Panera Bread Company to JAB Holdings Company

Restaurants/Apr 2017/Morgan Stanley

Deal Information

Target

Panera Bread Company

Acquiror

JAB Holdings Company

Sector

Restaurants

Target Type

Public

Acquiror Type

Strategic

Advisors

Morgan Stanley

Enterprise Value

EV / LTM Sales

EV / LTM EBITDA

17.8x

EV / Fwd EBITDA

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

AV/LTM EBITDA selected range: 14.5x - 18.5x

15 comps


-	Peet's Coffee & Tea	JAB	-	-	22.3x	-
-	Popeyes Louisiana Kitchen	Restaurant Brands International	-	-	20.5x	-
-	Krispy Kreme Doughnuts	JAB	-	-	18.3x	-
-	Teavana	Starbucks	-	-	17.4x	-
-	Yard House	Darden Restaurants	-	-	15.0x	-
-	Tim Hortons	Burger King Worldwide	-	-	14.8x	-
-	Caribou Coffee	JAB	-	-	11.3x	-
-	Einstein Noah Restaurant Group	JAB	-	-	10.1x	-
-	Red Lobster	Golden Gate Capital	-	-	9.2x	-
-	Benihana	Angelo, Gordon & Co.	-	-	9.1x	-
-	Del Taco Restaurants	Levy Acquisition Corp.	-	-	8.7x	-
-	P.F. Chang's China Bistro	Centerbridge Partners	-	-	8.3x	-
-	CEC Entertainment	Apollo Group Management	-	-	7.8x	-
-	Frisch's Restaurants	NRD Capital	-	-	6.8x	-
-	O'Charley's	Fidelity National Financial	-	-	6.5x	-
	Mean			-	12.4x	-
	Median			-	10.1x	-

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

Advisor	WACC	Terminal method	Terminal assumption	Forecast basis	Forecast period	Filing
Morgan Stanley	5.7% – 7.5%	Exit multiple	10.6x – 13.7x (LTM EBITDA)	Street Consensus Case and Management Five-Year Plan	calendar years 2017 through 2021	Open