Sichuan Baicha Baidao Industrial Co., Ltd. (2555.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
JJSF	133	J&J Snack Foods Co	1,583	28.35	21.96	11.89	10.14	41.80	16.54
4707.KL	134	Nestlé (Malaysia)	1,555	44.98	48.33	23.34	24.10	28.86	34.20
002946.SZ	135	New Hope Dairy Co.	1,552	21.39	17.48	13.21	11.21	15.64	16.16
HAIN	136	The Hain Celestial	1,533	-	-	-	-	-	-
NTML.TA	137	Neto Malinda Tradi	1,521	12.18	10.61	7.81	6.94	11.31	9.19
002726.SZ	138	Shandong Longda Me	1,505	-	-	-	-	-	-
003230.KS	139	Samyang Foods Co.,	1,485	30.83	22.48	14.86	9.89	22.26	18.10
2555.HK	140	Sichuan Baicha Bai	1,485	9.49	9.49	5.56	5.56	6.14	5.72
2918.T	141	Warabeya Nichiyo H	1,468	12.80	6.02	6.91	6.21	6.26	13.08
LBR.JO	142	Libstar Holdings L	1,451	-	-	2.75	2.75	3.92	3.47
SMPL	143	The Simply Good Fo	1,451	27.75	28.11	16.42	15.58	15.39	11.42
UTZ	144	Utz Brands, Inc.	1,438	182.03	182.03	7.29	6.03	76.78	42.72
0QM6.L	145	Orior AG	1,415	-	-	-	-	1.91	5.03
TWNK	146	Hostess Brands, In	1,390	35.05	39.53	17.73	16.29	30.46	22.95
BAFARB.MX	147	Grupo Bafar, S.A.B	1,376	15.12	9.69	11.00	8.48	15.92	11.35
2053.T	148	Chubu Shiryo Co.,	1,349	12.38	12.99	5.66	5.72	10.39	10.80

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	21.39	17.48	9.41	7.71	15.39	11.42
Full Range Median Multiple	27.75	21.96	11.45	9.18	15.64	13.08
Industry Multiple	38.44	36.29	11.57	10.28	21.61	16.54
Market Implied Multiple	7.02	7.02	3.64	3.64	4.01	3.74
Company (2555.HK) Multiple	9.49	9.49	5.56	5.56	6.14	5.72
(*) Net Income / EBITDA / Revenue	191	191	246	246	223	239
Winsorized Enterprise Value	N/A	N/A	2,314	1,896	3,435	2,733
Full Range Median Enterprise Value	N/A	N/A	2,817	2,260	3,491	3,131
(-) Net Debt	-448	-448	-448	-448	-448	-448
Winsorized Equity Value	4,096	3,347	2,763	2,345	3,883	3,182
Full Range Median Equity Value	5,313	4,206	3,265	2,708	3,940	3,579
(/) Shares Outstanding	209	209	209	209	209	209
Winsorized Fair Value	$19.57	$15.99	$13.20	$11.20	$18.55	$15.20
Full Range Median Fair Value	$25.39	$20.09	$15.60	$12.94	$18.82	$17.10
Current Price	$6.42	$6.42	$6.42	$6.42	$6.42	$6.42
Upside / Downside	204.83%	149.11%	105.59%	74.49%	188.98%	136.79%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$13.70	$11.20	$9.24	$7.84	$12.99	$10.64
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	BUY