Table 3: Historical median trading multiples EV/Revenue EV/EBITDA EV/EBIT
10.0X
9.5X
9.0X
8.5X
8.0X
7.5X
7.0X
6.5X
6.0X
5.5X
5.0X
4.5X
4.0X
3.5X
3.0X
2.5X
2.0X
1.5X
1.0X
0.5X
0.0X
2019
2020
2021
2022
2023
Branded packaged goods
Average 2.4x
Natural/organic
Average 1.0x
Beverage
Average 4.3x
Snack
Average 3.3x
Agribusiness
Average 0.9x
Table 3: Historical median trading multiples EV/Revenue EV/EBITDA EV/EBIT
20.0X
19.0X
18.0X
17.0X
16.0X
15.0X
14.0X
13.0X
12.0X
11.0X
10.0X
9.0X
8.0X
7.0X
6.0X
5.0X
4.0X
3.0X
2.0X
1.0X
0.0X
2019
2020
2021
2022
2023
Branded packaged goods
Average 12.3x
Natural/organic
Average 14.1x
Beverage
Average 18.2x
Snack
Average 17.9x
Agribusiness
Average 8.5x
Table 3: Historical median trading multiples EV/Revenue EV/EBITDA EV/EBIT
40.0X
38.0X
36.0X
34.0X
32.0X
30.0X
28.0X
26.0X
24.0X
22.0X
20.0X
18.0X
16.0X
14.0X
12.0X
10.0X
8.0X
6.0X
4.0X
2.0X
0.0X
2019
2020
2021
2022
2023
Branded packaged goods
Average 16.0x
Natural/organic
Average 21.6x
Beverage
Average 24.6x
Snack
Average 21.4x
Agribusiness
Average 16.2x
