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Kraft Heinz (Nasdaq: KHC) To Separate into Two Businesses Via a Tax-Free Spin-Off

Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Event-Driven

<ul>
<li>Kraft Heinz’s decision to split into Global Taste Elevation Co. and North American Grocery Co. is a strategic move intended to recalibrate the Company amid flattening growth.</li>
<li>We value Kraft Heinz on a sum-of-the-parts (SOTP) basis. Global Taste Elevation is valued at 10x 2025E adjusted EBITDA, while North America Grocery is valued at 7.8x 2025E adjusted EBITDA.</li>
<li>We expect the spin-off to unlock value for shareholders as Global Taste Elevation Co will get better multiple post separation.</li>
</ul>


Kraft Heinz’s decision to split into Global Taste Elevation Co. and North American Grocery Co. is a strategic move intended to recalibrate the Company amid flattening growth.
We value Kraft Heinz on a sum-of-the-parts (SOTP) basis. Global Taste Elevation is valued at 10x 2025E adjusted EBITDA, while North America Grocery is valued at 7.8x 2025E adjusted EBITDA.
We expect the spin-off to unlock value for shareholders as Global Taste Elevation Co will get better multiple post separation.


Kraft Heinz (Nasdaq: KHC) Spin-Off to Create Value; See Upside From Current Levels

Kraft Heinz Co

Kraft Heinz (Nasdaq: KHC) Spin-Off to Create Value; See Upside From Current Levels