Ebro Foods, S.A. (EBRO.MC)

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
SJM	34	The J. M. Smucker	8,773	-	-	-	-	12.31	-
UNBL.PA	35	Unibel S.A.	8,670	13.52	13.69	3.88	3.71	7.85	5.70
000895.SZ	36	Henan Shuanghui In	8,552	16.67	17.43	12.13	12.59	11.23	14.46
POST	37	Post Holdings, Inc	8,158	17.32	5.18	9.82	8.90	15.84	14.87
AWL.BO	38	AWL Agri Business	7,715	31.31	26.59	19.42	17.31	14.77	6.71
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

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	12.72	10.20	6.87	6.74	11.08	7.88
Full Range Median Multiple	13.53	10.36	8.63	7.90	11.23	11.35
Industry Multiple	17.31	16.88	9.12	8.64	12.59	13.62
Market Implied Multiple	7.15	6.69	3.88	3.58	5.40	5.25
Company (EBRO.MC) Multiple	6.72	6.29	3.67	3.39	5.11	4.96
(*) Net Income / EBITDA / Revenue	466	498	947	1,027	680	700
Winsorized Enterprise Value	N/A	N/A	6,511	6,921	7,538	5,521
Full Range Median Enterprise Value	N/A	N/A	8,174	8,116	7,643	7,947
(-) Net Debt	347	347	347	347	347	347
Winsorized Equity Value	5,923	5,074	6,164	6,574	7,191	5,174
Full Range Median Equity Value	6,302	5,156	7,827	7,769	7,296	7,600
(/) Shares Outstanding	181	181	181	181	181	181
Winsorized Fair Value	$32.74	$28.05	$34.08	$36.34	$39.76	$28.60
Full Range Median Fair Value	$34.84	$28.50	$43.27	$42.95	$40.34	$42.02
Current Price	$18.40	$18.40	$18.40	$18.40	$18.40	$18.40
Upside / Downside	77.95%	52.47%	85.19%	97.51%	116.06%	55.46%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$22.92	$19.64	$23.85	$25.44	$27.83	$20.02
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	BUY