CST Brands, Inc. to Alimentation Couche-Tard Inc.

Deal Information

Target

CST Brands, Inc.

Acquiror

Alimentation Couche-Tard Inc.

Sector

Fuel & Convenience Stores

Target Type

Public

Acquiror Type

Strategic

Advisors

BofA

Enterprise Value

$4.4B

EV / LTM Sales

EV / LTM EBITDA

EV / Fwd EBITDA

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

Retail LTM EBITDA selected range: 8.0x - 12.0x

14 comps


-	-	Golden Gallon Holding LLC	The Pantry, Inc.	-	-	-	-
-	-	The Circle K Corporation	Alimentation Couche-Tard Inc.	-	-	-	-
-	-	Uni-Marts, LLC	Green Valley Acquisition Co., LLC	-	-	-	-
-	-	7-Eleven, Inc.	Seven-Eleven Japan Co., Ltd.	-	-	-	-
	-	Susser Holdings Corporation	Wellspring Capital Management LLC	-	-	-	-
-	-	TCFS Holdings, Inc. (Town & Country Food Stores, Inc.)	Susser Holdings Corporation	-	-	-	-
-	-	Statoil Fuel & Retail ASA	Alimentation Couche-Tard Inc.	-	-	-	-
	-	Susser Holdings Corporation	Energy Transfer Partners, L.P.	-	-	-	-
-	-	Hess Retail Holdings LLC	Marathon Petroleum Corporation	-	-	-	-
-	-	Aloha Petroleum, Ltd.	Energy Transfer Partners, L.P.	-	-	-	-
-	-	The Pantry, Inc.	Alimentation Couche-Tard Inc.	-	-	-	-
-	-	Access Midstream Partners GP, L.L.C.	Williams Companies, Inc.	-	-	-	-
-	-	Lehigh Gas GP, LLC	CST Brands, Inc.	-	-	-	-
-	-	TransMontaigne GP LLC	ArcLight Capital Partners	-	-	-	-
		Mean			-	-	-
		Median			-	-	-

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

Sum of parts

WACC: 7.25% – 8.75%
Terminal method: Exit multiple
Terminal assumption: 8.0x – 10.0x (retail terminal value EBITDA)
Forecast basis: CST management forecasts
Forecast period: fiscal year 2016 after June 30, 2016 through the full fiscal year ending December 31, 2020

Advisor	WACC	Terminal method	Terminal assumption	Forecast basis	Forecast period	Filing
BofA Sum of parts	7.25% – 8.75%	Exit multiple	8.0x – 10.0x (retail terminal value EBITDA)	CST management forecasts	fiscal year 2016 after June 30, 2016 through the full fiscal year ending December 31, 2020	Open