Deal Detail

Lakson Tobacco Co. Ltd. to Philip Morris International

Tobacco/Jan 2007

EV / LTM EBITDA

14.8x

EV / LTM Sales

Enterprise Value

$675M

Primary Source

JPMorgan

Comparable Transactions

Tobacco transactions announced in the five years to January 2007. 5 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
Dec 2006	Gallaher Group PLC	Japan Tobacco Inc.	$18.9B	-	13.0x	Strategic
Apr 2006	Conwood Company	RAI	$3.5B	-	13.6x	Strategic
Mar 2005	PT HM Sampoerna Tbk	Philip Morris International	$5.1B	-	13.9x	Strategic
Jul 2003	Ente Tabacchi Italiani SpA	BAT	$2.7B	3.3x	11.8x	Strategic
Mar 2002	Reemtsma Cigarettenfabriken GmbH	Imperial Tobacco Group p.l.c.	$5.1B	-	13.4x	Strategic
	Mean			-	13.1x
	Median			-	13.4x

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	RAI FO	JPMorgan	2017	$675M	-	14.8x	-	-	Open
	-	fairness opinion	RAI FO	Lazard	2017	$675M	-	14.6x	-	-	Open