RubinBrown Food & Beverage Update 2015

Public Company Subsector Constituents: Beverage Companies

$ in Millions

Fundamentals

Ratios

Multiples

Proj. Revenue Growth (NTM)

EBITDA Margin (LTM)

EBITDA Margin (NTM)

EV/ Revenue (LTM)

EV/ EBITDA (LTM)

EV/ Revenue (NTM)

EV/ EBITDA (NTM)

Enterprise Value 2,973.6 $

Market Cap.

Revenue (LTM)

EBITDA (LTM)

Revenue (NTM)

EBITDA (NTM)

Company Name Boston Beer Co. Inc.

3,095.2 $ 1,042.9

918.7 $ 645.8 314.8 197.9 112.0 50.7

195.3 $

1,052.5 $

220.2 $

14.6% 21.3% 20.9% n/a 13.2% n/a n/a 7.9% n/a 27.7% -0.3% 2.5% 7.5% 6.6% n/a 7.9% 8.5% 13.7% n/a 25.6% n/a n/a 6.1% n/a 10.1% -3.9% -1.0% 7.5% -3.9% -1.0% 27.7% 25.6% 20.9% 14.3% 8.7% 9.0% 12.3% 7.2% 8.1% 6 10 4

3.2x 1.5x 1.0x 4.6x 1.2x 1.5x 2.4x 0.5x 1.1x

15.2x 11.6x 12.1x 17.8x 17.5x

2.8x

13.5x

National Beverage Corp. MGP Ingredients Inc. Craft Brew Alliance, Inc. Primo Water Corporation Willamette Valley Vineyards Inc. Crystal Rock Holdings, Inc. Castle Brands Inc. REEDS, Inc.

995.6 301.1 233.5 230.8 166.6

85.6 24.8 (0.2) 13.0

n/a n/a n/a n/a

n/a n/a n/a n/a

297.3 219.3 211.6 142.4

64.8

1.6

n/a 3.6x 145.9x

212.7 120.8

n/a 16.5

1.1x 1.4x 1.7x

n/a

9.5 0.7 4.1 4.6

10.1x

89.4 39.2 36.0 27.7

81.5 34.0 16.0

45.1 16.1 74.6 24.7

53.2

n/a 17.8% 1.5% n/a

2.0x 130.0x

n/a

n/a n/a n/a n/a

9.5x 7.9x

n/a n/a n/a n/a

Truett-Hurst, Inc.

9.1

(1.0)

27.2

(0.3)

n/a 1.0x

n/a

Count

10

10

10

10

6

4

10

8

6

3

Minimum Maximum

$

27.7

$

9.1

16.1 $

$

(1.0)

27.2 $

$

(0.3)

0.5x

7.9x

1.0x

10.1x

2,973.6

3,095.2

918.7 240.0

195.3

1,052.5

220.2

4.6x 130.0x

3.6x 145.9x

Mean

509.3 198.7

514.9 177.0

33.7

255.2

59.5

1.9x 1.5x

27.7x 13.7x

1.9x 1.5x

56.5x 13.5x

Median

93.3

7.1

92.8

9.1

Source: S&P Capital IQ Includes Beverage Companies with LTM Revenue less than $1.0 billion.

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Food & Beverage Industry Sector: 2015 Mid-Year Update

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