Dali Foods Group Company Limited (3799.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
INGR	39	Ingredion Incorpor	7,262	11.91	10.45	7.43	6.91	8.67	8.24
INDF.JK	40	PT Indofood Sukses	7,156	8.17	7.52	4.50	3.96	4.23	3.40
EBRO.MC	41	Ebro Foods, S.A.	7,149	6.72	6.29	3.67	3.39	5.11	4.96
ORK.OL	42	Orkla ASA	7,008	9.49	7.95	10.31	9.44	18.63	15.96
MKC	43	McCormick & Compan	6,788	24.29	24.18	16.86	16.54	19.40	20.85
0288.HK	44	WH Group Limited	6,741	5.05	3.85	2.98	2.87	3.00	3.46
LW	45	Lamb Weston Holdin	6,457	26.55	27.33	11.45	10.64	18.69	18.62
3799.HK	46	Dali Foods Group C	6,031	5.65	5.65	2.76	2.76	3.09	3.15
F&D.BK	47	Food and Drinks Pu	6,027	10.12	10.12	15.05	14.30	29.71	51.15
BAKK.L	48	Bakkavor Group plc	5,995	13.54	10.27	4.79	4.45	11.08	7.53
DAR	49	Darling Ingredient	5,844	48.71	66.07	6.31	6.57	10.36	16.53
6186.HK	50	China Feihe Limite	5,634	7.56	7.56	4.33	4.33	6.19	5.20
SAFM	51	Sanderson Farms, I	5,624	4.84	3.69	2.58	2.07	2.00	2.34
0MFY.L	52	Aryzta AG	5,495	7.71	7.15	4.52	5.22	7.72	8.29
BRLS	53	Borealis Foods Inc	5,167	-	-	-	-	-	-
FLO	54	Flowers Foods, Inc	5,135	14.34	12.53	9.99	9.11	18.38	15.30

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	8.83	7.76	4.65	4.84	8.19	7.88
Full Range Median Multiple	9.81	9.04	5.55	5.90	9.51	8.27
Industry Multiple	14.22	14.64	7.48	7.13	11.65	12.99
Market Implied Multiple	6.70	6.70	3.46	3.46	3.87	3.95
Company (3799.HK) Multiple	5.65	5.65	2.76	2.76	3.09	3.15
(*) Net Income / EBITDA / Revenue	1,081	1,081	1,635	1,635	1,461	1,433
Winsorized Enterprise Value	N/A	N/A	7,610	7,915	11,970	11,298
Full Range Median Enterprise Value	N/A	N/A	9,075	9,646	13,901	11,847
(-) Net Debt	-1,594	-1,594	-1,594	-1,594	-1,594	-1,594
Winsorized Equity Value	9,553	8,388	9,204	9,509	13,564	12,892
Full Range Median Equity Value	10,607	9,774	10,669	11,240	15,495	13,440
(/) Shares Outstanding	1,944	1,944	1,944	1,944	1,944	1,944
Winsorized Fair Value	$4.92	$4.32	$4.74	$4.89	$6.98	$6.63
Full Range Median Fair Value	$5.46	$5.03	$5.49	$5.78	$7.97	$6.92
Current Price	$3.73	$3.73	$3.73	$3.73	$3.73	$3.73
Upside / Downside	31.77%	15.70%	26.95%	31.16%	87.09%	77.83%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$3.44	$3.02	$3.31	$3.42	$4.89	$4.64
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	BUY	BUY