Select Food and Beverage Public Company Valuation Trends - Q1-2020
Source: Capital IQ as of April 1, 2020
(1) Median analysis of December 31, 2019 and April 1, 2020 Enterprise Values divided by CY2019 EBITDA; while the percentage change in Enterprise Values are expressed in multiples of 2019 EBITDA, until Q1 earnings have been released or accurate forward guidance restored, it remains unclear how much changes in EV are being driven by earnings expectations versus applied or implied valuation multiples.
Note: Grocery Retail includes COST, AD, SFM, LSE:TSCO, KR, VLGE.A, and WMK; Bakery includes FLO, WN, and BMV:BIMBO A; Grocery Distribution includes CORE, PFGC, SPTN, and UNFI; Ingredient includes GIVN, IFF, KRZ, SXT, and SY1; Protein includes HRL, JBSS3, TSX:MFI, PBH, SAFM, SEB, and TSN; CPG Food includes ABF, BGS, CPB, CAG, BN, GIS, HAIN, HSY, TWNK, SJM, JBSS, K, LANC, MKC, MDLZ, NESN, POST, SMPL, and THS; Non-Alcoholic Beverage includes KO, KDP, PRMW, LAS.A, MNST, FIZZ, and PEP; Alcoholic Beverage includes ABI, BF.B, CARL, STZ, DGE, HEIA, 2503, RI, and 2501; Produce includes CVGW, FDP, SENE.A, and T7O; Agribusiness includes ANDE, ADM, BG, DAR, and MOS; Foodservice Distribution includes CHEF, SYY, and USFD. All Food & Beverage includes all listed tickers.
8.3x
9.4x
Grocery Retail
Food and Beverage EV/EBITDA
8.5x
15.6x
Q1 % Change in Market Cap.
14.8x
S&P 500
Q1 % Change in EV
Bakery
Grocery - Dist.
Ingredient
Protein
CPG Food
Non-Alcholic Beverages
Alcoholic Beverages
Produce
Agribusiness
Foodservice - Dist.
All Food & Beverage
S&P 500 Consumer Staples
9.0x
11.0x
11.9x
18.5x
20.0x
13.9x
13.2x
14.3x
16.6x
11.2x
13.6x
10.2x
12.9x
7.9x
10.7x
8.9x
15.4x
11.8x
13.4x
13.7x
15.9x
11.3x
14.1x
(2.5%)
(4.5%)
(4.0%)
(9.2%)
(15.6%)
(11.3%)
(16.8%)
(22.0%)
(30.3%)
(33.2%)
(63.3%)
(16.6%)
(15.0%)
(23.5%)
(2.2%)
(3.9%)
(6.9%)
(7.6%)
(10.5%)
(10.8%)
(13.8%)
(17.9%)
(21.2%)
(26.4%)
(42.3%)
(12.3%)
(11.8%)
(20.0%)
12/31/2019
4/1/2020
(1)