China Feihe Limited (6186.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
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
5285.KL	55	Sime Darby Plantat	5,020	11.74	8.86	7.01	6.07	11.66	7.77
AAK.ST	56	AAK AB (publ.)	4,975	18.63	15.87	11.75	10.24	13.48	12.20
HLF	57	Herbalife Nutritio	4,962	2.76	2.82	4.71	4.86	5.92	6.27
2897.T	58	Nissin Foods Holdi	4,958	16.48	15.68	10.06	9.74	15.98	14.94

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	10.93	9.49	5.55	5.65	10.72	8.03
Full Range Median Multiple	12.64	10.20	6.66	6.32	11.37	10.25
Industry Multiple	15.03	15.29	7.92	7.53	12.18	13.46
Market Implied Multiple	5.76	5.76	3.16	3.16	4.52	3.79
Company (6186.HK) Multiple	7.56	7.56	4.33	4.33	6.19	5.20
(*) Net Income / EBITDA / Revenue	889	889	1,369	1,369	957	1,139
Winsorized Enterprise Value	N/A	N/A	7,597	7,735	10,265	9,150
Full Range Median Enterprise Value	N/A	N/A	9,121	8,656	10,884	11,676
(-) Net Debt	-799	-799	-799	-799	-799	-799
Winsorized Equity Value	9,718	8,438	8,396	8,534	11,064	9,949
Full Range Median Equity Value	11,238	9,065	9,921	9,455	11,683	12,475
(/) Shares Outstanding	1,290	1,290	1,290	1,290	1,290	1,290
Winsorized Fair Value	$7.53	$6.54	$6.51	$6.61	$8.57	$7.71
Full Range Median Fair Value	$8.71	$7.02	$7.69	$7.33	$9.05	$9.67
Current Price	$3.97	$3.97	$3.97	$3.97	$3.97	$3.97
Upside / Downside	89.69%	64.70%	63.89%	66.58%	115.97%	94.21%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$5.27	$4.58	$4.55	$4.63	$6.00	$5.40
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	BUY