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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
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 | 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 |