Yihai International Holding Ltd. (1579.HK)

Industry: Packaged Foods Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
LANC	113	Lancaster Colony C	1,936	29.31	27.93	16.40	15.31	20.40	20.54
MZTI	114	The Marzetti Compa	1,936	27.93	26.61	15.61	14.56	19.42	19.55
ALFLE.PA	115	Fleury Michon S.A.	1,911	1.64	1.46	-	-	-98.10	-5.54
2811.T	116	Kagome Co., Ltd.	1,910	19.93	18.53	9.38	8.53	13.72	13.66
2517.HK	117	Guoquan Food (Shan	1,854	14.98	14.98	6.45	6.45	8.18	9.56
A2M.AX	118	The a2 Milk Compan	1,852	18.89	13.75	10.61	8.00	9.22	10.13
MDIA3.SA	119	M. Dias Branco S.A	1,848	14.36	14.92	5.97	5.69	10.82	11.75
1579.HK	120	Yihai Internationa	1,845	7.97	4.49	4.31	2.44	6.32	2.70
BGS	121	B&G Foods, Inc.	1,841	-	-	-	-	53.59	-
F99.SI	122	Fraser and Neave,	1,795	14.94	14.85	7.90	8.13	-	5.65
D03.SI	123	Del Monte Pacific	1,753	-	-	3.84	3.53	8.46	8.60
9985.HK	124	WEILONG Delicious	1,745	13.99	13.99	9.26	9.26	8.19	10.76
0ISM.L	125	HKFoods Oyj	1,720	-	-	5.84	5.84	-	13.98
HKSAV.HE	126	HKScan Oyj	1,720	-	-	5.84	5.84	-	13.98
1717.HK	127	Ausnutria Dairy Co	1,699	10.53	9.50	5.07	4.00	10.05	7.55
RIC.AX	128	Ridley Corporation	1,694	11.31	9.74	5.36	4.61	7.44	5.96

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	14.36	13.99	5.97	5.84	9.22	10.13
Full Range Median Multiple	14.94	14.85	6.45	6.45	10.05	10.76
Industry Multiple	16.17	15.11	8.27	7.67	15.41	11.67
Market Implied Multiple	8.96	5.04	4.91	2.78	7.20	3.07
Company (1579.HK) Multiple	7.97	4.49	4.31	2.44	6.32	2.70
(*) Net Income / EBITDA / Revenue	219	389	358	634	244	573
Winsorized Enterprise Value	N/A	N/A	2,139	3,705	2,253	5,802
Full Range Median Enterprise Value	N/A	N/A	2,312	4,089	2,456	6,162
(-) Net Debt	-202	-202	-202	-202	-202	-202
Winsorized Equity Value	3,147	5,447	2,341	3,907	2,455	6,004
Full Range Median Equity Value	3,274	5,780	2,514	4,291	2,658	6,364
(/) Shares Outstanding	138	138	138	138	138	138
Winsorized Fair Value	$22.85	$39.56	$17.00	$28.37	$17.83	$43.61
Full Range Median Fair Value	$23.78	$41.98	$18.26	$31.16	$19.30	$46.22
Current Price	$14.25	$14.25	$14.25	$14.25	$14.25	$14.25
Upside / Downside	60.38%	177.61%	19.29%	99.10%	25.11%	206.02%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$16.00	$27.69	$11.90	$19.86	$12.48	$30.53
Buy / Don't Buy	BUY	BUY	Don’t Buy	BUY	Don’t Buy	BUY