Clif Bar & Company acquired by Mondelēz International

Basis

• USD 2.9bn enterprise value is treated as publicly disclosed or derived directly from public source data.
• Valuation covers 100% of the target; the amount invested or paid for a stake is separate.
• Implied EV / revenue is 3.6x, calculated from USD 2.9bn value and USD 800m revenue.
• Revenue and multiple inputs are not fully disclosed in public transaction materials reviewed; treat the multiple as an estimate.
• Comparable EV uses the approximately USD 2.9bn upfront reported price, excluding contingent consideration. Accounting separates USD 2.6bn net purchase consideration and USD 0.3bn ESOP compensation. The issuer announcement infographic reports USD 800m sales; its fiscal period is unspecified. USD 2,900m / USD 800m = 3.625x, shown at the analyst-reported approximately 3.6x. The prior USD 361m was partial-year acquired contribution, not full target sales. Earn-out: up to USD 2.4bn for 2025/2026 performance; USD 440m acquisition-date fair value is not cash paid. No payments appear in the group 2025 or H1 2026 roll-forwards; no final Clif settlement was found through the June 30, 2026 filing, reviewed October 10, 2026. The USD 156m June 2026 liability covers all acquisition earn-outs, not Clif alone. Separately, assuming one further year of 9% growth gives USD 872m revenue and approximately 3.33x forward EV/revenue; this is an illustrative owner-requested scenario, not company guidance. Historical CAGR does not establish future growth. The analyst EBIT margin is not EBITDA. Owner-supplied illustrative EBITDA estimate: approximately USD 120m, equivalent to a 15% margin on USD 800m sales. Mizuho estimated approximately 10% EBIT margin including deal amortization, implying approximately USD 80m EBIT on that sales base. Bridging to USD 120m EBITDA requires an assumed USD 40m depreciation and amortization add-back (5% of sales); that add-back is not independently sourced. The analyst did not report USD 120m EBITDA. This is an acquisition-time annual illustration, not a reported fiscal-year result or company guidance; statutory versus adjusted basis is unknown. USD 2,900m upfront EV / USD 120m estimated EBITDA = 24.1667x, approximately 24.2x, excluding the contingent earn-out and future synergies.