RubinBrown Food & Beverage Year in Review 2013

Public Company Subsector Constituents: Beverage Companies

Projected Revenue Growth (NTM)

EBITDA Margin (NTM)

EBITDA Margin (LTM)

EBITDA (NTM)

EV/Revenue (LTM)

EV/EBITDA (LTM)

EV/Revenue (NTM)

EV/EBITDA (NTM)

Enterprise

Revenue (LTM)

EBITDA (LTM)

Revenue (NTM)

Company Name

Value Market Cap

Boston Beer Co Inc . . National Beverage Corp. Craft Brew Alliance, Inc.

3 029 6 $ 3, .

3 072 7 $ 3, .

$

686 7 6 . 652.6 176.9

$

136 2 1 .

19 8% 819 7 $ . 8 . 12.2% 661.2 6.4% 195.8 -0.7% 45.5 -3.2% n/a 7.8% n/a 9.6% n/a 22.9% n/a -0.8% 147.4 -0.8% 28.5 22.9% 819.7 $ -3.2% 28.5 7.3% 316.3 7.1% 171.6

19 4% 162 5 $ . 1 . 1.3% n/a 10.7% 18.5 28.4% 2.0

19 8% 4 4x . .

22 2x . 11.9x 28.1x

3 7x . 1.4x 1.6x 2.4x

18 6x .

942.4 318.6 109.2 102.6

934.0 311.0 102.8

79.4 11.3

n/a

1.4x

n/a

9.5% 1.8x 4.4% 3.1x

17.2x 54.6x

REEDS, Inc.

35.5 37.4 92.6 71.0 13.5

(0.2) (1.2)

-461.0x -85.1x

Castle Brands Inc.

84.8 63.2 20.7 30.4 32.4 11.3

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

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

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

2.7x 0.9x 0.5x 2.6x 0.2x

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

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

Primo Water Corporation Crystal Rock Holdings, Inc. Willamette Valley Vineyards Inc. Coffee Holding Company, Inc.

81.3 38.8 34.6 30.0 25.0

7.2 6.8 3.1

11.2x

5.7x

11.2x -28.6x -173.3x

134.0

(1.0) (0.1)

10.0% n/a 63.7% 1.7 63.7% 162.5 $ 1.3% 1.7 22.2% 46.2 15.0% 10.3

0.2x 0.9x 3.7x 0.2x 1.7x 1.5x

Truett-Hurst, Inc.

17.4

5.9% 1.4x

14.9x

Maximum Minimum

3,029.6 $

3,072.7 $

$

686.7

$

136.2

19.8% 4.4x 4.4% 0.2x 9.9% 1.9x 7.7% 1.6x

28.1x

54.6x 14.9x 26.3x 17.9x

25.0

11.3

13.5

(1.2)

-461.0x -65.8x

Mean

471.2

466.3

191.8

24.1

Median

91.9

74.0

81.8

4.9

8.4x

$ in millions Source: Capital IQ Includes Beverage Companies with LTM Revenue less than $1 billion.

Food & Beverage Sector: 2013 Review

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