SodaStream Ltd. to PepsiCo, Inc.

Beverages/Aug 2018/Perella Weinberg

Deal Information

Target

SodaStream Ltd.

Acquiror

PepsiCo, Inc.

Sector

Beverages

Target Type

Public

Acquiror Type

Strategic

Advisors

Perella Weinberg

Enterprise Value

$3.1B

EV / LTM Sales

EV / LTM EBITDA

25.3x

EV / Fwd EBITDA

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

EV/LTM EBITDA selected range: 18.1x - 25.5x

11 comps


May 2018	Frutarom Industries Ltd.	International Flavors & Fragrances Inc.	-	-	23.9x	-
Feb 2018	Blue Buffalo Pet Products, Inc.	General Mills Inc.	-	-	25.5x	-
Jan 2018	Dr Pepper Snapple Group, Inc.	Keurig Green Mountain, Inc.	-	-	16.0x	-
Dec 2017	Snyder's-Lance, Inc.	Campbell Soup Company	-	-	20.6x	-
Dec 2017	Amplify Snack Brands, Inc.	The Hershey Company	-	-	19.2x	-
Oct 2017	Chicago Bar Company LLC	Kellogg Company	-	-	19.5x	-
Jul 2016	The WhiteWave Foods Company	Danone S.A.	-	-	23.5x	-
Dec 2015	Keurig Green Mountain, Inc.	Acorn Holdings B.V.	-	-	13.2x	-
Sep 2014	Annie's, Inc.	General Mills, Inc.	-	-	38.8x	-
Jun 2014	CytoSport Holdings, Inc.	Hormel Foods Corporation	-	-	15.0x	-
Mar 2013	D.E. MASTER BLENDERS 1753 N.V.	Oak Leaf B.V.	-	-	18.1x	-
	Mean			-	21.2x	-
	Median			-	19.5x	-

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
Perella Weinberg	9.5% – 10.5%	Unspecified	-	-	-	Open