Piper Sandler
- WACC
- 9.3% – 14.3%
- Terminal method
- Exit multiple
- Terminal assumption
- 7.4x – 9.4x (FY2026 Adjusted EBITDA)
- Forecast basis
- Company Projections
- Forecast period
- fiscal year 2022 to fiscal year 2026
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Fairness Opinion Detail
TACO FOOpen source
Del Taco Restaurants, Inc. to Jack in the Box Inc.
Deal Information
Target
Del Taco Restaurants, Inc.
Acquiror
Jack in the Box Inc.
Sector
Restaurants
Target Type
Public
Acquiror Type
Strategic
Advisors
Piper Sandler
Transaction Metrics
Enterprise Value
$573M
EV / LTM Sales
1.1x
EV / LTM EBITDA
11.0x
EV / Fwd EBITDA
Advisor Transaction Comparables
Comparable transactions cited by the advisor, excluding the subject transaction.
Advisor: Piper Sandler
16 comps
| - | - | Firehouse Subs Financial data based on publicly available research analysts' estimates, public filings and other publicly available information. Where applicable, pro forma for significant owned real estate by adjusting transaction enterprise values for sale-leaseback proceeds and adjusting target companies' EBITDA for incremental rent expense. | Restaurant Brands International | - | - | - | - |
| - | Papa Murphy's Holdings Financial data based on publicly available research analysts' estimates, public filings and other publicly available information. Where applicable, pro forma for significant owned real estate by adjusting transaction enterprise values for sale-leaseback proceeds and adjusting target companies' EBITDA for incremental rent expense. | MTY Food Group | - | - | - | - | |
| - | Global Franchise Group Financial data based on publicly available research analysts' estimates, public filings and other publicly available information. Where applicable, pro forma for significant owned real estate by adjusting transaction enterprise values for sale-leaseback proceeds and adjusting target companies' EBITDA for incremental rent expense. | Lion Capital, Serruya Private Equity | - | - | - | - | |
| - | Bojangles' Financial data based on publicly available research analysts' estimates, public filings and other publicly available information. Where applicable, pro forma for significant owned real estate by adjusting transaction enterprise values for sale-leaseback proceeds and adjusting target companies' EBITDA for incremental rent expense. | Durational Capital, The Jordan Company | - | - | - | - | |
| - | Sonic Corp. Financial data based on publicly available research analysts' estimates, public filings and other publicly available information. Where applicable, pro forma for significant owned real estate by adjusting transaction enterprise values for sale-leaseback proceeds and adjusting target companies' EBITDA for incremental rent expense. | Inspire Brands | - | - | - | - | |
| - | Jamba Financial data based on publicly available research analysts' estimates, public filings and other publicly available information. Where applicable, pro forma for significant owned real estate by adjusting transaction enterprise values for sale-leaseback proceeds and adjusting target companies' EBITDA for incremental rent expense. | FOCUS Brands | - | - | - | - | |
| - | Qdoba Restaurant Corporation Financial data based on publicly available research analysts' estimates, public filings and other publicly available information. Where applicable, pro forma for significant owned real estate by adjusting transaction enterprise values for sale-leaseback proceeds and adjusting target companies' EBITDA for incremental rent expense. | Apollo Global Management | - | - | - | - | |
| - | Checkers & Rally's Restaurants Financial data based on publicly available research analysts' estimates, public filings and other publicly available information. Where applicable, pro forma for significant owned real estate by adjusting transaction enterprise values for sale-leaseback proceeds and adjusting target companies' EBITDA for incremental rent expense. | Oak Hill Capital Partners | - | - | - | - | |
| - | Popeyes Louisiana Kitchen Financial data based on publicly available research analysts' estimates, public filings and other publicly available information. Where applicable, pro forma for significant owned real estate by adjusting transaction enterprise values for sale-leaseback proceeds and adjusting target companies' EBITDA for incremental rent expense. | Restaurant Brands International | - | - | - | - | |
| - | Kahala Brands Financial data based on publicly available research analysts' estimates, public filings and other publicly available information. Where applicable, pro forma for significant owned real estate by adjusting transaction enterprise values for sale-leaseback proceeds and adjusting target companies' EBITDA for incremental rent expense. | MTY Food Group | - | - | - | - | |
| - | Einstein Noah Restaurant Group Financial data based on publicly available research analysts' estimates, public filings and other publicly available information. Where applicable, pro forma for significant owned real estate by adjusting transaction enterprise values for sale-leaseback proceeds and adjusting target companies' EBITDA for incremental rent expense. | JAB Holding Company | - | - | - | - | |
| - | Portillo Restaurant Group Financial data based on publicly available research analysts' estimates, public filings and other publicly available information. Where applicable, pro forma for significant owned real estate by adjusting transaction enterprise values for sale-leaseback proceeds and adjusting target companies' EBITDA for incremental rent expense. | Berkshire Partners | - | - | - | - | |
| - | Caribou Coffee Company Financial data based on publicly available research analysts' estimates, public filings and other publicly available information. Where applicable, pro forma for significant owned real estate by adjusting transaction enterprise values for sale-leaseback proceeds and adjusting target companies' EBITDA for incremental rent expense. | JAB Holding Company | - | - | - | - | |
| - | The Krystal Company Financial data based on publicly available research analysts' estimates, public filings and other publicly available information. Where applicable, pro forma for significant owned real estate by adjusting transaction enterprise values for sale-leaseback proceeds and adjusting target companies' EBITDA for incremental rent expense. | Argonne Capital Group | - | - | - | - | |
| - | Arby's Restaurant Group Financial data based on publicly available research analysts' estimates, public filings and other publicly available information. Where applicable, pro forma for significant owned real estate by adjusting transaction enterprise values for sale-leaseback proceeds and adjusting target companies' EBITDA for incremental rent expense. | Roark Capital Group | - | - | - | - | |
| - | CKE Restaurants Financial data based on publicly available research analysts' estimates, public filings and other publicly available information. Where applicable, pro forma for significant owned real estate by adjusting transaction enterprise values for sale-leaseback proceeds and adjusting target companies' EBITDA for incremental rent expense. | Apollo Global Management | - | - | - | - | |
| Mean | - | - | - | ||||
| Median | - | - | - |
DCF Assumptions
Discount rate and terminal value assumptions the advisor selected for its discounted cash flow analysis.
Open
| Advisor | WACC | Terminal method | Terminal assumption | Forecast basis | Forecast period | Filing |
|---|---|---|---|---|---|---|
Piper Sandler | 9.3% – 14.3% | Exit multiple | 7.4x – 9.4x (FY2026 Adjusted EBITDA) | Company Projections | fiscal year 2022 to fiscal year 2026 | Open |