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JM Smucker Processed & Packaged Goods. Connor Myers. “With a name like Smucker’s , it has to be good”. Background. Founded in 1897 Headquartered in Orrville, Ohio Various Product lines including Jams, Peanut Butter, Crisco and Coffee. Steps in Market Multiples.

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JM Smucker Processed & Packaged Goods

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JM SmuckerProcessed & Packaged Goods

Connor Myers


“With a name like Smucker’s, it has to be good”


Background

  • Founded in 1897

  • Headquartered in Orrville, Ohio

  • Various Product lines including Jams, Peanut Butter, Crisco and Coffee


Steps in Market Multiples

  • Step 1: Select Performance Measures

  • Step 2: Select Comparable Companies

  • Step 3: Compute the Market Multiple

  • Step 4: Compute Target Company value

  • Step 5: Calculate Equity Value per Share


Step 1: Summary Measures

  • Sales

  • Net Enterprise Assets (NEA)

  • Book Value of Equity

  • Enterprise Profit After Tax (EPAT)

  • Net Income


Step 2: Comparable Companies (Processed & Packaged Goods)

  • Starbucks (SBUX)

  • Green Mountain Coffee (GMCR)

  • Mondelez (MDLZ)


Steps 3-5: Sales Multiple

Sales Price as of 1/24/2014: $97.97

As of year end 2012:$79.63


Steps 3-5: NEA Multiple

Sales Price as of 1/24/2014: $97.97

As of year end 2012:$79.63


Steps 3-5: NEA Multiple Adjusted

Sales Price as of 1/24/2014: $97.97

As of year end 2012:$79.63


Steps 3-5: Book Value of Equity Multiple

Sales Price as of 1/24/2014: $97.97

As of year end 2012:$79.63


Steps 3-5: BV Multiple Adjusted

Sales Price as of 1/24/2014: $97.97

As of year end 2012:$79.63


Steps 3-5: EPAT Multiple

Sales Price as of 1/24/2014: $97.97

As of year end 2012:$79.63


Steps 3-5: Net Income Multiple

Sales Price as of 1/24/2014: $97.97

As of year end 2012:$79.63


Combined Estimates of Equity Value Per Share

Sales Price as of 1/24/2014: $97.97

As of year end 2012:$79.63


Combined Estimates Adjusted


Recommendation

  • Hold JM Smucker Stock


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