1、Investment Banking&Securities Offered Through SDR Capital Markets,LLC,Member FINRA&SIPC.DateDateTargetTargetBuyer(s)Buyer(s)SegmentSegmentAmountAmount($in Mil)($in Mil)TEV/TEV/RevRevTEV/TEV/EBITDAEBITDA1 2/1 9/2022Mondelez InternationalPerfetti Van MelleCPG Foods1 350.00-1 2/1 4/2022Waterloo Brewing

2、CarlsbergAlcohol1 06.891.3x8.3x1 1/1/2022Denali IngredientsOrkla Food IngredientsIngredients&Flavors1 68.001.7x1 1.7x1 0/28/2022Recipe UnlimitedFairfax Financial Holdings Restaurants834.98-1 0/28/2022Qdoba RestaurantButterfly Equity,King Street Capital Management,Modern MarketRestaurants-1 0/1 9/202

3、2Seattles Best CoffeeNestl Non-Alcohol71 50.00-1 0/3/2022Winland FoodsInvestindustrialCPG Foods950.00-8/31/2022Stone BrewingSapporo Holdings Alcohol1 65.00-8/9/2022BBQ HoldingsMTY Food Group Restaurants200.00-8/1/2022Clif Bar&CompanyMondelez International Natural&Organic2900.00-If You Are a Business

4、 Owner Looking for Additional Transaction Activity If You Are a Business Owner Looking for Additional Transaction Activity Within Your Industry,Please Call Our Offices at 720.221.9220.Within Your Industry,Please Call Our Offices at 720.221.9220.30 23 34 8 13 15 21 18 16 35 15 -5 10 15 20 25 30 35 40

5、Strategic70%Financial30%-70%-60%-50%-40%-30%-20%-10%0%10%Dec-21Jan-22Feb-22Mar-22Apr-22May-22Jun-22Jul-22Aug-22Sep-22Oct-22Nov-22Dec-22AlcoholNon-AlcoholCPG FoodsNatural&Organic FoodsDairyProteinsProduceIngredients&FlavorsCo-PackersRestaurantsDigitally NativeS&P 500 Company NameSymbolMarket Cap($in

6、Mil)Price($)Quarter ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDADiageoDGE99,849$44.00$3.8%(1 9.2%)79.2%6.6%34.0%5.8x1 7.1 x23.7x5.4x1 5.8xConstellation BrandsSTZ42,742 231.75 0.9%(7.7%)88.6%4.3%1 3.9%5.7x41.1 xNM5.5x1 5.1 xBro

7、wn-FormanBF.B31,484 65.68 (1.3%)(9.9%)84.0%0.5%31.8%7.9x24.9x35.7x7.9x23.1 xMolson Coors Beverage CompanyTAP1 1,220 51.52 7.4%1 1.2%85.7%2.7%1 4.6%1.6x1 1.2x22.7x1.6x8.3xBoston Beer CoSAM4,051 329.52 1.8%(34.8%)61.6%6.0%5.7%2.0 xNMNM1.8x1 4.6xMGP IngredientsMGPI2,340 1 06.38 0.2%25.2%84.6%7.4%24.2%3

8、.3x1 3.8x1 9.9x3.1 x1 4.3xWillamette Valley VineyardsWVVI30 5.97 (3.3%)(31.1%)55.0%NM7.9%2.6x32.4xNMNMNMAbcourt MinesABI1 5 0.04 33.6%(37.5%)51.1%NM(26.2%)1.2xNMNMNMNMCanstar ResourcesROX7 0.06 7.2%(71.4%)26.5%NMNMNMNMNMNMNMSegment Average5.6%(19.5%)68.5%4.6%13.2%3.8x23.4x25.5x4.2x15.2xSegment M edi

9、an1.8%(19.2%)79.2%5.1%14.2%3.0 x21.0 x23.2x4.3x14.8xM arket Stats Operating Stats LTM M ultiples NTM M ultiples Company NameSymbolMarket Cap($in Mil)Price($)Quarter ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDACoca-ColaKO275,08

10、2$63.61$1 3.5%7.4%94.7%4.0%32.6%7.2x22.0 x27.9x6.9x21.3xPepsicoPEP248,897 1 80.66 1 0.7%4.0%96.7%5.0%20.1%3.4x1 6.4x25.8x3.2x1 7.4xMonster BeverageMNST53,01 1 1 01.53 1 6.8%5.7%97.0%1 4.6%26.5%8.1 x30.5x44.9x7.1 x23.1 xCoca Cola ConsolidatedCOKE4,803 51 2.36 24.4%(1 7.3%)78.1%1.0%1 0.7%0.9x8.4x1 4.6

11、x0.9xNMNational BeverageFIZZ4,344 46.53 20.7%2.6%80.7%4.1%1 8.2%3.7x20.3x32.1 x3.6xNMTreehouse FoodsTHS2,769 49.38 1 6.4%21.8%96.7%(1 9.2%)5.5%1.3x35.2xNM1.3x1 4.5xPrimo Water CorporationPRMW2,478 1 5.51 22.4%(1 1.4%)86.9%5.9%1 3.3%1.8x1 3.9xNM1.7x8.9xThe Hain Celestial GroupHAIN1,445 1 6.1 8 (4.1%)

12、(62.0%)37.2%0.7%8.3%1.3x1 5.5x22.8x1.3x1 1.5xCoffee HoldingJVA1 2 2.04 (1 8.4%)(53.5%)43.4%NM0.4%0.3x82.3x29.1 xNMNMReedsREED9 0.07 (42.1%)(80.5%)1 6.2%20.7%(30.3%)0.6xNMNM0.5xNMSegment Average6.0%(18.3%)72.8%4.1%10.5%2.9x27.2x28.2x2.9x16.1xSegment M edian15.0%(4.4%)83.8%4.1%12.0%1.6x20.3x27.9x1.7x1

13、5.9xM arket Stats Operating Stats LTM M ultiples NTM M ultiples Company NameSymbolMarket Cap($in Mil)Price($)Quarter ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDAMondelez InternationalMDLZ91,01 8$66.65$21.6%0.5%95.9%7.4%1 6.7%3

14、.6x21.9x29.6x3.4x1 7.2xGeneral MillsGIS49,439 83.85 9.5%24.4%94.9%4.1%22.6%3.1 x1 3.9x1 7.5x3.0 x1 5.2xHormel FoodsHRL24,890 45.55 0.2%(6.7%)82.7%2.4%1 2.6%2.2x1 7.3x25.0 x2.1 x1 6.5xKelloggsK24,31 3 71.24 2.3%1 0.6%92.3%4.0%1 7.3%2.1 x1 2.3x1 6.4x2.0 x1 3.1 xMcCormick&CompanyMKC22,21 9 82.89 1 6.3%

15、(1 4.2%)77.2%4.0%1 8.0%4.3x23.8x32.4x4.1 x21.2xCampbell SoupCPB1 6,995 56.75 20.4%30.6%98.2%4.8%1 7.6%2.4x1 3.9x21.6x2.3x1 2.6xFlowers FoodsFLO6,068 28.74 1 6.4%4.6%95.3%6.2%9.2%1.5x1 6.3x27.9x1.4x1 3.5xLancaster ColonyLANC5,436 1 97.30 31.3%1 9.1%92.2%9.2%9.7%3.2x32.3x56.5x2.9x1 7.6xPost HoldingsPO

16、ST5,302 90.26 1 0.2%22.4%94.2%5.2%27.2%1.9x6.9x7.7x1.8xNMJ&J Snack FoodsJJSF2,878 1 49.71 1 5.6%(5.2%)90.2%1 4.1%8.4%2.1 x25.5x60.9x1.9xNMB&G FoodsBGS799 1 1.1 5 (32.4%)(63.7%)32.5%3.2%7.6%1.5x20.2xNM1.5x9.9xFarmer BrothersFARM90 4.61 (1.7%)(38.1%)58.5%9.4%2.8%0.5x1 6.7xNM0.4x1 5.7xRocky Mountain Ch

17、ocolate FactoryRMCF36 5.70 (5.2%)(27.4%)63.8%NM(8.0%)1.0 xNMNMNMNMSegment Average8.0%(3.3%)82.2%6.2%12.4%2.3x18.4x29.5x2.2x15.3xSegment M edian10.2%0.5%92.2%5.0%12.6%2.1x17.0 x26.5x2.1x15.4xM arket Stats Operating Stats LTM M ultiples NTM M ultiples Company NameSymbolMarket Cap($in Mil)Price($)Quart

18、er ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDASprouts Farmers MarketSFM3,426$32.37$1 6.6%9.1%91.6%6.6%9.3%0.7x7.8x1 4.1 x0.7x9.4xUnited Natural FoodsUNFI2,31 6 38.71 1 2.6%(21.1%)75.7%3.4%2.5%0.2x8.2x1 0.0 x0.2x7.0 xThe Hain

19、Celestial GroupHAIN1,445 1 6.1 8 (4.1%)(62.0%)37.2%0.7%8.3%1.3x1 5.5x22.8x1.3x1 1.5xSunOptaSOY906 8.40 (8.8%)22.1%71.9%1 0.4%3.3%1.4x43.2xNM1.3x1 3.2xCalavo GrowersCVGW521 29.40 (7.4%)(30.7%)64.6%0.3%1.3%0.5x39.1 xNM0.5x9.8xLimoneiraLMNR21 6 1 2.21 (7.4%)(1 8.6%)75.0%(0.2%)6.7%1.9xNMNM1.9xNMNatural

20、GrocersNGVC208 9.1 4 (1 5.3%)(35.9%)37.7%2.1%5.3%0.5x1 0.1 x9.7x0.5xNMDestination ItaliaDIT1 4 1.1 5 46.0%(23.8%)67.2%NMNM0.8xNMNM0.3xNMReedsREED9 0.07 (42.1%)(80.5%)1 6.2%20.7%(30.3%)0.6xNMNM0.5xNMRiceBran TechnologiesRIBT5 0.74 (58.6%)(78.7%)8.3%(3.4%)(22.4%)0.3xNMNM0.3xNMSegment Average(6.8%)(32.

21、0%)54.5%4.5%(1.8%)0.8x20.7x14.1x0.7x10.2xSegment M edian(7.4%)(27.2%)65.9%2.1%3.3%0.7x12.8x12.0 x0.5x9.8xM arket Stats Operating Stats LTM M ultiples NTM M ultiples Company NameSymbolMarket Cap($in Mil)Price($)Quarter ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPr

22、ice/EPSTEV/NTM RevenueTEV/NTM EBITDADanoneBN33,563$52.47$9.9%(1 5.1%)78.6%3.7%1 5.6%1.6x1 0.0 x1 9.0 x1.5x9.3xLifeway FoodsLWAY77 5.55 (3.0%)20.7%61.7%1 1.2%2.8%0.6x22.3xNM0.6xNMSegment Average3.5%2.8%70.1%7.4%9.2%1.1x16.1x19.0 x1.0 x9.3xSegment M edian3.5%2.8%70.1%7.4%9.2%1.1x16.1x19.0 x1.0 x9.3xM

23、arket Stats Operating Stats LTM M ultiples NTM M ultiples Company NameSymbolMarket Cap($in Mil)Price($)Quarter ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDAHormel FoodsHRL24,890$45.55$0.2%(6.7%)82.7%2.4%1 2.6%2.2x1 7.3x25.0 x2.

24、1 x1 6.5xTyson FoodsTSN22,275 62.25 (5.6%)(28.6%)61.8%4.8%1 0.7%0.6x5.2x7.0 x0.5x6.4xPilgrims PridePPC5,61 1 23.73 3.1%(1 5.9%)68.5%(2.2%)1 0.0%0.5x4.9x6.1 x0.5x8.0 xPost HoldingsPOST5,302 90.26 1 0.2%22.4%94.2%5.2%27.2%1.9x6.9x7.7x1.8xNMNomad FoodsNOMD3,001 1 7.24 21.4%(32.1%)64.1%3.7%1 4.2%1.6x1 1

25、.5x1 1.5x1.6x8.4xBridgford FoodsBRID1 08 1 1.92 (1 5.8%)(1.6%)76.9%NM24.0%0.4x1.5xNMNMNMPingtan Marine EnterprisesPME34 0.40 (52.7%)(30.4%)35.7%NMNM2.4x1 2.3x20.0 xNMNMSegment Average(5.6%)(13.3%)69.1%2.8%16.5%1.4x8.5x12.9x1.3x9.9xSegment M edian0.2%(15.9%)68.5%3.7%13.4%1.6x6.9x9.6x1.6x8.2xM arket S

26、tats Operating Stats LTM M ultiples NTM M ultiples Company NameSymbolMarket Cap($in Mil)Price($)Quarter ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDASyscoSYY38,742$76.45$8.1%(2.7%)83.5%9.1%4.7%0.7x1 4.9x27.1 x0.6x1 1.4xUS Foods

27、USFD7,651 34.02 28.7%(2.3%)85.6%8.5%2.8%0.4x1 4.1 xNM0.4x8.8xNomad FoodsNOMD3,001 1 7.24 21.4%(32.1%)64.1%3.7%1 4.2%1.6x1 1.5x1 1.5x1.6x8.4xUnited Natural FoodsUNFI2,31 6 38.71 1 2.6%(21.1%)75.7%3.4%2.5%0.2x8.2x1 0.0 x0.2x7.0 xFresh Del Monte ProduceFDP1,253 26.1 9 1 2.7%(5.1%)83.3%1.9%4.3%0.4x1 0.2

28、x1 8.2x0.4xNMSpartanNashSPTN1,066 30.24 4.2%1 7.4%80.1%4.8%2.0%0.2x9.9x1 9.6x0.2x7.4xSunOptaSOY906 8.40 (8.8%)22.1%71.9%1 0.4%3.3%1.4x43.2xNM1.3x1 3.2xCalavo GrowersCVGW521 29.40 (7.4%)(30.7%)64.6%0.3%1.3%0.5x39.1 xNM0.5x9.8xSeneca FoodsSENEA464 60.95 20.8%27.1%88.7%NM7.1%0.6x7.8x1 0.9xNMNMLimoneira

29、LMNR21 6 1 2.21 (7.4%)(1 8.6%)75.0%(0.2%)6.7%1.9xNMNM1.9xNMAlicoALCO1 81 23.87 (1 5.5%)(35.5%)54.7%(33.8%)34.2%3.2x9.4x1 4.5x4.9x1 7.0 xSegment Average6.3%(7.4%)75.2%0.8%7.6%1.0 x16.8x16.0 x1.2x10.4xSegment M edian8.1%(5.1%)75.7%3.5%4.3%0.6x10.9x14.5x0.6x9.3xM arket Stats Operating Stats LTM M ultip

30、les NTM M ultiples Company NameSymbolMarket Cap($in Mil)Price($)Quarter ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDAMcCormick&CompanyMKC22,21 9$82.89$1 6.3%(1 4.2%)77.2%4.0%1 8.0%4.3x23.8x32.4x4.1 x21.2xIngredionINGR6,420 97.9

31、3 21.6%1.3%96.1%1 3.5%1 2.0%1.1 x9.3x1 4.8x1.0 x8.0 xSensient TechnologiesSXT3,065 72.92 5.2%(27.1%)71.7%3.7%1 7.4%2.5x1 4.4x22.1 x2.4x1 3.8xSunOptaSOY906 8.40 (8.8%)22.1%71.9%1 0.4%3.3%1.4x43.2xNM1.3x1 3.2xSegment Average8.6%(4.5%)79.2%7.9%12.7%2.3x22.7x23.1x2.2x14.0 xSegment M edian10.7%(6.4%)74.5

32、%7.2%14.7%2.0 x19.1x22.1x1.9x13.5xM arket Stats Operating Stats LTM M ultiples NTM M ultiples Company NameSymbolMarket Cap($in Mil)Price($)Quarter ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDARestaurant Brands InternationalQSR1

33、 9,762$64.60$20.2%7.4%94.0%6.9%33.5%5.5x1 6.4x21.0 x5.1 x1 3.9xTexas RoadhouseTXRH6,086 90.95 4.2%1.9%89.4%1 3.7%1 1.6%1.7x1 4.8x23.7x1.5x1 2.5xCracker Barrel Old Country StoreCBRL2,1 03 94.74 2.3%(26.4%)67.7%5.5%7.5%1.0 x1 3.1 x1 8.9x0.9x1 1.8xBloomin BrandsBLMN1,766 20.1 2 9.8%(4.1%)78.9%7.3%8.4%0

34、.8x1 0.0 x1 9.7x0.8x6.8xDave&BustersPLAY1,71 1 35.44 1 4.2%(7.7%)67.5%29.8%21.7%2.6x1 1.8x1 4.1 x2.0 x8.2xThe Cheesecake FactoryCAKE1,631 31.71 8.3%(1 9.0%)71.0%1 0.4%4.5%1.0 x23.0 xNM0.9x1 2.4xBrinker InternationalEAT1,405 31.91 27.7%(1 2.8%)72.5%5.6%7.3%0.9x1 3.0 x1 9.7x0.9x9.4xDineBrandsDIN1,01 3

35、 64.60 1.6%(1 4.8%)76.8%(1 2.1%)24.1%2.6x1 0.9x1 2.1 x3.0 x9.7xBJs RestaurantsBJRI61 7 26.38 1 0.6%(23.6%)70.9%8.7%4.4%0.9x20.6xNM0.8x1 0.8xDennysDENN527 9.21 (2.1%)(42.4%)54.3%5.3%37.9%2.1 x5.6x5.5x2.0 x1 0.1 xChuys HoldingsCHUY509 28.30 22.1%(6.0%)81.7%9.8%1 3.7%1.5x1 0.9x22.3x1.4x1 1.5xFiesta Res

36、taurant GroupFRGI1 91 7.35 1 5.9%(33.2%)62.9%9.6%0.9%0.8x87.7xNM0.8x6.6xRed Robin Gourmet BurgersRRGB89 5.58 (1 7.1%)(66.2%)29.9%4.1%3.5%0.5x1 5.5xNM0.5x9.8xCarrols Restaurant GroupTAST72 1.36 (1 6.6%)(54.1%)41.8%5.8%1.2%0.8x68.6xNM0.8x1 6.4xSegment Average7.2%(21.5%)68.5%7.9%12.9%1.6x23.0 x17.4x1.5

37、x10.7xSegment M edian9.0%(16.9%)71.0%7.1%7.9%1.0 x14.0 x19.7x0.9x10.5xM arket Stats Operating Stats LTM M ultiples NTM M ultiples Company NameSymbolMarket Cap($in Mil)Price($)Quarter ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITD

38、ADarden RestaurantsDRI1 6,930$1 38.33$9.5%(8.2%)89.1%9.4%1 5.4%2.1 x1 4.3x1 9.1 x2.0 x1 2.8xRuths Hospitality GroupRUTH51 4 1 5.48 (8.2%)(22.2%)62.1%1 1.1%1 3.3%1.5x1 1.6x1 3.0 x1.4x8.8xThe One GroupSTKS203 6.30 (5.1%)(50.0%)45.5%22.0%8.9%1.0 x1 1.7x1 4.7x0.9x6.2xSegment Average(1.3%)(26.8%)65.6%14.

39、2%12.5%1.6x12.5x15.6x1.4x9.3xSegment M edian(5.1%)(22.2%)62.1%11.1%13.3%1.5x11.7x14.7x1.4x8.8xM arket Stats Operating Stats LTM M ultiples NTM M ultiples Company NameSymbolMarket Cap($in Mil)Price($)Quarter ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/

40、NTM RevenueTEV/NTM EBITDAStarbucksSBUX1 1 3,862$99.20$1 7.7%(1 5.2%)84.2%1 4.9%1 9.1%4.2x21.9x35.1 x3.6x1 8.1 xChipotle Mexican GrillCMG38,463 1,387.49 (7.7%)(20.6%)78.8%1 7.1%1 5.5%4.9x31.8x48.3x4.2x21.8xShake ShackSHAK1,631 41.53 (7.7%)(42.4%)52.2%24.8%5.2%2.4xNMNM1.9x20.8xEl Pollo LocoLOCO369 9.9

41、6 1 1.7%(29.8%)67.3%5.0%9.4%1.2x1 2.8x1 7.8x1.1 x9.9xPotbelly Sandwich WorksPBPB1 60 5.57 23.0%(0.2%)78.0%1 2.0%3.1%0.8x25.9xNM0.7x1 3.7xSegment Average7.4%(21.7%)72.1%14.8%10.5%2.7x23.1x33.7x2.3x16.9xSegment M edian11.7%(20.6%)78.0%14.9%9.4%2.4x23.9x35.1x1.9x18.1xM arket Stats Operating Stats LTM M

42、 ultiples NTM M ultiples Company NameSymbolMarket Cap($in Mil)Price($)Quarter ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDAPilgrims PridePPC5,61 1$23.73$3.1%(1 5.9%)68.5%(2.2%)1 0.0%0.5x4.9x6.1 x0.5x8.0 xHerbalife International

43、 of AmericaHLF1,457 1 4.88 (25.2%)(63.6%)32.5%(9.1%)1 2.3%0.7x6.0 x4.8x0.8x6.9xJohn B.Sanfilippo&SonJBSS937 81.32 7.4%(9.8%)88.3%(4.2%)9.9%1.0 x1 0.2x1 6.3x1.1 xNMBridgford FoodsBRID1 08 1 1.92 (1 5.8%)(1.6%)76.9%NM24.0%0.4x1.5xNMNMNMCoffee HoldingJVA1 2 2.04 (1 8.4%)(53.5%)43.4%NM0.4%0.3xNMNMNMNMRi

44、ceBran TechnologiesRIBT5 0.74 (58.6%)(78.7%)8.3%(3.4%)(22.4%)0.3xNMNM0.3xNMSegment Average(17.9%)(37.2%)53.0%(4.7%)5.7%0.5x5.6x9.1x0.7x7.5xSegment M edian(17.1%)(34.7%)55.9%(3.8%)10.0%0.4x5.4x6.1x0.7x7.5xM arket Stats Operating Stats LTM M ultiples NTM M ultiples Company NameSymbolMarket Cap($in Mil

45、)Price($)Quarter ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDAMcDonaldsMCD1 93,01 6$263.53$1 4.2%(1.7%)93.6%1.8%45.7%1 0.2x22.3x33.2x1 0.0 x1 8.3xYum!BrandsYUM36,079 1 28.08 20.4%(7.8%)91.7%6.4%34.4%7.0 x20.4x29.2x6.6x1 8.8xDom

46、inos PizzaDPZ1 2,262 346.40 1 1.7%(38.6%)61.0%6.3%1 9.0%3.9x20.5x28.0 x3.7x1 8.8xThe Wendys CompanyWEN4,821 22.63 21.1%(5.1%)92.4%3.1%24.0%4.1 x1 7.2x26.3x4.0 x1 6.8xWingstop RestaurantsWING4,1 1 7 1 37.62 9.7%(20.4%)78.0%28.3%26.6%1 4.3x53.9xNM1 1.2xNMPapa Johns InternationalPZZA2,908 82.31 1 7.6%(

47、38.3%)60.5%3.8%7.7%1.7x22.3x42.6x1.7x1 5.8xFour Corners Property TrustFCPT2,1 75 25.93 7.2%(1 1.8%)86.1%1 0.3%79.1%1 4.2x1 8.0 x21.3x1 2.9x1 7.0 xJack In The BoxJACK1,41 8 68.23 (7.9%)(22.0%)70.4%1 4.2%20.8%3.0 x1 4.7x1 2.5x2.7x1 3.9xSegment Average11.8%(18.2%)79.2%9.3%32.2%7.3x23.7x27.6x6.6x17.1xSe

48、gment M edian12.9%(16.1%)82.0%6.3%25.3%5.6x20.5x28.0 x5.3x17.0 xM arket Stats Operating Stats LTM M ultiples NTM M ultiples Company NameSymbolMarket Cap($in Mil)Price($)Quarter ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDADeliv

49、ery HeroDHER1 2,246$47.73$28.0%(57.1%)41.8%49.6%(1 1.0%)1.8xNMNM1.2xNMYelpYELP1,906 27.34 (1 9.4%)(24.6%)69.6%1 1.7%8.5%1.4x1 6.3x53.6x1.2x5.3xBlue ApronAPRN33 0.83 (85.6%)(87.7%)9.0%3.4%(1 8.7%)0.1 xNMNM0.1 xNMSegment Average(25.7%)(56.5%)40.1%21.6%(7.0%)1.1x16.3x53.6x0.9x5.3xSegment M edian(19.4%)

50、(57.1%)41.8%11.7%(11.0%)1.4x16.3x53.6x1.2x5.3xM arket Stats Operating Stats LTM M ultiples NTM M ultiples 51%47%54%42%8%10%10%11%41%43%36%47%41%39%42%42%13%9%11%9%46%52%47%49%41%35%36%37%8%8%9%5%51%57%55%58%39%47%39%36%8%6%7%10%54%47%54%55%0%20%40%60%80%100%Senior DebtSub DebtEquitySource:GF DataSou

51、rce:GF DataNote:The most current source of GF Data is as of November 2022.MultiplesSource:PitchBook Financial Data and Analytics2019202120202022*$0.0M$100.0B$200.0B$300.0B$400.0B$500.0B$600.0B1,3002,3003,3004,3005,3006,3002021 Q42022 Q12022 Q22022 Q32022 Q4Deals ClosedDeals ClosedCapital Invested6.1

52、x5.9x6.1x6.6x6.9x6.8x7.0 x7.1x7.5x8.0 x8.3x8.8x9.3x8.6x9.0 x9.7x0.0 x2.0 x4.0 x6.0 x8.0 x10.0 x12.0 x2019202020212022*$10-25mm$25-50mm$50-100mm$100-250mm1.“Foodtech Startups And Venture Capital Q2 2022,”D,July 2022,https:/dealroom.co/uploaded/2022/07/Foodtech-Q2-2022-report-1.pdf?x395452.“Fed Raises

53、 Interest Rates Half A Point To Highest Level In 15 Years,”CNBC,Jeff Cox,Dec.14,2022 https:/ Food Prices In 2022 Hit A Record High Amid Drought And War,”NPR,Associated Press,Jan.7,2023 https:/www.npr.org/2023/01/07/1147660525/global-food-prices-2022-record-high4.“Can You Find Eggs Here Or There?Can

54、You Find Them Anywhere?”New York Times,Jesus Jimnez,Jan.12,2023 https:/ Tech Emerges as Major Theme at CES,”Food Manufacturing,Cara Rubinsky,Jan 10,2023 https:/ Belts:Mcdonalds Opens First Largely Automated Location,”The Guardian,Erum Salam,Dec.23,2022 https:/ Trends Shaping Food And Beverage In 202

55、3,”Food Dive,Christopher Doering,Casey,and Poinski,Jan.10,2023 https:/ 1,000 Companies Have Curtailed Operations in RussiaBut Some Remain,”Yale School of Management,Jan.19,2023 https:/som.yale.edu/story/2022/over-1000-companies-have-curtailed-operations-russia-some-remain9.“First McDonalds Opens In

56、Soviet Uniont,”History Channel,undated,accessed Jan.21,2023 https:/ Is a Smart Refrigerator?”Lifewire,Rene Lynn Midrack,Jul.24,2021 https:/ Where Minimum Wages Go Furthest 2023 Edition,”SmartAsset,Patrick Villanova,Jan.18,2023 https:/ Robots Will Solve Many of Our Food Worries,”Bloomberg,Amanda Litt

57、le,Jun.2,2022 https:/ Markets 2.6 Million Missing People Unnerves Star Harvard Economist,”Bloomberg,Ben Steverman,Jan.118,2022 https:/ And Food Processing Today:Its About Labor,”Food Engineering,Wayne Labs,May 16,2022 https:/ Robotics Market will value USD 4.37 billion by 2030:GreyViews,”GlobeNewswi

58、re,Jan.18,2023 https:/ 48.3%CAGR,Global Precision Fermentation Market Size Will Reach USD 37.35 Billion by 2030:Polaris Market Research,”Cision PR Newswire,Jan.3,2023 https:/ Loss and Waste,”U.S.Food and Drug Administration,Nov.21,2022 https:/www.fda.gov/food/consumers/food-loss-and-waste#:text=In%2

59、0the%20United%20States%2C%20food,percent%20of%20the%20food%20supply.18.“Chemistrys fight against food waste,”Chemical&Engineering News,Matt Blois,Oct.2,2022 https:/cen.acs.org/food/Chemistrys-fight-against-food-waste/100/i3519.“Carlsberg to Acquire Waterloo Brewing in an all-cash C$144 Million Trans

60、action,”December 15,2022.https:/www.newswire.ca/news-releases/carlsberg-to-acquire-waterloo-brewing-in-an-all-cash-c-144-million-transaction-832193282.html20.“Why Sapporos swoop for Stone Brewing makes sense,”July 27,2022.https:/www.just- to Acquire Seattles Best Coffee from Starbucks,”October 19,2022.22.https:/ completes deal for Club Coffee,”July 25,2022.https:/