Whole Foods Market, Inc. acquired by Amazon.com, Inc.

Basis

• USD 14bn 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 0.87x, calculated from USD 14bn value and USD 16bn revenue.
• Revenue and multiple inputs are not fully disclosed in public transaction materials reviewed; treat the multiple as an estimate.
• The approximately $13.7 billion announced whole-company value includes net debt and is treated as enterprise value. At closing, Amazon reported approximately $13.2 billion cash consideration net of cash acquired; the pro forma filing specifies $13.176 billion cash paid net of $398 million cash acquired. Whole Foods Market’s pro forma net sales for the calendar year ended December 31, 2016 were $15.813 billion; this period adjusts its fiscal-year results to Amazon’s calendar year. The reported 10.6x EV/LTM EBITDA is from a secondary source and is retained without an EBITDA denominator; its LTM period is not more precisely specified there. Approximately $13.7 billion divided by $15.813 billion pro forma net sales is approximately 0.87x. The 10.6x LTM EBITDA multiple is reported by a secondary source, not calculated here. Pro forma filing reports Whole Foods Market net sales of $15.813 billion for the year ended December 31, 2016. A secondary source reports EV/LTM EBITDA of 10.6x without specifying a more precise LTM period.