Calavo Growers, Inc. (CVGW)

Industry: Food Distribution 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
0374.HK	38	Four Seas Mercanti	943	35.08	55.31	3.83	3.72	10.39	12.97
7520.T	39	Eco's Co.,Ltd.	905	6.85	6.42	3.46	3.31	4.92	4.87
7686.T	40	HitoMile Co., Ltd.	885	21.64	21.64	8.09	8.09	18.16	10.56
4837.T	41	Shidax Corporation	814	14.33	14.33	8.70	6.26	8.27	7.01
7481.T	42	Oie Sangyo Co., Lt	786	6.54	6.54	2.76	1.90	3.15	3.24
TGKA.JK	43	PT Tigaraksa Satri	765	13.47	14.05	8.67	8.88	18.41	13.30
MS1.DE	44	Marley Spoon Group	702	-	-	-	-	-	-
CVGW	45	Calavo Growers, In	694	23.62	23.62	13.59	9.73	11.82	18.02
8038.T	46	Tohto Suisan Co.,	682	8.21	7.24	4.72	4.22	7.26	5.06
BKRY.TA	47	Bikurey Hasade (Ho	659	10.61	11.57	7.93	7.66	14.66	15.58
7538.T	48	Daisui Co.,Ltd.	643	4.06	2.45	5.68	4.47	10.12	5.51
ITC-R.BK	49	i-Tail Corporation	577	15.83	15.83	11.00	11.00	14.15	15.77
0677.HK	50	Golden Resources D	536	-	-	1.86	1.58	12.87	9.89
3160.T	51	Oomitsu Co., Ltd.	485	19.31	19.31	13.94	11.55	108.38	21.15
579.SI	52	Oceanus Group Limi	445	-	-	7.53	7.53	68.60	21.33
DODLA.BO	53	Dodla Dairy Limite	425	30.74	30.74	20.07	20.07	27.41	18.86

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	12.04	12.81	6.60	5.36	11.63	10.22
Full Range Median Multiple	13.90	14.19	7.73	6.89	13.51	11.77
Industry Multiple	15.56	17.12	7.73	7.16	23.34	11.79
Market Implied Multiple	23.28	23.28	13.36	9.57	11.62	17.72
Company (CVGW) Multiple	23.62	23.62	13.59	9.73	11.82	18.02
(*) Net Income / EBITDA / Revenue	20	20	30	42	35	23
Winsorized Enterprise Value	N/A	N/A	199	225	403	232
Full Range Median Enterprise Value	N/A	N/A	233	290	468	267
(-) Net Debt	-60	-60	-60	-60	-60	-60
Winsorized Equity Value	239	255	259	286	463	292
Full Range Median Equity Value	276	282	293	350	528	327
(/) Shares Outstanding	18	18	18	18	18	18
Winsorized Fair Value	$13.41	$14.26	$14.51	$16.01	$25.94	$16.38
Full Range Median Fair Value	$15.48	$15.80	$16.42	$19.61	$29.59	$18.34
Current Price	$25.92	$25.92	$25.92	$25.92	$25.92	$25.92
Upside / Downside	-48.27%	-44.97%	-44.00%	-38.25%	0.07%	-36.80%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$9.39	$9.98	$10.16	$11.20	$18.16	$11.47
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy