBITDA Revenue Collins Foods Limited AUS $518 $894 $639 12.1% 9.4x 11.2x 15.2x 1.8x 12.3x 1.5x Famous Brands Limited ZAF $200 $350 $471 15.0% 11.9x 9.7x 8.0x 1.2x 6.0x 0.9x Herfy Food Services SAU $732 $924 $343 25.0% 11.2x 12.7x 11.8x 3.0x 8.7x 2.7x Company Mos Food Services, Inc. JPN $783 $745 $627 4.8% 15.8x 23.1x 27.6x 1.3x 24.9x 1.2x MTY Food Group Inc. CAN $404 $753 $415 26.8% 15.3x 13.9x 13.2x 4.1x 7.2x 1.9x Ohsho Food Service JPN $1,002 $914 $775 11.7% 13.7x 12.6x 11.3x 1.3x 10.0x 1.2x Corp. Pepper Food Service JPN $94 $148 $621 1.9% 33.5x 13.7x 20.0x 0.4x 12.2x 0.2x Co., Ltd. Westlife Development IND $640 $661 $218 11.2% 84.6x 44.9x 44.3x 5.0x 29.1x 3.3x Limited Mean 11.3% 32.6x 21.6x 23.3x 2.4x 16.7x 1.6x Median 11.2% 15.8x 13.9x 20.0x 1.3x 12.2x 1.2x Fast Food Industry Source: Capital IQ, Mergermarket Seale & Associates Q1 2020 Creative Solutions. Trusted Advice. FAST FOOD INDUSTRY – VALUATION UPDATE CURRENT MARKET SITUATION COMPARABLE TRANSACTIONS - GLOBAL % Size EV / EV / Date Target Country Description Buyer Acquired US$MM EBITDA Revenue Chain of Domino's Pizza Feb-20* DP Norway AS NOR Undisclosed 71% - - - stores Franchises fast casual Jan-20 The Habit Restaurants, Inc. USA Yum! Brands, Inc. 100% $590 8.7x 1.2x restaurants Aug-19* Burger King Business in Colombia COL Fast Food chain Undisclosed 100% - - - Aug-19 PizzaPortal POL Fast Food restaurants Glovoapp23, S.L. 100% $39 - - Jun-19 Assets of Yuzu Sushi CAN Operates restaurants MTY Food Group Inc. 100% $21 - - Quick services and casual Mar-19 AmRest Holdings SE ESP Fcapital Dutch B.V. 11% $348 20.0x 2.2x dining restaurants Restaurant Brands New Zealand Quick service and takeaway Oct-18 NZL Finaccess Capital 75% $686 13.3x 1.6x Limited restaurants KingSett Capital; KingSett Canadian Jul-18 SAS Sushi Shop Group FRA Fast food chain 100% $292 - 1.9x Real Estate Income Fund Jul-18 Megafood S.A. ESP Fast food chain Restaurant Brands International Inc. 100% $117 0.0x 1.1x Feb-18 Wuxi KFC Co., Ltd. CHN Fast Food restaurants Yum China Holdings, Inc. 36% $98 - - Operates fast food Dec-17 Pizza Pizza ehf ISL Domino's Pizza Group plc 44% $36 NM 1.7x restaurants Dec-17 Imvescor Restaurant Group Inc. CAN Franchises MTY Food Group Inc. 100% $215 16.5x 5.5x Operates and develops Nov-17 Buffalo Wild Wings, Inc. USA Arby's Restaurant Group, Inc. 100% $2,892 11.2x 1.4x franchises Feb-17 Popeyes Louisiana Kitchen, Inc. USA Franchises Restaurant Brands International Inc. 100% $1,827 20.5x 6.8x Operates fast food Sep-16 Gourmet Burger Kitchen GBR Famous Brands Limited 100% $160 12.5x - restaurants Jul-16 AmRest Holdings SE ESP Operates restaurants Finaccess México, SA de CV 34% $856 NM 1.8x May-16 Kahala Brands, Ltd. USA Fast Food restaurants MTY Food Group Inc. 100% $340 10.4x 2.4x Domino's Pizza Group plc; Domino's Dec-15 Domino's Pizza Deutschland GmbH DEU Pizza shops 100% $137 21.0x 0.9x Pizza Enterprises Limited NM: Not Meaningful Mean 13.4x 2.4x *Announced Median 12.9x 1.7x Fast Food Industry Source: Capital IQ, Mergermarket Seale & Associates Q1 2020 Creative Solutions. Trusted Advice. REPRESENTATIVE MEXICO ENGAGEMENTS intelectiva® has acquired has merged with merged its merged its has acquired has acquired beverage division beverage division with 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 has formed a has carved out and sold its the casting tools business sold partnership to market sold between concrete pumping assets and develop oil storage in Mexico and distribution in has been acquired by to Mexico 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 Finance dealers of in a business unit of Advisory Advisory Services Services has sold has acquired its sanitaryware business Grupo Galaz, S.A de C.V. has partnered with has been acquired by workshop and store in and has been acquired by Mexico City from Acquisition Advisory Services to Washington, D.C. | Miami | Mexico City | Monterrey Mexico Contact Information Seale & Associates James A. Seale President Creative Solutions. Trusted Advice. [email protected] Brett M. Carmel Senior Managing Director & Co-founder Since 1999, Seale & Associates has been the trusted advisor to [email protected] Felipe Bueno Viesca highly respected public and private companies from around the Senior Director world, with a track record of success in a diverse range of [email protected] Sergio Garcia del Bosque industries. Seale is an elite boutique global investment banking Managing Director [email protected] firm with extensive experience in mergers and acquisitions Adan Sierra (M&A), corporate finance advisory, and enterprise level strategy Managing Director [email protected] consulting. Our experienced team of professionals are Carlos Hernandez committed to serving clients with excellence and integrity, while Managing Director [email protected] offering innovative ideas and solutions to address complex Alejandro Montemayor dealings. Senior Associate [email protected] ADVISOR TO LEADING COMPANIES WORLDWIDE Sofia Felix Business Development [email protected] Armando Rios Analyst [email protected] Aaron Garcia Analyst [email protected] Daniel Schorn Analyst [email protected] Nicolas Reynoso Analyst CONTACT INFORMATION [email protected] Miguel Leal Business Development [email protected] Alberto Lopez Junior Analyst [email protected] Alejandro Salinas Junior Analyst Headquarter Latin America Office [email protected] 901 N.
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