Deal Detail

Reynolds American to BAT

Tobacco/Jan 2017

EV / LTM EBITDA

15.4x

EV / LTM Sales

Enterprise Value

Primary Source

Goldman Sachs

Comparable Transactions

Tobacco transactions announced in the five years to January 2017. 6 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
Jun 2015	TDR d.o.o.	BAT	$599M	-	12.5x	Strategic
Feb 2015	Souza Cruz (24.7%)	BAT	$14.2B	-	16.0x	Strategic
Jul 2014	RAI	Imperial Brands	$7.1B	-	8.8x	Strategic
Jul 2014	Lorillard, Inc.	RAI	$27.9B	-	13.8x	Strategic
Jul 2014	Lorillard, Inc. and RAI assets	Imperial Tobacco Group p.l.c.	$7.1B	-	8.8x	Strategic
May 2012	Gryson NV	Japan Tobacco Inc.	$598M	-	12.3x	Strategic
	Mean			-	12.0x
	Median			-	12.4x

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	Goldman Sachs	2017	-	-	15.4x	-	-	Open