Deal Detail

Avon Products, Inc. to Natura & Co Holding S.A.

EV / LTM EBITDA

9.5x

EV / LTM Sales

Enterprise Value

Primary Source

JPMorgan

Comparable Transactions

HHP/Pers Care transactions announced in the five years to May 2019. 3 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
Jan 2019	Elemis Ltd	L'Occitane International S.A.	$900M	6.4x	22.6x	Strategic
Jul 2017	Waterpik	Church & Dwight	$1.0B	3.8x	12.5x	Strategic
Jun 2016	Elizabeth Arden, Inc.	Revlon, Inc.	-	-	34.3x	Strategic
	Mean			-	23.1x
	Median			-	22.6x

Source-specific multiples and notes for this transaction.

Comp	Primary?	Source Type	Source	Source Advisor	Source Year	EV (USD)	EV/Sales	EV/EBITDA	EV/Fwd EBITDA	Note	Citation
	Primary	fairness opinion	OLPX FO	JPMorgan	2026	-	-	9.5x	-	-	Open