They paid too much. That was the consensus when 3G Capital took Burger King private in 2010 for a total enterprise value of $4bn, or nine times trailing earning before interest, taxes, depreciation and amortisation. How did things go? Well, Justice Holdings has just paid $1.4bn and will get 26 per cent of Burger King’s common shares in return. This now puts the enterprise value of Burger King at $8bn – an ev/ebitda multiple of 16 times (14 times if you follow Burger King’s practice of excluding restructuring and other costs). By comparison, the multiples for global powerhouses McDonald’s and Yum Brands are 11 and 14 times. Arcos Dorados, the largest Latin American McDonald’s franchisee, trades at 12 times.
他們出的錢太多了。這是3G資本(3G Capital) 2010年以40億美元的企業總價值將漢堡王(Burger King)私有化時，外界的一致看法。這筆錢相當於往績稅息折舊及攤銷前利潤(Ebitda)的9倍。事情有了怎樣的變化呢？Justice Holdings剛剛出資14億美元，作爲回報，它將獲得漢堡王26%的普通股。如此一來，漢堡王的企業價值就達到80億美元——企業價值與Ebitda之比達到了16倍（如果按照漢堡王剔除重組及其他成本的慣常做法，則爲14倍）。相比之下，實力不俗的跨國公司麥當勞(McDonald’s)和百勝餐飲集團(Yum Brands)分別爲11倍和14倍。麥當勞在拉美最大的特許經營商Arcos Dorados爲12倍。