SCHEDULE C - MARKET COMPARISON APPROACH
BIOTECHNICA INTERNATIONAL, INC.
AND COMPARATIVE PUBLICLY TRADED COMPANIES
ASV AG Services of America NY
ABTX AgriBioTech NNM
ANDE The Andersons NNM
EECN Ecogen NNM
MYCO Mycogen NNM
PHB Pioneer Hi Bred NY
SMG The Scotts Company NY
------BioTechnica International, Inc.-----
Market Comparison Approach Selected Value
Selected Implied Based on
ASV ABTX ANDE EECN MYCO PHB SMG Multiples Values All Approaches
Fully Diluted EPS Cont. Ops.*
1997 $0.96 ($0.17) $0.50 ($1.23) ($1.22) $0.98 $1.35 ($0.04)
1996 $0.84 ($0.45) $0.76 ($0.40) ($1.81) $0.89 ($0.65) ($0.02)
1995 $0.73 ($0.26) $0.74 ($4.34) ($0.83) $0.72 $0.99 ($0.03)
1994 $0.60 $1.10 ($1.24) ($1.81) $0.80 $1.27 ($0.02)
1993 $0.52 $0.83 ($3.39) ($1.69) $0.51 $1.07 ($0.01)
Fiscal Year Ended
2/28/98 6/30/97 12/31/97 10/31/97 8/31/97 8/31/97 9/30/97 6/30/98
Wtd. Avg. EPS Cont. Ops. $0.80 n/a $0.72 $0.00 $0.00 $0.85 $0.89 $0.00
Last Twelve Months Ended
5/31/98 3/31/98 6/30/98 7/31/98 5/31/98 5/31/98 7/4/98 6/30/98
LTM EPS Cont. Ops. $1.05 $0.29 $1.18 ($0.73) ($2.12) $1.09 $1.60 ($0.04)
Forecasted Next Yr EPS $1.08 $0.33 $1.13 ($0.40) $0.07 $1.31 $1.92 ($0.02)
Book Value Per Share $8.91 $4.44 $9.71 $0.60 $5.61 $5.79 $13.52 $0.00
LTM Sales Per Share $35.21 $5.08 $133.94 $0.97 $6.27 $7.27 $35.60 $0.21
LTM EBITDA Per Share $2.86 $0.21 $4.15 ($0.48) ($1.58) $2.01 $4.92 ($0.01)
Invested Cap 9/21/98 $38.57 $14.49 $21.48 $1.71 $30.14 $31.76 $55.68
Inv. Capital as a Multiple of:
LTM Sales Per Sh 1.10 2.85 0.16 1.77 4.81 4.37 1.56 1.60 $0.33
LTM EBITDA Per Sh 13.50 70.33 5.18 nmf nmf 15.80 11.32 nmf nmf
Stock Price (9/21/98) 13.88 $12.75 $11.00 $1.25 $27.81 $31.44 $28.50 $0.05
Stock Price as a Multiple of:
LTM EPS 13.21 43.97 9.32 nmf nmf 28.75 17.81 nmf nmf nmf
Wtd Avg EPS Cont O 17.24 n/a 15.29 nmf nmf 36.96 32.07 nmf nmf nmf
Forec Next Yr EP 12.85 38.64 9.73 nmf 397.32 24.00 14.84 nmf nmf nmf
Book Value Per Sh 1.56 2.87 1.13 2.07 4.95 5.43 2.11 nmf nmf nmf
LTM Sales Per Share 0.39 2.51 0.08 1.29 4.44 4.33 0.80 0.21 $0.04 0.24
LTM EBITDA Per Shar 4.86 61.87 2.65 nmf nmf 15.64 5.80 nmf nmf nmf
SUMMARY: STOCK PRICE AS A MULTIPLE OF: Average Median
LTM EPS Cont. Ops. 19.93 17.81 x
Wtd. Avg. EPS Cont. Ops. 24.66 24.66 x
Forecasted Next Year EPS 22.58 19.42 x
Book Value Per Share 2.71 2.11 x
LTM Sales Per Share 1.86 1.29 x
LTM EBITDA Per Share 8.76 5.80 x
INVESTED CAPITAL AS A MULTIPLE OF:
LTM Sales Per Share 2.33 1.77 x
LTM EBITDA Per Share 13.54 13.50 x
(Note: Average excludes highs and lows)
* A loss year results in $0 value being assigned.