John McDonald Consumer & Retail - Hyde Park Capital & Retail M&A ... while the S&P 500 Consumer Durables & ... 11/14/16 Harman International Industries, Inc. Samsung Electronics America,

Consumer & Retail M&A Report

Q4 2016

HYDE PARK CAPITAL

Member FINRA/SIPC

Investment Banking | Mergers & Acquisitions | Capital Raising Integrity | Expertise | Results

Hyde Park Capital Advisors, LLC 701 N. Franklin Street

Tampa, FL 33602 Tel: 813-383-0202

www.hydeparkcapital.com

John Hill Senior Managing Director [email protected] (813) 383-0205 John McDonald Senior Managing Director [email protected] (813) 383-0206 Keith Hodgdon Managing Director [email protected] (813) 383-0208 Jami Gold Vice President [email protected] (813) 383-0203 Greg Bosl Vice President [email protected] (813) 597-2649 Jeffrey Hendricks Vice President [email protected] (678) 523-3073 Kenneth Burnside Business Development Officer [email protected] (864) 905-9633

HYDE PARK CAPITAL Investment Banking | Mergers & Acquisitions | Capital Raising

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Dec-15 Mar-16 Jun-16 Sep-16 Dec-16

S&P 500 S&P 500 Retailing Index S&P 500 Consumer Durables & Apparel Index

Public Market Performance (LTM)

Commentary Select Public Offerings – Consumer & Retail (Q4 2016)

Public Company Market Performance by Sector

Source: S&P Capital IQ

2

Capital Markets Overview – Consumer & Retail

The S&P 500 and S&P 500 Retailing Index increased 11.2% and 6.9% respectively, while the S&P 500 Consumer Durables & Apparel Index decreased 6.1% for the twelve month period ending December 31, 2016.

The table on the right illustrates select public offerings completed in Q4 2016. Acushnet Holdings Corp. (NYSE:GOLF), which develops, manufactures and distributes golf products, raised $329 million in the largest IPO during the quarter.

The Beverages and Packaged Foods sectors were the industry’s leaders with respect to valuation during the 4th quarter, trading at EBITDA multiples of 14.8x and 13.2x, respectively.

6.9%

11.2%

6.1%

Industry Sector 3 Months 12 months Revenue EBITDA

Specialty Retail 0.6% (3.3%) 0.6x 7.4x

Department Store Retail 0.1% (3.9%) 0.5x 6.6x

Discount Stores & Mass Merchants (0.5%) 6.9% 0.6x 10.4x

Apparel, Accessories & Footwear Retail 0.6% (0.7%) 0.6x 6.2x

Apparel, Accessories & Footwear (6.4%) (13.0%) 1.1x 9.7x

Furniture & Furnishings Retail 0.9% 3.5% 0.7x 7.0x

Furniture & Furnishings Manufacturers 20.3% 19.9% 1.2x 9.7x

Personal Care Products (6.4%) 3.9% 1.5x 11.6x

Household Products (1.9%) 9.5% 2.7x 12.0x

Recreational & Leisure Products 1.3% 11.3% 1.4x 10.0x

Restaurants 1.2% 2.1% 1.7x 11.0x

Packaged Foods (7.8%) 3.1% 2.3x 13.2x

Beverages (3.5%) 0.0% 5.1x 14.8x

Food Retail 8.4% (4.1%) 0.6x 8.4x

Change in Stock Price Enterprise Value / LTM

Median

Offer Date Issuer Industry Sector Transaction Type

Transaction

Value ($mm)

12/12/16 The Michaels Companies, Inc. Speciality Retail Secondary $264

11/30/16 Bojangles', Inc. Restaurants Secondary $104

11/29/16 Constellation Brands, Inc. Beverages Fixed Income $599

11/07/16 Kellogg Co. Packaged Foods Fixed Income $599

11/02/16 Wingstop, Inc. Restaurants Secondary $178

11/01/16 Walgreens Boots Alliance, Inc. Speciality Retail Secondary $1,668

10/27/16 Acushnet Holdings Corp. Recreational & Leisure Products IPO $329

10/24/16 Netflix, Inc. Recreational & Leisure Products Fixed Income $1,000

10/18/16 NIKE, Inc. Apparel, Accesseries & Footwear Fixed Income $1,493

10/03/16 Pepsico, Inc. Beverages Fixed Income $4,487


As detailed in the charts below, Middle Market M&A activity in the Consumer & Retail industry declined during the twelve month period ended December 31, 2016, with 141 closed transactions, a 26% decrease from the 190 transactions that closed during the prior year period.

Despite a significant drop in deal volume, the total value of

completed Middle Market M&A transactions in the Consumer & Retail industry during 2016 fell only 5% to $20.9 billion, down from $22.1 billion during 2015.

Although Middle Market Consumer & Retail M&A activity declined throughout the year, completed deal volume and deal value increased for transactions valued between $500 million and $1 billion, rising 50% and 45%, respectively.

Commentary

U.S. M&A Activity – Annual Trends: VALUE

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Annual M&A Activity – Consumer & Retail

3

U.S. M&A Activity – Annual Trends: VOLUME

($ in billions)

Completed U.S. M&A Transactions by Deal Size

Less than $100M $100 - $499M $500 - $999MLess than $100M $100 - $499M $500 - $999M

Source: S&P Capital IQ (middle market includes all closed deals with disclosed deal value between $10 million and $1 billion)

Deal Size Volume Value Volume Value Volume Value

Less than $100M 125 $4.4 85 $3.5 (32%) (21%)

$100 - $499M 57 $12.4 44 $9.7 (23%) (21%)

$500 - $999M 8 $5.3 12 $7.7 50% 45%

Total Middle Market 190 $22.1 141 $20.9 (26%) (5%)=

% of Total Market

Less than $100M 66% 20% 60% 17%

$100 - $499M 30% 56% 31% 46%

$500 - $999M 4% 24% 9% 37%

Total Middle Market 100% 100% 100% 100%

2015 2016 % Change

190

231

221

192

131

151

176

212

140

195

190

141

0

50

100

150

200

250

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

$26.3

$28.2

$30.2

$22.1

$13.9

$21.7 $21.2

$27.3

$17.8

$26.1

$22.1$20.9

$0

$5

$10

$15

$20

$25

$30

$35

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016


Quarterly M&A Activity – Consumer & Retail

U.S. M&A Activity – Quarterly Trends: VALUE U.S. M&A Activity – Quarterly Trends: VOLUME

Completed U.S. M&A Transactions by Deal Size

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Commentary

As detailed in the charts below, Middle Market M&A activity in the Consumer & Retail industry decreased during Q4 2016 compared with Q4 2015. Middle Market M&A transaction volume decreased to 35 transactions, down 38% from 56 transactions in the prior year period.

The total value of completed Middle Market M&A transactions in the Consumer & Retail industry fell 17% to $5.6 billion, down from $6.8 billion in Q4 2015.

Transactions valued between $100 million and $499 million had

the steepest declines during Q4 2016, as deal volume fell 61% and completed deal value dropped 55% compared with the prior year period.

Less than $100M $100 - $499M $500 - $999MLess than $100M $100 - $499M $500 - $999M

Source: S&P Capital IQ (middle market includes all closed deals with disclosed deal value between $10 million and $1 billion)

($ in billions)

Deal Size Volume Value Volume Value Volume Value

Less than $100M 35 $1.1 23 $0.8 (34%) (26%)

$100 - $499M 18 $3.6 7 $1.6 (61%) (55%)

$500 - $999M 3 $2.1 5 $3.3 67% 52%

Total Middle Market 56 $6.8 35 $5.6 (38%) (17%)

% of Total Market

Less than $100M 63% 16% 66% 14%

$100 - $499M 32% 52% 20% 28%

$500 - $999M 5% 32% 14% 58%

Total Middle Market 100% 100% 100% 100%

Q4 2015 Q4 2016 % Change

25 25

43

47

37

5653

49

41

4647

56

40

28

3835

0

10

20

30

40

50

60

Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3'16 Q4 '16

$2.6$2.9

$6.4

$5.9

$5.0

$6.1

$7.5 $7.5

$2.8

$6.7

$5.7

$6.8$6.6

$3.9

$4.8

$5.6

$0

$2

$4

$6

$8

Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2 '15 Q3 '15 Q4 '15 Q1'16 Q2 '16 Q3'16 Q4 '16


Recent M&A Activity – Consumer & Retail

Select M&A Transactions (Q4 2016)

5


Announced

Date Target Buyer Industry

Enterprise

Value ($mm)

EV /

Revenue

EV /

EBITDA

12/19/16 Brown Jordan International, Inc. Littlejohn & Co. LLC Household & Personal Products NA NA NA

12/14/16 Innocor, Inc. Bain Capital Private Equity Household & Personal Products NA NA NA

12/13/16 Allen Edmonds Corp. Caleres, Inc. Apparel, Accessories & Footwear $255.0 NA NA

12/12/16 Smith Mountain Industries, Inc. Newell Brands, Inc. Household & Personal Products $100.0 NA NA

11/29/16 GNP Co. Pilgrim's Pride Corp. Food & Beverage $350.0 NA NA

11/22/16 BAI Brands, LLC Mott's, LLP Food & Beverage NA NA NA

11/22/16 PersonalizationMall.com, Inc. Bed Bath & Beyond, Inc. Retail $190.0 NA NA

11/21/16 Clougherty Packing, LLC Smithfield Foods, Inc. Food & Beverage $145.0 NA NA

11/20/16 LifeLock, Inc. Symantec Corp. Retail $2,362.1 3.6x 50.0x

11/17/16 Bellisio Foods, Inc. Charoen Pokphand Foods Public Co. Ltd. Food & Beverage $1,075.0 NA NA

11/14/16 Harman International Industries, Inc. Samsung Electronics America, Inc. Retail $8,854.4 1.3x 10.4x

11/14/16 Too Faced Cosmetics, LLC The Estée Lauder Co., Inc. Retail $1,450.0 NA NA

11/14/16 Peacock Foods, LLC Greencore Group plc Food & Beverage $747.5 0.8x 15.8x

11/07/16 Golfsmith Int. Holdings, Inc. Dick's Sporting Goods, Inc. Retail $43.0 NA NA

11/07/16 Blue Nile, Inc. Bain Capital Private Equity Retail $456.0 1.0x 27.8x


Recent M&A Activity – Consumer & Retail

Select M&A Transactions (Q4 2016)

6


Announced

Date Target Buyer Industry

Enterprise

Value ($mm)

EV /

Revenue

EV /

EBITDA

11/07/16 Vintage Stock, Inc. Live Ventures, Inc. Retail $58.0 0.9x NA

11/01/16 Do Outdoors, Inc. Peak Rock Capital Retail NA NA NA

11/01/16 Trademark Global, Inc. Bertram Capital Management Household & Personal Products NA NA NA

10/31/16 Performance Sports Group Ltd. Fairfax Financial Holdings Ltd. Retail $692.8 NA NA

10/26/16 Pacific Island Restaurants, Inc. Restaurant Brands New Zealand Ltd. Restaurants $105.0 0.9x 5.5x

10/17/16 Moran Foods, LLC Onex Corp. Food & Beverage $1,365.0 NA NA

10/17/16 Charles Smith Wines, LLC Constellation Brands, Inc. Food & Beverage $120.0 NA NA

10/17/16 etailz, Inc. Trans World Entertainment Corp. Retail $75.1 0.8x NA

10/12/16Newell Brands, Inc. (Tool Business)

Stanley Black & Decker, Inc. Household & Personal Products $1,950.0 2.6x 13.0x

10/10/16 Red Lobster Master Holdings, L.P. Thai Union Group Public Co. Ltd. Restaurants $1,265.0 0.5x 8.8x

10/10/16 Glacier Water Services, Inc. Primo Water Corp. Food & Beverage $249.6 1.8x 11.1x

10/05/16 Nothing Bundt Cakes, LLC Levine Leichtman Capital Partners Food & Beverage NA NA NA

10/05/16 High West Distillery, LLC Constellation Brands, Inc. Food & Beverage $160.0 NA NA

10/03/16 Cabela's, Inc.BPS Direct, LLC (dba: Bass Pro Shops)

Retail $9,343.0 2.2x 19.9x

10/03/16 Fleischmann's Vinegar Co., Inc. Green Plains II, LLC Food & Beverage $250.0 NA NA


Q4 2015 Q4 2016

Q4 2015 Q4 2016

M&A Activity by Consumer & Retail Sector

7

($ in millions)

Source: S&P Capital IQ (includes all closed deals with disclosed deal value between $10 million and $1 billion and excludes specialized consumer services transactions, as defined by S&P Capital IQ).

U.S. M&A Activity by Consumer & Retail Sector: VOLUME

U.S. M&A Activity by Consumer & Retail Sector: VALUE

% Change

% Change

54%

31%

41%

7%

343%

79%

52%

14%

20%

$2.6

$0.5

$0.8

$0.9

$0.7

$3.8

$0.6

$1.7

$0.2

$0.5

$0.0 $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 $4.5

Food & Beverage

Retail

Household & Personal Products

Apparel, Accessories & Footwear

Restaurants

13

9

3

4

6

27

3

14

5

7

0 5 10 15 20 25 30

Food & Beverage

Retail

Household & Personal Products


Restaurants

200%


Financial sponsors were active investors across many sectors of the Consumer & Retail industry in Q4 2016, as shown in the table on the right.

Several notable financial sponsor led transactions were

announced during Q4 2016, including the Onex Corp.’s acquisition of Moran Foods, LLC for over $1.3 billion; Bain Capital Private Equity’s acquisition of Blue Nile, Inc. for $456 million; and Berkshire Partners’ proposed purchase of Kendra Scott Design, Inc.

During Q4 2016, financial sponsors were most active in the Restaurants sector, announcing 15 deals.

Commentary Select Private Equity Transactions (Q4 2016)

Financial Sponsors Industry Transactions

Private Equity Activity – Consumer & Retail

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Household & PersonalProducts

Restaurants Food & Beverage Retail Apparel, Accessories &Footware

Announced Date Target Buyer Industry

Enterprise

Value ($mm)

12/22/16 Gabriel Brothers, Inc. Warburg Pincus Apparel, Accessories &

FootwearNA

12/21/16 Kendra Scott Design, Inc. Berkshire PartnersApparel, Accessories &

FootwearNA

12/20/16 PepperJax Development, Inc. TA Associates Management Restaurants NA

12/19/16 Brown Jordan International, Inc. Littlejohn & Co.Household & Personal

ProductsNA

12/14/16 Innocor, Inc. Bain Capital Private EquityHousehold & Personal

ProductsNA

11/29/16 Pyramyd Air, Ltd. Gen Cap America Retail NA

11/28/16 Snyder's-Lance, Inc. Blue Road Management Food & Beverage NA

11/28/16 BioMatrix, LLC Acon Investments Retail NA

11/22/16 Stanton Carpet Corp. Quad-C Management, Inc.Household & Personal

ProductsNA

11/21/16 Lasko Products, Inc. Comvest PartnersHousehold & Personal

ProductsNA

11/10/16 Mercer Foods, Inc. Graham Partners Food & Beverage NA

11/10/16 Cardenas Market, Inc. KKR & Co. /

Victory Park Capital Food & Beverage NA

11/07/16 Blue Nile, Inc. Bain Capital Private Equity Retail $456

11/01/16 Trademark Global, Inc. Bertram Capital Household & Personal

ProductsNA

10/31/16 Hillside Candy, LLC Highlander Partners Food & Beverage NA

10/24/16 Stonefire Grill, Inc. Goode Partners Restaurants NA

10/17/16 Moran Foods, LLC Onex Corp. Food & Beverage $1,365

10/10/16 Forman Mills, Inc. Goode PartnersApparel, Accessories & Footwear

NA

10/04/16 The Worth Collection, Ltd. New Water CapitalApparel, Accessories &

FootwearNA

10/04/16 Kronos Foods, Inc. Grey Mountain Partners Food & Beverage NA


70%

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120%


S&P 500 Department Store Retail Index

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S&P 500 Discount Stores & Mass Merchants Index

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S&P 500 Specialty Retail Index - Large/Mid Cap Specialty Retail Index - Small/Micro Cap

Industry Sector Overview – Recent Stock Price Performance

9


The charts on the following pages detail the recent stock price performance by sector for the leading public companies within the Consumer & Retail industry for the trailing 12-month period ended December 31, 2016. The shaded section is the most recent 3-month period (Q4) for each sector index relative to the S&P 500.

The sectors in the Consumer and Retail industry had mixed results during

the 12-month period ended December 31, 2016. The Furniture and Furnishings Manufacturers and Household Products sectors increased the most, rising 19.9% and 11.3%, respectively. The Apparel, Accessories & Footwear Retail sector had the largest decline, falling 14.5%.

During Q4 2016, sector performance was mixed. Furniture and Furnishings Manufacturers and Food Retail led the industry, increasing 20.3% and 8.4%, respectively. Packaged Foods and Personal Care Products had the worst performances, falling 7.8% and 6.4%, respectively.

6.4%

3.9%

Specialty Retail

Department Store Retail

Commentary

Discount Stores & Mass Merchants

11.2%

3.4%

11.2%

6.9%

11.2%


80%

90%

100%

110%

120%

130%


S&P 500 Furniture & Furnishings Retail

80%

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100%

110%

120%

130%


S&P 500 Furniture & Furnishings Manufacturers

80%

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100%

110%

120%

Dec-15 Mar-16 Jun-16 Sep-16 Dec-16S&P 500Apparel, Accessories & Footwear Index - Large/Mid CapApparel, Accessories & Footwear Index - Small/Micro Cap

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S&P 500Apparel, Accessories & Footwear Retail Index - Large/Mid CapApparel, Accessories & Footwear Retail Index - Small/Micro Cap


10


Furniture & Furnishings Retail

Apparel, Accessories & Footwear Retail Apparel, Accessories & Footwear

Furniture & Furnishings Manufacturers

14.5%

11.4%

11.2%

11.2% 11.2%

11.2%

0.1%

13.0%

3.5%

19.9%


80%

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110%

120%


S&P 500 Restaurants Index - Large/Mid Cap Restaurants Index - Small/Micro Cap

80%

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110%

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S&P 500 Recreational & Leisure Products Index

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S&P 500 Household Products Index

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S&P 500 Personal Care Products Index


11


9.5%

2.0%

Recreational & Leisure Products

Personal Care Products Household Products

Restaurants

11.2%

3.9%

11.2%

11.2%

11.2%

11.3%

6.5%


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120%


S&P 500 Food Retail Index

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110%

120%


S&P 500 Beverages Index

90%

100%

110%

120%


S&P 500 Packaged Foods Index


12


0.0%

3.1%

Packaged Foods Beverages

Food Retail

11.2% 11.2%

11.2%

4.1%


Industry Sector Overview – Public Company Analysis

($ in millions, except per share)

13

Specialty Retail

Large & Mid Cap

Source: S&P Capital IQ. * Excluded from the average and median calculation.

Closing Price % of 52 Equity Enterprise

Company Ticker 12/30/16 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDAThe Home Depot, Inc. HD $134.08 96.5% $167,198 $186,490 $93,368 $31,916 $14,932 34.2% 16.0% 2.0x 12.5xCVS Caremark Corp. CVS $78.91 74.0% $86,012 $110,487 $172,701 $28,567 $12,839 16.5% 7.4% 0.6x 8.6xWalgreens Boots Alliance, Inc. WBA $82.76 94.0% $90,086 $99,727 $116,819 $29,571 $7,886 25.3% 6.8% 0.9x 12.6xLowe's Companies, Inc. LOW $71.12 85.0% $63,457 $77,678 $62,469 $21,620 $7,536 34.6% 12.1% 1.2x 10.3xBest Buy Co., Inc. BBY $42.67 86.4% $14,004 $12,090 $39,544 $9,360 $2,479 23.7% 6.3% 0.3x 4.9x

Tractor Supply Co. TSCO $75.81 78.0% $10,216 $10,484 $6,510 $2,240 $809 34.4% 12.4% 1.6x 13.0xTiffany & Co. TIF $77.43 90.6% $9,776 $10,111 $3,986 $2,467 $935 61.9% 23.5% 2.5x 10.8xCabela's, Inc. CAB $58.55 92.1% $4,033 $8,780 $4,199 $1,737 $470 41.4% 11.2% 2.1x 18.7x*Dick's Sporting Goods, Inc. DKS $53.10 84.4% $5,989 $6,170 $7,679 $2,318 $725 30.2% 9.4% 0.8x 8.5xStaples, Inc. SPLS $9.05 79.6% $5,858 $5,837 $20,476 $5,310 $1,359 25.9% 6.6% 0.3x 4.3xOffice Depot, Inc. ODP $7.10 75.5% $3,941 $4,381 $14,485 $3,502 $674 24.2% 4.7% 0.3x 6.5x

GNC Holdings, Inc. GNC $11.04 30.8% $797 $2,308 $2,555 $918 $415 35.9% 16.2% 0.9x 5.6xFossil, Inc. FOSL $25.86 49.8% $1,248 $1,750 $3,076 $1,615 $286 52.5% 9.3% 0.6x 6.1xConns, Inc. CONN $12.65 53.9% $392 $1,593 $1,621 $306 NM 18.9% NM 1.0x NM

Average 76.5% $33,072 $38,420 $39,249 $10,103 $4,612 32.8% 10.9% 1.1x 8.6x

Median 82.0% $7,882 $9,445 $11,082 $2,984 $1,453 32.2% 7.4% 0.9x 8.6x

Enterprise Value /

LTM LTM Margins LTM



Company Ticker 12/30/16 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA

Barnes & Noble, Inc. BKS $11.15 81.8% $820 $1,000 $4,063 $1,290 $170 31.8% 4.2% 0.2x 5.9x

Hibbett Sports, Inc. HIBB $37.30 81.4% $844 $806 $972 $343 $126 35.3% 12.9% 0.8x 6.4x

Vitamin Shoppe, Inc. VSI $23.75 71.1% $600 $723 $1,278 $535 $126 41.9% 9.9% 0.6x 5.7x

Regis Corp. RGS $14.52 87.7% $681 $652 $1,772 $555 $87 31.3% 4.9% 0.4x 7.5x

Marinemax, Inc. HZO $19.35 87.8% $480 $610 $942 $226 $48 24.0% 5.1% 0.6x 12.6x*

Movado Group, Inc. MOV $28.75 90.0% $668 $506 $565 $305 $70 54.0% 12.4% 0.9x 7.2x

Lumber Liquidators Holdings, Inc. LL $15.74 78.3% $427 $438 $950 $277 ($82) 29.2% (8.7%) 0.5x NM

Big 5 Sporting Goods Corp. BGFV $17.35 85.3% $378 $399 $1,030 $323 $43 31.4% 4.2% 0.4x 9.2x

Build-A-Bear Workshop, Inc. BBW $13.75 86.8% $217 $205 $372 $175 $28 47.2% 7.5% 0.6x 7.4x

Average 83.3% $568 $593 $1,327 $448 $149 36.2% 5.8% 0.6x 7.1x

Median 85.3% $600 $610 $972 $323 $70 31.8% 4.5% 0.6x 7.2x

Enterprise Value /

LTM LTM Margins LTM


Specialty Retail


14

Small & Micro Cap





Wal-Mart Stores, Inc. WMT $69.12 91.9% $216,812 $262,597 $484,604 $124,092 $33,006 25.6% 6.8% 0.5x 8.0x

Costco Wholesale Corp. COST $160.11 94.4% $70,616 $71,232 $119,598 $16,030 $5,035 13.4% 4.2% 0.6x 14.1x

Target Corp. TGT $72.23 85.8% $42,995 $54,341 $70,431 $21,079 $7,471 29.9% 10.6% 0.8x 7.3x

Dollar Tree, Inc. DLTR $77.18 77.2% $18,251 $24,238 $20,449 $7,260 $2,268 35.5% 11.1% 1.2x 10.7x

Dollar General Corp. DG $74.07 76.5% $21,141 $24,131 $21,264 $6,564 $2,373 30.9% 11.2% 1.1x 10.2x

Big Lots, Inc. BIG $50.21 88.8% $2,360 $2,665 $5,205 $2,093 $385 40.2% 7.4% 0.5x 6.9x

PriceSmart, Inc. PSMT $83.50 88.0% $2,501 $2,396 $2,933 $462 $181 15.8% 6.2% 0.8x 13.3x

Fred's, Inc. FRED $18.56 85.3% $682 $753 $2,150 $517 ($6) 24.1% (0.3%) 0.4x NM

Tuesday Morning Corp. TUES $5.40 58.5% $236 $255 $966 $346 $16 35.9% 1.7% 0.3x 15.9x

Gordmans Stores, Inc. GMAN $0.69 21.1% $13 $89 $632 $260 $3 41.2% 0.5% 0.1x 26.8x*

Average 76.8% $37,561 $44,270 $72,823 $17,870 $5,073 29.2% 5.9% 0.6x 10.8x

Median 85.5% $10,376 $13,398 $12,827 $4,329 $1,326 30.4% 6.5% 0.6x 10.4x

LTM LTM Margins LTM

Enterprise Value /



Macy's, Inc. M $35.81 78.7% $11,194 $18,225 $26,132 $10,213 $3,007 39.1% 11.5% 0.7x 6.1x

Kohl's Corp. KSS $49.38 82.8% $9,000 $13,123 $18,868 $6,781 $2,375 35.9% 12.6% 0.7x 5.5x

Nordstrom, Inc. JWN $47.93 76.3% $8,479 $10,436 $14,634 $5,182 $1,592 35.4% 10.9% 0.7x 6.6x

J. C. Penney Co., Inc. JCP $8.31 69.3% $2,554 $6,743 $12,582 $4,527 $736 36.0% 5.8% 0.5x 9.2x

Sears Holdings Corp. SHLD $9.29 45.4% $993 $5,169 $23,389 $5,265 ($1,164) 22.5% (5.0%) 0.2x NM

Dillard's, Inc. DDS $62.69 70.8% $2,203 $2,940 $6,551 $2,284 $604 34.9% 9.2% 0.4x 4.9x

Bon-Ton Stores, Inc. BONT $1.47 49.0% $29 $1,120 $2,725 $1,001 $114 36.7% 4.2% 0.4x 9.8x

Stage Stores, Inc. SSI $4.37 46.4% $120 $333 $1,491 $351 $47 23.5% 3.1% 0.2x 7.1x

Average 64.8% $4,322 $7,261 $13,297 $4,450 $914 33.0% 6.6% 0.5x 7.0x

Median 70.0% $2,379 $5,956 $13,608 $4,855 $670 35.7% 7.5% 0.5x 6.6x

LTM LTM Margins LTM

Enterprise Value /


Department Store Retail


15

Discount Stores & Mass Merchants





Apparel, Accessories & Footwear Retail


16

Large & Mid Cap



Company Ticker 12/30/16 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDAThe TJX Companies, Inc. TJX $75.13 89.8% $50,237 $49,638 $32,678 $9,511 $4,478 29.1% 13.7% 1.5x 11.1xRoss Stores, Inc. ROST $65.60 94.0% $26,078 $25,595 $12,607 $4,060 $2,036 32.2% 16.1% 2.0x 12.6xL Brands, Inc. LB $65.84 67.6% $19,258 $24,330 $12,480 $5,803 $2,628 46.5% 21.1% 1.9x 9.3x

Gap, Inc. GPS $22.44 73.0% $8,982 $9,204 $15,472 $5,621 $1,983 36.3% 12.8% 0.6x 4.6xFoot Locker, Inc. FL $70.89 89.2% $9,678 $8,941 $7,660 $3,375 $1,137 44.1% 14.8% 1.2x 7.9xLululemon Athletica, Inc. LULU $64.99 79.4% $8,936 $8,456 $2,259 $1,126 $467 49.9% 20.7% 3.7x 18.0x*Urban Outfitters, Inc. URBN $28.48 69.8% $3,353 $3,093 $3,529 $1,261 $498 35.7% 14.1% 0.9x 6.2xTailored Brand, Inc. TLRD $25.55 88.8% $1,240 $2,801 $3,411 $1,467 $350 43.0% 10.2% 0.8x 8.0x

Ascena Retail Group, Inc. ASNA $6.19 55.0% $1,206 $2,536 $7,002 $4,063 $636 58.0% 9.1% 0.4x 4.0xAmerican Eagle Outfitters, Inc. AEO $15.17 77.6% $2,825 $2,533 $3,618 $1,366 $519 37.8% 14.3% 0.7x 4.9xChico's FAS, Inc. CHS $14.39 85.4% $1,892 $1,846 $2,489 $1,353 $263 54.4% 10.6% 0.7x 7.0xThe Children’s Place Retail Stores, Inc. PLCE $100.95 90.8% $1,958 $1,756 $1,763 $661 $183 37.5% 10.4% 1.0x 9.6xGenesco, Inc. GCO $62.10 83.7% $1,287 $1,485 $2,917 $1,423 $226 48.8% 7.8% 0.5x 6.6x

Average 80.3% $10,533 $10,940 $6,566 $2,568 $945 42.6% 13.5% 1.2x 7.6x

Median 83.7% $3,353 $3,093 $3,488 $1,537 $423 43.0% 13.7% 0.9x 7.4x

Enterprise Value /

LTM LTM Margins LTM



Apparel, Accessories & Footwear Retail


17

Small & Micro Cap



Company Ticker 12/30/16 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDABuckle, Inc. BKE $22.80 65.1% $1,100 $887 $1,027 $499 $213 48.6% 20.8% 0.9x 4.2x

Express, Inc. EXPR $10.76 49.9% $863 $830 $2,279 $959 $239 42.1% 10.5% 0.4x 3.5xFinish Line, Inc. FINL $18.81 76.7% $784 $767 $1,937 $745 $134 38.5% 6.9% 0.4x 5.7xGuess?, Inc. GES $12.10 53.0% $1,013 $703 $2,188 $749 $147 34.2% 6.7% 0.3x 4.8xAbercrombie & Fitch Co. ANF $12.00 36.6% $819 $694 $3,403 $2,090 $260 61.4% 7.7% 0.2x 2.7xCato Corp. CATO $30.08 74.3% $815 $572 $987 $381 $105 38.6% 10.6% 0.6x 5.5xZumiez, Inc. ZUMZ $21.85 82.3% $552 $515 $815 $266 $67 32.7% 8.2% 0.6x 7.7xShoe Carnival, Inc. SCVL $26.98 84.9% $497 $464 $1,001 $293 $71 29.3% 7.1% 0.5x 6.6xStein Mart, Inc. SMRT $5.48 59.4% $255 $420 $1,369 $377 $58 27.5% 4.2% 0.3x 7.3xStage Stores, Inc. SSI $4.37 46.4% $120 $338 $1,491 $351 $47 23.5% 3.1% 0.2x 7.2xCasual Male Retail Group, Inc. DXLG $4.25 72.3% $210 $287 $452 $207 $28 45.8% 6.2% 0.6x 10.2x*

Citi Trends CTRN $18.84 82.9% $276 $205 $686 $264 $35 38.5% 5.1% 0.3x 5.9xDestination Maternity Corp. DEST $5.17 50.5% $71 $115 $452 $235 $23 52.0% 5.2% 0.3x 4.9xNew York & Company, Inc. NWY $2.27 54.7% $144 $102 $934 $359 $28 38.5% 3.0% 0.1x 3.6x

Average 63.5% $537 $493 $1,359 $555 $104 39.4% 5.7% 0.4x 5.3x

Median 62.2% $525 $489 $1,014 $368 $69 38.5% 6.8% 0.3x 5.5x

Enterprise Value /LTM LTM Margins LTM





18

Large & Mid Cap



Company Ticker 12/30/16 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDANike, Inc. NKE $50.83 77.7% $87,247 $84,841 $33,517 $15,214 $5,178 45.4% 15.4% 2.5x 16.4xV.F. Corp. VFC $53.35 79.5% $22,707 $24,567 $12,369 $5,982 $2,013 48.4% 16.3% 2.0x 12.2xHanesbrands, Inc. HBI $21.57 68.8% $8,369 $12,037 $5,862 $2,248 $987 38.3% 16.8% 2.1x 12.2xUnder Armour, Inc. UA $25.17 54.5% $11,167 $11,991 $4,691 $2,219 $572 47.3% 12.2% 2.6x 21.1x*PVH Corp. PVH $90.24 78.2% $7,357 $10,020 $8,208 $4,291 $1,066 52.3% 13.0% 1.2x 9.4xCoach, Inc. COH $35.02 80.1% $9,813 $8,568 $4,499 $3,070 $887 68.2% 19.7% 1.9x 9.7xMichael Kors Holdings, Inc. KORS $42.98 72.2% $7,630 $7,648 $4,672 $2,765 $1,273 59.2% 27.3% 1.6x 6.0xPolo Ralph Lauren Corp. RL $90.32 78.0% $7,618 $7,235 $7,190 $4,109 $1,018 57.1% 14.2% 1.0x 7.1xGildan Activewear, Inc. TSX:GIL $25.38 82.2% $6,092 $6,701 $2,541 $708 $512 27.9% 20.2% 2.6x 13.1xCarter's, Inc. CRI $86.39 76.7% $4,410 $4,850 $3,132 $1,332 $477 42.5% 15.2% 1.5x 10.2xColumbia Sportswear Co. COLM $58.30 91.7% $4,116 $3,600 $2,359 $1,090 $305 46.2% 12.9% 1.5x 11.8xSkechers USA, Inc. SKX $24.58 71.7% $3,807 $3,245 $3,535 $1,621 $464 45.9% 13.1% 0.9x 7.0xWolverine World Wide, Inc. WWW $21.95 85.9% $2,114 $2,644 $2,516 $972 $252 38.6% 10.0% 1.1x 10.5xKate Spade & Co. KATE $18.67 70.6% $2,414 $2,330 $1,340 $806 $211 60.2% 15.8% 1.7x 11.0xDSW, Inc. DSW $44.21 79.1% $2,428 $2,288 $1,979 $643 $275 32.5% 13.9% 1.2x 8.3xSteven Madden, Ltd. SHOO $35.75 88.2% $2,139 $2,046 $1,407 $516 $194 36.7% 13.8% 1.5x 10.5xDeckers Outdoor Corp. DECK $55.39 79.2% $1,809 $1,823 $1,835 $841 $238 45.8% 13.0% 1.0x 7.7xFossil, Inc. FOSL $25.86 49.8% $1,248 $1,677 $3,076 $1,615 $286 52.5% 9.3% 0.5x 5.9xG-III Apparel Group, Ltd. GIII $29.56 52.9% $1,387 $1,434 $2,311 $822 $161 35.6% 7.0% 0.6x 8.9xCaleres, Inc. CAL $32.82 89.6% $1,391 $1,415 $2,549 $1,049 $176 41.2% 6.9% 0.6x 8.0xOxford Industries, Inc. OXM $60.13 77.1% $1,000 $1,137 $1,021 $578 $142 56.6% 13.9% 1.1x 8.0x

Average 75.4% $9,346 $9,624 $5,267 $2,500 $795 46.6% 14.3% 1.5x 9.7x

Median 78.0% $4,116 $3,600 $3,076 $1,332 $464 45.9% 13.9% 1.5x 9.5x

Enterprise Value /

LTM LTM Margins LTM




CROCS, Inc. CROX $6.86 54.7% $503 $535 $1,058 $494 $23 46.7% 2.2% 0.5x 23.6x*

Perry Ellis International, Inc. PERY $24.91 85.9% $372 $438 $871 $320 $32 36.7% 3.6% 0.5x 13.8x

Vera Bradley, Inc. VRA $11.72 56.6% $438 $356 $505 $291 $77 57.5% 15.3% 0.7x 4.6x

Weyco Group, Inc. WEYS $31.30 99.1% $333 $345 $302 $115 $28 37.9% 9.2% 1.1x 12.4x

Rocky Brands, Inc. RCKY $11.55 82.8% $87 $114 $259 $77 $9 29.8% 3.4% 0.4x 13.0x

Summer Infant, Inc. SUMR $2.00 82.0% $37 $84 $200 $63 $9 31.6% 4.7% 0.4x 9.0x

Average 76.9% $295 $312 $532 $227 $92 40.0% 6.4% 0.6x 10.6x

Median 82.4% $353 $350 $404 $203 $26 37.3% 4.2% 0.5x 12.4x

Enterprise Value /

LTM LTM Margins LTM




19

Small & Micro Cap





The Sherwin-Williams Co. SHW $268.74 86.0% $28,918 $29,441 $11,856 $5,922 $1,948 50.0% 16.4% 2.6x* 15.1x*

Bed Bath & Beyond, Inc. BBBY $40.64 77.1% $10,348 $9,875 $12,100 $4,553 $1,499 37.6% 12.4% 0.8x 6.6x

Williams-Sonoma, Inc. WSM $48.39 78.1% $5,270 $5,203 $5,089 $1,869 $666 36.7% 13.1% 1.0x 7.8x

Aaron's, Inc. AAN $31.99 93.5% $2,611 $2,332 $3,234 $1,617 $463 50.0% 14.3% 0.7x 5.0x

La-Z-Boy, Inc. LZB $31.05 94.4% $1,623 $1,547 $1,518 $594 $152 39.1% 10.0% 1.0x 10.2x

Rent-A-Center, Inc. RCII $11.25 68.7% $725 $1,256 $3,073 $2,019 $253 65.7% 8.2% 0.4x 5.0x

Select Comfort Corp. SCSS $22.62 79.8% $1,255 $1,204 $1,213 $733 $72 60.5% 5.9% 1.0x 16.7x*

Ethan Allen Interiors, Inc. ETH $36.85 95.0% $1,067 $1,175 $784 $438 $97 55.9% 12.4% 1.5x 12.1x*

Pier 1 Imports, Inc. PIR $8.54 88.3% $1,008 $932 $1,842 $981 $111 53.2% 6.0% 0.5x 8.4x

Haverty Furniture Companies, Inc. HVT $23.70 96.5% $520 $453 $817 $438 $71 53.6% 8.7% 0.6x 6.4x

Bassett Furinture Industries, Inc. BSET $30.40 90.3% $351 $302 $432 $265 $40 61.2% 9.4% 0.7x 7.5x

Lifetime Brands, Inc. LCUT $17.75 91.7% $224 $299 $585 $211 $39 36.0% 6.7% 0.5x 7.7x

Kirkland's, Inc. KIRK $15.51 85.3% $319 $291 $590 $274 $46 46.5% 7.7% 0.5x 6.4x

Average 86.5% $4,172 $4,178 $3,318 $1,532 $420 49.7% 10.1% 0.8x 7.1x

Median 88.3% $1,067 $1,204 $1,518 $733 $111 50.0% 9.4% 0.7x 7.0x

LTM LTM Margins LTM

Enterprise Value /



Leggett & Platt, Inc. LEG $48.88 89.5% $6,875 $7,649 $3,791 $929 $600 24.5% 15.8% 2.0x 12.8x

Tempur Pedic International, Inc. TPX $68.28 82.9% $4,187 $5,745 $3,125 $1,305 $487 41.8% 15.6% 1.8x 11.8x

HNI Corp. HNI $55.92 98.2% $2,540 $2,746 $2,219 $847 $245 38.2% 11.1% 1.2x 11.2x

Herman Miller, Inc. MLHR $34.20 93.8% $2,071 $2,243 $2,295 $881 $262 38.4% 11.4% 1.0x 8.6x

Steelcase, Inc. SCS $17.90 98.7% $2,142 $2,241 $3,011 $996 $249 33.1% 8.3% 0.7x 9.0x

Knoll, Inc. KNL $27.93 98.3% $1,360 $1,550 $1,177 $449 $160 38.1% 13.6% 1.3x 9.7x

Libbey, Inc. LBY $19.46 91.6% $428 $800 $810 $185 $116 22.9% 14.4% 1.0x 6.9x

Average 93.3% $2,800 $3,282 $2,347 $799 $303 33.8% 12.9% 1.3x 10.0x

Median 93.8% $2,142 $2,243 $2,295 $881 $249 38.1% 13.6% 1.2x 9.7x

Enterprise Value /

LTM LTM Margins LTM


Furniture & Furnishings Manufacturers

Furniture & Furnishings Retail


20






Procter & Gamble Co. PG $84.08 93.1% $238,220 $257,599 $65,290 $33,206 $17,517 50.9% 26.8% 3.9x 14.7x

Kimberly-Clark Corp. KMB $114.12 82.2% $41,417 $48,425 $18,197 $6,622 $4,010 36.4% 22.0% 2.7x 12.1x

Estee Lauder Companies, Inc. EL $76.49 78.5% $28,697 $29,525 $11,292 $9,095 $2,169 80.5% 19.2% 2.6x 13.6x

Ulta Salon, Cosmetics & Fragrance, Inc. ULTA $254.94 91.5% $16,109 $15,866 $4,542 $1,641 $797 36.1% 17.5% 3.5x 19.9x

Sally Beauty Holdings, Inc. SBH $26.42 80.2% $3,931 $5,621 $3,953 $1,964 $599 49.7% 15.2% 1.4x 9.4x

Herbalife, Ltd. HLF $48.14 66.7% $4,142 $4,797 $4,542 $2,405 $541 53.0% 11.9% 1.1x 8.9x

Revlon, Inc. REV $29.15 76.7% $1,534 $4,198 $2,055 $1,296 $334 63.0% 16.3% 2.0x 12.6x

Avon Products, Inc. AVP $5.04 72.4% $2,199 $4,088 $5,757 $3,459 $469 60.1% 8.1% 0.7x 8.7x

Nu Skin Enterprises, Inc. NUS $47.78 72.4% $2,715 $2,612 $2,249 $1,767 $336 78.6% 14.9% 1.2x 7.8x

USANA Health Sciences, Inc. USNA $61.20 81.6% $1,550 $1,375 $986 $812 $155 82.3% 15.7% 1.4x 8.9x

Inter Parfums, Inc. IPAR $32.75 90.0% $1,020 $1,010 $505 $280 $75 55.6% 14.9% 2.0x 13.5x

Medifast, Inc. MED $41.63 96.5% $496 $414 $273 $204 $39 74.5% 14.2% 1.5x 10.6x

Nature's Sunshine Products, Inc. NATR $15.00 91.2% $285 $254 $337 $249 $22 73.8% 6.5% 0.8x 11.6x

Average 82.5% $26,332 $28,907 $9,229 $4,846 $2,082 61.1% 15.6% 1.9x 11.7x

Median 81.6% $2,715 $4,198 $3,953 $1,767 $469 60.1% 15.2% 1.5x 11.6x

Enterprise Value /

LTM LTM Margins LTM

Household Products

Personal Care Products


21



Source: S&P Capital IQ.


Company Ticker 12/30/16 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDANewell Rubbermaid, Inc. NWL $44.65 80.5% $16,419 $28,647 $10,689 $3,951 $1,781 37.0% 16.7% 2.7x 16.1x

Stanley Black & Decker, Inc. SWK $114.69 90.5% $17,025 $19,934 $11,332 $4,205 $1,881 37.1% 16.6% 1.8x 10.6xWhirlpool Corp. WHR $181.77 93.6% $14,127 $19,386 $20,622 $3,671 $2,176 17.8% 10.6% 0.9x 8.9x

Clorox Corp. CLX $120.02 85.4% $15,838 $17,831 $5,814 $2,613 $1,198 44.9% 20.6% 3.1x 14.9xSnap-on, Inc. SNA $171.27 96.3% $10,173 $11,143 $3,712 $1,909 $927 51.4% 25.0% 3.0x 12.0x

Toro Co. TTC $55.95 96.0% $6,266 $6,346 $2,392 $875 $398 36.6% 16.7% 2.7x 15.9xPrestige Brands Holdings, Inc. PBH $52.10 89.7% $2,776 $4,192 $833 $482 $296 57.9% 35.6% 5.0x 14.1x

Tupperware Brands Corp. TUP $52.62 78.7% $2,668 $3,381 $2,204 $1,495 $372 67.8% 16.9% 1.5x 9.1xCentral Garden & Pet Co. CENT $33.09 95.9% $1,717 $2,106 $1,889 $574 $187 30.4% 9.9% 1.1x 11.3x

Average 89.6% $9,668 $12,552 $6,610 $2,197 $1,024 42.3% 18.7% 2.4x 12.5x

Median 90.5% $10,173 $11,143 $3,712 $1,909 $927 37.1% 16.7% 2.7x 12.0x

Enterprise Value /

LTM LTM Margins LTM


Recreational & Leisure Products


22





Harley-Davidson, Inc. HOG $58.34 93.6% $10,715 $17,197 $6,066 $2,157 $1,262 35.6% 20.8% 2.8x 13.6xMattel, Inc. MAT $27.55 79.3% $9,438 $11,002 $5,622 $2,696 $873 48.0% 15.5% 2.0x 12.6xHasbro, Inc. HAS $77.79 87.9% $9,877 $10,779 $5,020 $2,669 $975 53.2% 19.4% 2.1x 11.1x

Polaris Industries, Inc. PII $82.39 79.0% $5,415 $5,724 $4,482 $1,180 $572 26.3% 12.8% 1.3x 10.0xBrunswick Corp. BC $54.54 96.9% $5,057 $5,053 $4,392 $1,195 $557 27.2% 12.7% 1.2x 9.1xPool Corp. POOL $104.34 96.6% $4,523 $4,892 $2,541 $732 $272 28.8% 10.7% 1.9x 18.0x

American Outdoor Brands Corp. AOBC $21.08 67.6% $1,196 $1,317 $872 $367 $259 42.1% 29.7% 1.5x 5.1xSturm, Ruger & Co., Inc. RGR $52.70 67.5% $1,014 $912 $655 $214 $161 32.7% 24.5% 1.4x 5.7x

Callaway Golf Co. ELY $10.96 87.3% $1,026 $911 $861 $373 $48 43.3% 5.6% 1.1x 18.9xJohnson Outdoors, Inc. JOUT $39.69 87.5% $391 $317 $442 $180 $41 40.6% 9.2% 0.7x 7.8xJAKKS Pacific, Inc. JAKK $5.15 52.8% $91 $254 $703 $220 $36 31.4% 5.1% 0.4x 7.0x

Average 81.4% $4,431 $5,305 $2,862 $1,081 $456 37.2% 13.1% 1.5x 10.8x

Median 87.3% $4,523 $4,892 $2,541 $732 $272 35.6% 12.8% 1.4x 10.0x

Enterprise Value /

LTM LTM Margins LTM




McDonald's Corp. MCD $121.72 92.2% $107,591 $131,332 $24,934 $10,153 $9,248 40.7% 37.1% 5.3x 14.2x

Starbucks Corp. SBUX $55.52 89.9% $82,542 $83,945 $21,316 $6,741 $4,884 31.6% 22.9% 3.9x 17.2x

Yum! Brands, Inc. YUM $63.33 68.8% $26,488 $32,843 $12,894 $3,691 $2,995 28.6% 23.2% 2.5x 11.0x

Chipotle Mexican Grill, Inc. CMG $377.32 69.6% $11,384 $11,025 $3,867 $1,164 $278 30.1% 7.2% 2.9x 39.7x*

Domino's Pizza, Inc. DPZ $159.24 92.2% $8,094 $10,294 $2,394 $744 $469 31.1% 19.6% 4.3x 22.0x*

Darden Restaurants, Inc. DRI $72.72 91.6% $9,261 $9,585 $6,995 $1,533 $930 21.9% 13.3% 1.4x 10.3x

Dunkin' Brands Group, Inc. DNKN $52.44 93.4% $4,874 $7,043 $817 $662 $423 81.1% 51.8% 8.4x* 16.7x

The Wendy's Co. WEN $13.52 96.1% $3,664 $5,871 $1,590 $714 $400 44.9% 25.1% 3.7x 14.7x

Panera Bread Co. PNRA $205.09 91.5% $4,928 $5,282 $2,760 $932 $390 33.8% 14.1% 1.9x 13.6x

Cracker Barrel Old Country Store, Inc. CBRL $166.98 95.4% $4,021 $4,312 $2,920 $990 $371 33.9% 12.7% 1.5x 11.6x

Brinker International, Inc. EAT $49.53 88.7% $2,720 $4,106 $3,236 $597 $468 18.4% 14.5% 1.3x 8.8x

Papa John's International, Inc. PZZA $85.58 94.6% $3,263 $3,577 $1,691 $417 $193 24.7% 11.4% 2.1x 18.5x

Texas Roadhouse, Inc. TXRH $48.24 95.5% $3,422 $3,401 $1,960 $394 $262 20.1% 13.4% 1.7x 13.0x

Bloomin' Brands, Inc. BLMN $18.03 90.2% $2,128 $3,306 $4,297 $711 $430 16.5% 10.0% 0.8x 7.7x

The Cheesecake Factory, Inc. CAKE $59.88 93.0% $2,983 $3,015 $2,199 $957 $279 43.5% 12.7% 1.4x 10.8x

Buffalo Wild Wings, Inc. BWLD $154.40 88.2% $2,900 $2,986 $1,983 $443 $308 22.3% 15.5% 1.5x 9.7x

DineEquity, Inc. DIN $77.00 77.9% $1,406 $2,708 $651 $394 $262 60.5% 40.3% 4.2x 10.3x

Jack in the Box, Inc. JACK $44.21 79.1% $2,428 $2,411 $1,979 $643 $275 32.5% 13.9% 1.2x 8.8x

Sonic Corp. SONC $26.51 72.9% $1,285 $1,832 $590 $331 $165 56.1% 27.9% 3.1x 11.1x

Bob Evans Farms, Inc. BOBE $53.21 96.5% $1,075 $1,432 $1,314 $481 $120 36.6% 9.1% 1.1x 11.9x

Denny's Corp. DENN $12.83 97.5% $1,010 $1,252 $501 $203 $93 40.5% 18.5% 2.5x 13.5x

Average 88.3% $13,689 $15,788 $4,461 $1,434 $1,018 35.7% 19.7% 2.4x 12.3x

Median 91.6% $3,422 $4,106 $1,979 $660 $359 32.5% 13.6% 2.0x 11.6x

Enterprise Value /

LTM LTM Margins LTM

23

Restaurants



Large & Mid Cap



Restaurants


24


Small & Micro Cap




Red Robin Gourmet Burgers, Inc. RRGB $56.40 81.8% $773 $1,073 $1,291 $285 $144 22.1% 11.2% 0.8x 7.4xBJ's Restaurants, Inc. BJRI $39.30 82.6% $976 $1,059 $961 $188 $128 19.6% 13.3% 1.1x 8.3x

Bojangles', Inc. BOJA $18.65 92.6% $700 $884 $521 $119 $80 22.7% 15.4% 1.7x 11.0xBiglari Holdings, Inc. BH $473.20 96.2% $584 $778 $859 $186 $57 21.7% 6.6% 0.9x 13.6x

Shake Shack, Inc. SHAK $35.79 81.4% $761 $736 $246 $100 $28 40.5% 11.2% 3.0x* 26.7x*Ruth's Hospitality Group, Inc. RUTH $18.30 93.1% $601 $635 $383 $103 $59 27.0% 15.3% 1.7x 10.8x

Chuy's Holdings, Inc. CHUY $32.45 85.9% $546 $533 $323 $66 $41 20.5% 12.6% 1.7x 13.1xDel Frisco's Restaurant Group, Inc. DFRG $17.00 91.9% $398 $397 $347 $81 $46 23.3% 13.2% 1.1x 8.7x

Ruby Tuesday, Inc. RT $3.23 57.4% $194 $379 $1,022 $163 $48 15.9% 4.7% 0.4x 8.0x

Average 84.8% $615 $719 $661 $143 $120 23.7% 8.8% 1.2x 10.1x

Median 85.9% $601 $736 $521 $119 $59 22.1% 9.4% 1.1x 9.8x

Enterprise Value /

LTM LTM Margins LTM




Danone BN $63.55 85.4% $39,111 $48,613 $24,512 $12,475 $4,250 50.9% 17.3% 2.0x 11.4x

General Mills, Inc. GIS $61.77 84.7% $37,547 $47,355 $15,950 $5,785 $3,383 36.3% 21.2% 3.0x 14.0x

Kellogg Co. K $73.71 84.6% $26,130 $33,689 $13,059 $4,859 $2,034 37.2% 15.6% 2.6x 16.6x

Tyson Foods, Inc. TSN $61.68 80.1% $24,055 $29,997 $36,881 $4,697 $3,567 12.7% 9.7% 0.8x 8.4x

Campbell Soup Co. CPB $60.47 89.1% $18,776 $22,117 $7,960 $2,866 $1,579 36.0% 19.8% 2.8x 14.0x

The J. M. Smucker Co. SJM $128.06 81.4% $15,032 $20,261 $7,511 $2,928 $1,686 39.0% 22.4% 2.7x 12.0x

ConAgra Foods, Inc. CAG $39.55 80.9% $17,449 $19,539 $11,215 $3,110 $1,826 27.7% 16.3% 1.7x 10.7x

Hormel Foods Corp. HRL $34.81 76.1% $18,883 $18,722 $9,523 $2,158 $1,418 22.7% 14.9% 2.0x 13.2x

Mead Johnson Nutrition Co. MJN $70.76 75.0% $13,245 $14,500 $3,808 $2,445 $1,005 64.2% 26.4% 3.8x 14.4x

McCormick & Company, Inc. MKC $93.33 86.5% $11,946 $13,288 $4,412 $1,832 $754 41.5% 17.1% 3.0x 17.6x

The Hain Celestial Group, Inc. HAIN $39.03 68.5% $4,064 $4,856 $2,888 $671 $370 23.2% 12.8% 1.7x 13.1x

Lancaster Colony Corp. LANC $141.39 98.4% $3,873 $3,755 $1,188 $312 $218 26.3% 18.3% 3.2x 17.3x

Dean Foods Co. DF $21.78 98.4% $1,995 $2,863 $7,715 $1,995 $450 25.9% 5.8% 0.4x 6.4x

J&J Snack Foods Corp. JJSF $133.43 98.8% $2,503 $2,337 $996 $307 $154 30.8% 15.4% 2.3x 15.2x

Seneca Foods Corp. SENE.A $40.05 93.9% $397 $770 $1,346 $148 $118 11.0% 8.8% 0.6x 6.5x

Average 85.4% $15,667 $18,844 $9,931 $3,106 $1,521 32.4% 16.1% 2.2x 12.7x

Median 84.7% $15,032 $18,722 $7,715 $2,445 $1,418 30.8% 16.3% 2.3x 13.2x

Enterprise Value /

LTM LTM Margins LTM

Packaged Foods


25






Costco Wholesale Corp. COST $160.11 94.4% $70,616 $71,232 $119,598 $16,030 $5,035 13.4% 4.2% 0.6x 14.1x

The Kroger Co. KR $34.51 81.4% $33,354 $46,896 $113,891 $26,358 $5,879 23.1% 5.2% 0.4x 8.0x

George Weston, Ltd. WN $84.57 94.6% $10,848 $24,274 $35,981 $10,385 $2,724 28.9% 7.6% 0.7x 8.9x

Whole Foods Market, Inc. WFM $30.76 86.5% $10,055 $10,481 $15,724 $5,411 $1,368 34.4% 8.7% 0.7x 7.7x

Casey's General Stores, Inc. CASY $118.88 87.3% $4,701 $5,442 $6,221 $1,653 $545 26.6% 8.8% 0.9x 10.0x

SUPERVALU, Inc. SVU $4.67 68.1% $1,248 $3,747 $17,086 $2,557 $742 15.0% 4.3% 0.2x 5.0x

Weis Markets, Inc. WMK $66.84 97.7% $1,798 $1,725 $2,946 $812 $171 27.6% 5.8% 0.6x 10.1x

Village Super Market, Inc. VLGE.A $30.90 84.8% $430 $394 $1,635 $444 $67 27.2% 4.1% 0.2x 5.9x

Average 86.8% $16,631 $20,524 $39,135 $7,956 $2,066 24.5% 6.1% 0.5x 8.7x

Median 86.9% $7,378 $7,962 $16,405 $3,984 $1,055 26.9% 5.5% 0.6x 8.4x

Enterprise Value /

LTM LTM Margins LTM



Anheuser-Busch InBev SA/NV ABI $106.14 84.1% $177,287 $227,788 $42,038 $25,612 $15,415 60.9% 36.7% 5.4x 14.8x

The Coca-Cola Co. KO $41.46 88.0% $181,512 $203,485 $42,454 $25,729 $11,692 60.6% 27.5% 4.8x 17.4x

Pepsico, Inc. PEP $104.63 94.3% $152,551 $173,493 $61,869 $34,464 $12,084 55.7% 19.5% 2.8x 14.4x

Constellation Brands, Inc. STZ $153.31 88.3% $31,492 $39,907 $7,247 $3,441 $2,395 47.5% 33.1% 5.5x 16.7x

Monster Beverage Corp. MNST $44.34 79.9% $27,011 $26,412 $2,941 $1,847 $1,144 62.8% 38.9% 9.0x 23.1x

Molson Coors Brewing Co. TAP $97.31 86.7% $20,036 $19,963 $3,435 $1,389 $606 40.4% 17.6% 5.8x 33.0x*

Dr Pepper Snapple Group, Inc. DPS $90.67 91.8% $17,057 $19,756 $6,408 $3,843 $1,647 60.0% 25.7% 3.1x 12.0x

Cott Corp. BCB $11.32 67.1% $1,370 $3,545 $3,047 $994 $351 32.6% 11.5% 1.2x 10.1x

Average 85.0% $76,040 $89,293 $21,180 $12,165 $5,667 52.6% 26.3% 4.7x 15.5x

Median 87.4% $29,252 $33,159 $6,827 $3,642 $2,021 57.8% 26.6% 5.1x 14.8x

Enterprise Value /

LTM LTM Margins LTM

Beverage

26



Food Retailers




Member FINRA/SIPC

Recent Transactions

HYDE PARK CAPITAL Investment Banking | Mergers & Acquisitions | Capital Raising Integrity | Expertise | Results

Hyde Park Capital Advisors, LLC 701 N. Franklin Street

Tampa, FL 33602 Tel: 813-383-0202

www.hydeparkcapital.com

John Hill Senior Managing Director [email protected] (813) 383-0205 John McDonald Senior Managing Director [email protected] (813) 383-0206 Keith Hodgdon Managing Director [email protected] (813) 383-0208 Greg Bosl Vice President [email protected] (813) 597-2649 Jami Gold Vice President [email protected] (813) 383-0203 Jeffrey Hendricks Vice President [email protected] (678) 523-3073 Kenneth Burnside Business Development Officer [email protected] (864) 905-9633

has been acquired by

a portfolio company of

has been acquired by has been acquired by


a part of

MTS Markets International Inc.

has been acquired by has been acquired by



has been

recapitalized by

Minera del Norte S.A. de

C.V.

has been recapitalized by

&


has received a growth

equity investment from has been acquired by

has been

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