The WhiteWave Foods Company to DANONE S.A.

Packaged Foods/Jul 2016/Goldman Sachs

Deal Information

Target

The WhiteWave Foods Company

Acquiror

DANONE S.A.

Sector

Packaged Foods

Target Type

Public

Acquiror Type

Strategic

Advisors

Goldman Sachs

Transaction Metrics

Enterprise Value

EV / LTM Sales

EV / LTM EBITDA

23.4x

EV / Fwd EBITDA

Advisor Transaction Comparables

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

Advisor: Goldman Sachs

EV/LTM Adjusted EBITDA selected range: 12.1x - 23.7x

24 comps


	Dec 2015	Keurig Green Mountain, Inc.	JAB Holdings Company	-	-	13.3x	-
	Aug 2015	SABMiller Plc	Anheuser-Busch InBev NV	-	-	16.3x	-
	Mar 2015	Kraft Foods Group, Inc.	H.J. Heinz Company	-	-	12.5x	-
	Feb 2015	Big Heart Pet Brands	J.M. Smucker Company	-	-	12.9x	-
	May 2014	The Hillshire Brands Company (1) Represents premium to undisturbed share price of Hillshire based on Tyson's final offer of $63.00 per share on June 9, 2014. The final offer was following offers of (i) $45.00 by Pilgrim's Pride on May 27, 2014 (22% premium), (ii) $50.00 by Tyson on May 29, 2014 (35% premium) and (iii) $55.00 by Pilgrim's Pride on June 3, 2014 (49% premium). Premium to undisturbed share price based on the $36.95 closing price per share of Hillshire's common stock on May 9, 2014, one trading day prior to the announcement of Hillshire's intent to purchase Pinnacle Foods.	Tyson Foods, Inc.	-	-	16.7x	-
	May 2014	D.E. Master Blenders 1753 B.V.	Joh. A. Benckiser	-	-	18.2x	-
	Feb 2013	H.J. Heinz Company	3G Capital / Berkshire Hathaway Inc.	-	-	13.7x	-
	Nov 2012	Ralcorp Holdings, Inc.	ConAgra Foods, Inc.	-	-	12.1x	-
	Apr 2012	Pfizer Nutrition	Nestle S.A.	-	-	23.7x	-
	Dec 2010	Wimm-Bill-Dann Dairy and Juicy Company	PepsiCo, Inc.	-	-	16.2x	-
	Aug 2009	Cadbury Plc	Kraft Foods Group, Inc.	-	-	13.0x	-
	Jun 2008	Anheuser-Busch Companies, Inc.	InBev S.A.	-	-	12.5x	-
	Apr 2008	Wm. Wrigley Jr. Company	Mars, Incorporated	-	-	19.3x	-
	Jul 2007	Danone Biscuits	Kraft Foods Group, Inc.	-	-	14.5x	-
	Jul 2007	Numico NV	Group Danone S.A.	-	-	21.3x	-
-	Apr 2007	Gerber (2) Represents Gerber enterprise value / 2006A EBIT based on Nestle investor presentation.	Nestle S.A.	-	-	-	-
	Jun 2016	AdeS	Coca-Cola Company	-	-	-	-
	Nov 2015	Ballast Point Brewing & Spirits	Constellation Brands	-	-	16.8x	-
	Jun 2015	Vega	The WhiteWave Foods Company	-	-	30.5x	-
	May 2015	Applegate Farms, LLC	Hormel Foods Corporation	-	-	15.0x	-
	Aug 2014	Annie's Inc.	General Mills Inc.	-	-	38.6x	-
	Jun 2014	CytoSport Holdings, Inc.	Hormel Foods Corporation	-	-	15.0x	-
	Jun 2009	Alpro	Dean Foods Company	-	-	14.5x	-
	May 2007	Vitaminwater	Coca-Cola Company	-	-	19.7x	-
		Mean			-	17.6x	-
		Median			-	15.6x	-

DCF Assumptions

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

Goldman Sachs

Open

WACC: 7.5% – 9.5%
Terminal method: Both
Terminal assumption: Exit multiple 7.9x – 14.0x (Terminal year Adjusted EBITDA (exit multiple implied by perpetuity growth rates)); Perpetuity growth 2.5% – 3.5%
Forecast basis: Management Forecasts ("the Forecasts")
Forecast period: 2016 through 2026

Advisor	WACC	Terminal method	Terminal assumption	Forecast basis	Forecast period	Filing
Goldman Sachs	7.5% – 9.5%	Both	Exit multiple 7.9x – 14.0x (Terminal year Adjusted EBITDA (exit multiple implied by perpetuity growth rates)); Perpetuity growth 2.5% – 3.5%	Management Forecasts ("the Forecasts")	2016 through 2026	Open

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