Lower EBITD A driven by high last mile delivery and storage/packaging costs
Source: E Y -Parthenon analysis of publicly available information, including US Census Bureau, CBRE, third-party logistics websites, Forbes, Cushman & W akefield, IO T A Communications, Atlantic B T , Multichannel Merchant, November 2020
High EBITD A sensitivity particularly at low price/volume
EBITD A sensitivity to price change % (EBITDA), x (relative volume change)
EBITD A sensitivity to volume change % (EBITDA), x (relative volume change)
(5-15)%
10-20%
55-60%
B&M
D2C
B&M
D2C
45-65%
45-65%
(8-10)%
+2-4%
10-35%
+10-20%
70-75%
8-10%
15-20%
7-9%
5%
0.4X
-57%
-57%
-20%
-9%
-9%
7%
-17%
-15%
1 1%
30%
-4%
-2%
25%
0.7X
X
1.3X
2X
0.4X
0.7X
X
1.3X
2X
4-6%
4-8%
2-4%
20-40%
5-10%
Other SG& A
EBITD A