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.
他们出的钱太多了。这是3G资本(3G Capital) 2010年以40亿美元的企业总价值将汉堡王(Burger King)私有化时，外界的一致看法。这笔钱相当于往绩税息折旧及摊销前利润(Ebitda)的9倍。事情有了怎样的变化呢？Justice Holdings刚刚出资14亿美元，作为回报，它将获得汉堡王26%的普通股。如此一来，汉堡王的企业价值就达到80亿美元——企业价值与Ebitda之比达到了16倍（如果按照汉堡王剔除重组及其他成本的惯常做法，则为14倍）。相比之下，实力不俗的跨国公司麦当劳(McDonald’s)和百胜餐饮集团(Yum Brands)分别为11倍和14倍。麦当劳在拉美最大的特许经营商Arcos Dorados为12倍。