Darden Restaurants, Inc. (DRI)

Industry: Restaurants Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
FATAV	1	FAT Brands Inc. Cl	286,845	-	-	-	-	-	-
XGR2.DE	2	Compass Group PLC	87,175	17.64	16.07	9.84	8.83	10.97	11.13
SBUX	3	Starbucks Corporat	37,184	52.63	45.82	22.16	19.79	31.94	28.40
MCD	4	McDonald's Corpora	26,264	24.81	22.29	18.24	16.69	19.57	19.71
0QKI.L	5	Swisscom AG	17,649	23.36	24.73	5.48	5.13	13.37	17.72
ELIOR.PA	6	Elior Group S.A.	14,329	14.21	18.08	2.81	3.02	3.08	5.28
DRI	7	Darden Restaurants	12,364	21.77	21.77	15.58	8.85	22.03	20.87
6862.HK	8	Haidilao Internati	12,210	8.58	8.58	4.81	4.81	4.20	3.87
0HXW.L	9	Chipotle Mexican G	11,787	34.05	23.43	24.09	18.75	29.65	19.79
SSPG.L	10	SSP Group plc	9,076	-	-	3.45	2.80	11.48	5.48
HFG.DE	11	HelloFresh SE	8,243	-	-	2.93	2.91	-	-
YUM	12	Yum! Brands, Inc.	7,908	30.25	28.49	20.34	18.70	21.74	20.13
7550.T	13	Zensho Holdings Co	7,455	37.49	23.68	14.09	10.85	25.57	14.21
MAB.L	14	Mitchells & Butler	7,117	4.27	3.86	3.07	3.03	4.67	4.07
QSP-UN.TO	15	Restaurant Brands	6,719	22.75	20.59	14.69	13.72	13.15	14.82
QSR	16	Restaurant Brands	6,719	22.75	20.59	14.69	13.72	13.15	14.82

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	22.75	20.59	7.66	6.98	13.15	14.21
Full Range Median Multiple	23.06	21.44	11.96	9.84	13.15	14.82
Industry Multiple	24.40	21.35	11.48	10.20	15.58	13.80
Market Implied Multiple	22.77	22.77	16.15	9.17	22.84	21.64
Company (DRI) Multiple	21.77	21.77	15.58	8.85	22.03	20.87
(*) Net Income / EBITDA / Revenue	1,100	1,100	1,919	3,378	1,357	1,432
Winsorized Enterprise Value	N/A	N/A	14,698	23,581	17,847	20,357
Full Range Median Enterprise Value	N/A	N/A	22,960	33,247	17,847	21,220
(-) Net Debt	5,944	5,944	5,944	5,944	5,944	5,944
Winsorized Equity Value	25,025	22,650	8,753	17,637	11,903	14,413
Full Range Median Equity Value	25,364	23,584	17,016	27,302	11,903	15,276
(/) Shares Outstanding	117	117	117	117	117	117
Winsorized Fair Value	$214.44	$194.09	$75.01	$151.13	$101.99	$123.50
Full Range Median Fair Value	$217.34	$202.09	$145.81	$233.95	$101.99	$130.90
Current Price	$214.62	$214.62	$214.62	$214.62	$214.62	$214.62
Upside / Downside	-0.08%	-9.57%	-65.05%	-29.58%	-52.48%	-42.46%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$150.11	$135.86	$52.50	$105.79	$71.39	$86.45
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy