Carrols Restaurant Group to Restaurant Brands International

Restaurants/Jan 2024/Jefferies

Deal Information

Target

Carrols Restaurant Group

Acquiror

Restaurant Brands International

Sector

Restaurants

Target Type

Public

Acquiror Type

Strategic

Advisors

Jefferies

Enterprise Value

$1.0B

EV / LTM Sales

EV / LTM EBITDA

7.1x

EV / Fwd EBITDA

6.5x

Comparable transactions cited by the advisor, excluding the subject transaction.

No precedent transactions are exposed for this fairness opinion yet.

Discount rate and terminal value assumptions the advisor selected for its discounted cash flow analysis.

WACC: 11.0% – 13.0%
Terminal method: Perpetuity growth
Terminal assumption: 2.5% – 3.5%
Forecast basis: FLAME Management Projections (as of December 2023), approved for Jefferies' use by the Sp… more
FLAME Management Projections (as of December 2023), approved for Jefferies' use by the Special Committee
Forecast period: calendar years 2024 through 2028

Advisor	WACC	Terminal method	Terminal assumption	Forecast basis	Forecast period	Filing
Jefferies	11.0% – 13.0%	Perpetuity growth	2.5% – 3.5%	FLAME Management Projections (as of December 2023), approved for Jefferies' use by the Sp… more FLAME Management Projections (as of December 2023), approved for Jefferies' use by the Special Committee	calendar years 2024 through 2028	Open