Applebee’s International to IHOP Corp.

EV / LTM EBITDA

9.0x

EV / LTM Sales

Enterprise Value

$2.1B

Primary Source

Piper Sandler

All Observations

Source-specific multiples and notes for this transaction.

Primary?	Source Type	Fairness Opinion / Source	Advisor	Source Year	Enterprise Value	EV/Sales	EV/EBITDA	EV/Fwd EBITDA	Note	Citation
Primary	fairness opinion	DFRG FO	Piper Sandler	2019	$2.1B	-	9.0x	-	before preop & SBC	Open