RubinBrown Food & Beverage Mid-Year Review 2014
Public Company Subsector Constituents: Ingredients Companies
Projected Revenue Growth (NTM)
EBITDA Margin (NTM)
EBITDA Margin (LTM)
EV/Revenue (LTM)
EV/EBITDA (LTM)
EV/Revenue (NTM)
EV/EBITDA (NTM)
EBITDA (NTM)
Revenue (NTM)
Enterprise Value Market Cap
Revenue (LTM)
Company Name
EBITDA (LTM)
Limoneira Company
383 8 $ 3 . 267.8 295.1 206.6 164.0
308 7 $ 3 . 285.9 275.8 151.8 140.8
$
94 9 9 .
$
12 7 1 . 86.0 21.8
13 4% 87 9 $ . 8 . 33.2% 261.7 23.1% 103.7 32.7% n/a 2.9% n/a 2.0% 55.7 2.0% 55.7 17.9% 127.3 18.2% 95.8 33.2% 261.7 $
7 4% n/a - . 1.1% 60.5 9.9% n/a n/a n/a n/a n/a 24.7% 2.8 24.7% 60.5 $ -7.4% 2.8 7.1% 31.7 5.5% 31.7
n/a 4 0x . 23.1% 1.0x n/a 3.1x n/a 8.6x n/a 0.5x
30 2x .
4 4x . 1.0x 2.8x n/a n/a 1.6x 4.4x 1.0x 2.5x 2.2x
n/a 4.4x n/a n/a n/a
Omega Protein Corporation
258.9
3.1x
Alico Inc.
94.4 23.9
13.6x 26.4x 18.2x
Griffin Land & Nurseries Inc.
7.8 9.0 0.9
MGP Ingredients Inc. S&W Seed Company
315.9
90.6
75.6
44.7
5.0% 2.0x 102.0x 23.1% 8.6x 102.0x
32.3x 32.3x 18.4x 18.4x 4.4x
Maximum Minimum
383.8 $
308.7 $
315.9 $
$
86.0
90.6
75.6
23.9
0.9
5.0% 0.5x 14.1% 3.2x 14.1% 2.6x
3.1x
Mean Median
234.6 237.2
206.4 213.8
138.8
23.0 10.9
32.2x 22.3x
94.6
$ in millions Source: Capit al IQ Includes Agricult ural Product s Companies wit h LTM Revenue less t han $1 billion.
Capital IQ Screen Criteria Used Throughout This Publication: 1. M&A Transactions: • Industries: Food Products and Beverages
• Geographic Location of Buyer and/or Target: United States of America • M&A Closed Date: 1/1/2012 – 6/30/2014 2. Public Companies: • Industries: Packaged Foods and Meats, Beverages, and Agricultural Products • Geographic Location: United States of America
• Total LTM Revenues: < $1.0 billion • Exchanges: Major US Exchanges
Food & Beverage Sector: 2014 Mid-Year Update
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