RubinBrown Middle Market Food & Beverage Sector 2016 Update
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 1,913.4 $
Market Cap.
Revenue (LTM) 736.5 $
EBITDA (LTM)
Revenue (NTM) 797.4 $
EBITDA (NTM)
Company Name
National Beverage Corp. The Boston Beer Company, Inc. MGP Ingredients Inc. Craft Brew Alliance, Inc. Primo Water Corporation
2,050.9 $
123.1 $
133.2 $
8.3% 16.7% 16.7% 1.7% 19.9% 19.0% 7.9% 15.3% 16.1% 10.2% 6.2% 11.0% 5.9% 14.0% 17.7% 21.7% 2.8% 5.8% 9.9% -1.3% 3.0% n/a 26.0% n/a n/a 10.8% n/a
2.6x 2.0x 2.2x 1.9x 2.5x 2.4x 1.4x 2.6x 0.5x
15.5x 10.0x 14.6x 31.0x 18.1x 85.8x
2.4x 2.0x 2.1x 1.7x 2.4x 2.0x
14.4x 10.3x 13.0x 15.8x 13.5x 34.1x 42.0x
1,882.1
1,909.2
941.9 319.1 205.4 132.0
187.4
957.7 344.3 226.3 139.8
182.1
716.4 394.0 334.5 157.0
676.6 362.2 315.8 140.1
49.0 12.7 18.5
55.3 24.9 24.8
Castle Brands Inc.
65.1 45.7 18.1 67.4
1.8
79.2 50.2
4.6 1.5
REEDS, Inc.
63.2 46.6 34.1 33.8 23.0
52.0 40.0 19.2 32.1
(0.6)
n/a 1.3x
4.7 7.3
n/a n/a n/a n/a n/a n/a n/a n/a
9.9x 4.7x
n/a n/a n/a n/a
Willamette Valley Vineyards Inc. Crystal Rock Holdings, Inc. Long Island Iced Tea Corp.
3.1
(5.0)
n/a -163.0% n/a 11.0x
n/a n/a n/a
Truett-Hurst, Inc.
6.9
25.8
0.6
n/a 2.5% n/a
0.9x
35.6x
n/a n/a
Count
11
11
11
11
7
7
7
11
7
11
9
7
7
Minimum Maximum
$
23.0
$
6.9
$
3.1
$
(5.0)
$
50.2
$
1.5
1.7% -163.0% 3.0%
0.5x
4.7x
1.3x 2.4x 2.0x 2.0x
10.3x 42.0x 20.4x 14.4x
1,913.4
2,050.9
941.9 232.7
187.4
957.7 370.7 226.3
182.1
21.7% 26.0% 19.0% 11.0x
85.8x 25.0x 15.5x
Mean
508.9 157.0
509.5 140.1
36.3
60.9 24.9
9.4% -4.6% 12.8% 8.3% 10.8% 16.1%
2.7x 2.2x
Median
67.4
7.3
Source: S&P Capital IQ Includes Beverage Companies with LTM Revenue less than $1.0 billion.
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Food & Beverage Industry Sector: 2016 Update
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