$5,091 S00- 13% $3,457 ,,fJ Ylers 6% Confidential - Analysis and Assumptions
Subject to Change Preliminary Analysis of Selected Public Companies - Financial Benchmarking Ingredients & Sweeteners Mid•Cap Packaged foods ($Millions) 2023E Revenue '22E- '23E Revenue Growth 2023E Gross Margin 2023E EBITDA ,--I
----W-orl-d --··I I----W-o-rld----I· L_! !!s.:.'!! -J l_ .:'!!!:!!'!n -J '22E- '23E 2023E EBITDA Growth EBITDA Margin $11,122 TATEO(LYLE 25% TATEO(LYLE 49% 21% ..,,. l 'f"ers 48% bellnng 20% Simply
,.,?._ 36% $1,359 soo-':w 28% bell11ng 20% 27% Simply 20% 23% TATEO(LVLI: 19% S00-ZUCKER ) $8,299 $1,263 Tr•eello,... ® lngredion ® J· l
yJers $7,342 t'> S00-ZUCKER ® lngredion $1,195 1.utz. S00-ZUCKER 35% ...> l YJe·rs $508 t') lngredion 19% ® hO Fooosc, t111c. 17% • 34% TATEO{LYLE $423 bell11ng 17% 15% TreelloW!e TATl:O(LVLI: $2,266 Simply
2.'.! 5% bell11ng 32% Median $2,053 Median 4% Median 30% • $363 !utz. 9% $348 Median 7% 14% ft1...&W!e lngredion Median Median 14% ) r---------------I ; World 30%; bell11ng I ---------------1 7% ; World
14%; $2,053 4% $348 Simply '?.',! hO FootK, htc. lngredion i------------------------------•1 i-------------------· - $1,792 lutz 3% ; World 27%; $317 5% ; World 14%; llO ,INC. llO
,INC. ---------------' belh1ng i---------------1 Simply 2.'.! l.utz. $1,712 ; World 2%; ---------------· 27% $246 .J- l yvers 1% 13% - l.utz. !utz. $1,446 ; World 1% ; 22% $185 ; World (1
%); i---------------· S00- 12% r------------------------------1' • 11% .i.------------,---·' Jefferies Jefferies LLC / January 2024 39 • - $148 Simply '?.',! $1,251 0% 22% TrcclJousc T:n.,"t:Hotu.e ; World
(2%); --------------..1 aaoJooos,1111,. i---------------1 - } i---------------, ..,.FJRY'ers ; World $551; (3%) Ingredion 21% ; World
$78; TATe&LVLe (7%) 10% ---- · I-------------------------------I.' ---------------- . - C \,! I I • ; World $5461 (5%) 18% : World $781 --------------;J {18%) - 8 Source: S&-P C-a-pit-al-IQ-a-s o-f -Ja-nu-ar-y
1-9,-2-02·4. hO .btC. Tree&W!e