Saputo · Warrnambool Cheese & Butter Acquisition

Full bid-price recommendation on Saputo's acquisition of remaining WCB shares. DCF — FCFF projection, WACC ~5.15% from CAPM and after-tax cost of debt, explicit forecast plus terminal value — alongside relative-valuation cross-check on EV/EBITDA. Triangulated per-share range of $7.28–$7.73 (DCF) vs $4.90–$5.30 (comps); layered qualitative factors (China cap, sanctions, WCB position) to arrive at a $7.90 bid.