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Deal Detail
SodaStream Ltd. to PepsiCo, Inc.
EV / LTM EBITDA
25.3x
EV / LTM Sales
-
Enterprise Value
$3.1B
Primary Source
Perella Weinberg
Comparable Transactions
Beverages transactions announced in the five years to August 2018. 13 with a disclosed multiple.
| Date | Target | Acquiror | Enterprise Value | EV/Sales | EV/EBITDA | Type |
|---|---|---|---|---|---|---|
| Jan 2018 | Dr Pepper Snapple Group, Inc. | Keurig Green Mountain, Inc. | - | - | 16.0x | Strategic |
| Oct 2017 | Chicago Bar Company LLC | Kellogg Company | - | - | 19.5x | Strategic |
| Oct 2017 | Refresco Group N.V. | PAI Partners & British Columbia Investment Management Corporation | - | - | 8.5x | Financial |
| Jul 2017 | Cott Corporation's Bottling Business | Refresco Group N.V. | - | - | 9.2x | Strategic |
| Dec 2016 | Anheuser-Busch InBev SA/NV (CEE Brands) | Asahi Group Holdings, Ltd. | - | - | 14.8x | Strategic |
| Aug 2016 | S&D Coffee | Cott Corporation | - | - | 7.0x | Strategic |
| Dec 2015 | Keurig Green Mountain, Inc. | JAB Holding / Mondelez, JAB Holding Company | - | - | 13.5x | Strategic |
| Nov 2015 | Ballast Point Brewing & Spirits, Inc. | Constellation Brands | - | - | 16.8x | Strategic |
| Nov 2015 | MillerCoors LLC (58% stake) | Molson Coors Brewing Company | - | - | 11.5x | Strategic |
| Aug 2015 | SABMiller plc | Anheuser-Busch InBev NV, Anheuser-Busch InBev SA/NV | - | - | 16.3x | Strategic |
| Jul 2014 | Apple & Eve, LLC | Lassonde Industries Inc. | $150M | 0.8x | 9.9x | Strategic |
| Jan 2014 | Oriental Brewery Co. Ltd. | Anheuser-Busch InBev SA/NV | - | - | 11.6x | Strategic |
| Jan 2014 | Beam Inc. | Suntory Holdings Limited | - | - | 20.3x | Strategic |
| Mean | - | 13.5x | ||||
| Median | - | 13.5x |
All Observations
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 | SODA FO | Perella Weinberg | 2018 | $3.1B | - | 25.3x | - | Target's own FO (Perella Weinberg, 6-K filed 2018-09-12). EV and multiples are DERIVED; the opinion states no enterprise value or implied transaction multiple for SodaStream itself. Merger consideration $144.00 per ordinary share in cash. Perella Weinberg applied a precedent range of 18.1x-25.5x against TWO last-twelve-month dates: LTM to 2018-06-30 implying $105.00-$145.00 per share, and LTM to 2018-07-31 implying $110.00-$152.00 per share. Solving each: LTM to 06-30 gives EBITDA of $5.4054 per share and net CASH of $7.16 per share, so EV per share = 144.00 - 7.16 = $136.84 and the multiple is 25.3x; LTM to 07-31 gives EBITDA of $5.6757 per share, net cash $7.27, EV per share $136.73 and 24.1x. The 25.3x recorded here is the LTM to 2018-06-30 basis (the last publicly reported quarter-end before announcement); on the 2018-07-31 basis the figure is 24.1x. On 22,712,995 ordinary shares outstanding at the 2018-09-04 record date: equity $3,271m, net cash ~$163m, EV ~$3,107m, LTM EBITDA ~$123m (to 06-30) or ~$129m (to 07-31). NOTE: the fo_analyses row for this FO currently stores the range as $105.00-$152.00, which merges the low of one range with the high of the other; the two ranges above are what the filing says. Advisor range carried here is the applied 18.1x-25.5x. | Open |