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
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
| Nov 2021 | Firehouse Subs (1) In millions. Financial data of the selected transactions were based on publicly available research analysts’ estimates, public filings and other publicly available information and, to the extent publicly available and applicable, is pro forma for certain transactions with 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 | $1.0B | - | 20.0x | - | |
| Apr 2019 | Papa Murphy’s Holdings (1) In millions. Financial data of the selected transactions were based on publicly available research analysts’ estimates, public filings and other publicly available information and, to the extent publicly available and applicable, is pro forma for certain transactions with 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 | $186M | - | 8.4x | - | |
| Nov 2018 | Global Franchise Group (1) In millions. Financial data of the selected transactions were based on publicly available research analysts’ estimates, public filings and other publicly available information and, to the extent publicly available and applicable, is pro forma for certain transactions with 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 | $400M | - | 8.6x | - | |
| Nov 2018 | Bojangles’ (1) In millions. Financial data of the selected transactions were based on publicly available research analysts’ estimates, public filings and other publicly available information and, to the extent publicly available and applicable, is pro forma for certain transactions with 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 | $754M | - | 11.1x | - | |
| Sep 2018 | Sonic Corp. (1) In millions. Financial data of the selected transactions were based on publicly available research analysts’ estimates, public filings and other publicly available information and, to the extent publicly available and applicable, is pro forma for certain transactions with significant owned real estate by adjusting transaction enterprise values for sale-leaseback proceeds and adjusting target companies’ EBITDA for incremental rent expense. | Inspire Brands | $2.3B | - | 16.1x | - | |
| Aug 2018 | Jamba (1) In millions. Financial data of the selected transactions were based on publicly available research analysts’ estimates, public filings and other publicly available information and, to the extent publicly available and applicable, is pro forma for certain transactions with significant owned real estate by adjusting transaction enterprise values for sale-leaseback proceeds and adjusting target companies’ EBITDA for incremental rent expense. | FOCUS Brands | $203M | - | 15.1x | - | |
| Dec 2017 | Qdoba Restaurant Corporation (1) In millions. Financial data of the selected transactions were based on publicly available research analysts’ estimates, public filings and other publicly available information and, to the extent publicly available and applicable, is pro forma for certain transactions with 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 | $305M | - | 5.3x | - | |
| Mar 2017 | Checkers & Rally’s Restaurants (1) In millions. Financial data of the selected transactions were based on publicly available research analysts’ estimates, public filings and other publicly available information and, to the extent publicly available and applicable, is pro forma for certain transactions with 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 | $525M | - | 11.0x | - | |
| Feb 2017 | Popeyes Louisiana Kitchen (1) In millions. Financial data of the selected transactions were based on publicly available research analysts’ estimates, public filings and other publicly available information and, to the extent publicly available and applicable, is pro forma for certain transactions with 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 | $1.8B | - | 20.9x | - | |
| May 2016 | Kahala Brands (1) In millions. Financial data of the selected transactions were based on publicly available research analysts’ estimates, public filings and other publicly available information and, to the extent publicly available and applicable, is pro forma for certain transactions with 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 | $327M | - | 10.5x | - | |
| Sep 2014 | Einstein Noah Restaurant Group (1) In millions. Financial data of the selected transactions were based on publicly available research analysts’ estimates, public filings and other publicly available information and, to the extent publicly available and applicable, is pro forma for certain transactions with 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 | $471M | - | 10.1x | - | |
| Aug 2014 | Portillo Restaurant Group (1) In millions. Financial data of the selected transactions were based on publicly available research analysts’ estimates, public filings and other publicly available information and, to the extent publicly available and applicable, is pro forma for certain transactions with significant owned real estate by adjusting transaction enterprise values for sale-leaseback proceeds and adjusting target companies’ EBITDA for incremental rent expense. | Berkshire Partners | $875M | - | 13.3x | - | |
| Dec 2012 | Caribou Coffee Company (1) In millions. Financial data of the selected transactions were based on publicly available research analysts’ estimates, public filings and other publicly available information and, to the extent publicly available and applicable, is pro forma for certain transactions with 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 | $307M | - | 11.4x | - | |
| Mar 2012 | The Krystal Company (1) In millions. Financial data of the selected transactions were based on publicly available research analysts’ estimates, public filings and other publicly available information and, to the extent publicly available and applicable, is pro forma for certain transactions with 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 | $120M | - | 5.7x | - | |
| Jun 2011 | Arby’s Restaurant Group (1) In millions. Financial data of the selected transactions were based on publicly available research analysts’ estimates, public filings and other publicly available information and, to the extent publicly available and applicable, is pro forma for certain transactions with 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 | $339M | - | 6.4x | - | |
| Apr 2010 | CKE Restaurants (1) In millions. Financial data of the selected transactions were based on publicly available research analysts’ estimates, public filings and other publicly available information and, to the extent publicly available and applicable, is pro forma for certain transactions with 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 | $1.0B | - | 6.5x | - | |
| Mean | - | 11.3x | - | ||||
| Median | - | 10.8x | - |
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 |