J&J Snack Foods Corp. (JJSF)

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
HKSAV.HE	126	HKScan Oyj	1,720	-	-	5.84	5.84	-	13.98
1717.HK	127	Ausnutria Dairy Co	1,699	10.53	9.50	5.07	4.00	10.05	7.55
RIC.AX	128	Ridley Corporation	1,694	11.31	9.74	5.36	4.61	7.44	5.96
TERB.BR	129	Ter Beke N.V.	1,682	14.99	16.56	2.97	2.92	14.36	15.05
SENEA	130	Seneca Foods Corpo	1,606	11.56	12.41	6.55	6.55	5.90	11.14
300783.SZ	131	Three Squirrels In	1,591	42.61	41.84	70.98	78.89	836.10	42.98
0345.HK	132	Vitasoy Internatio	1,584	24.80	29.14	5.62	5.68	8.71	15.13
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

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	12.49	11.51	5.84	5.84	9.38	13.08
Full Range Median Multiple	13.89	14.49	6.55	6.21	10.68	13.98
Industry Multiple	20.62	19.47	13.39	13.26	81.09	16.02
Market Implied Multiple	28.79	22.31	12.07	10.30	42.43	16.79
Company (JJSF) Multiple	28.35	21.96	11.89	10.14	41.80	16.54
(*) Net Income / EBITDA / Revenue	66	85	161	189	46	116
Winsorized Enterprise Value	N/A	N/A	942	1,105	430	1,516
Full Range Median Enterprise Value	N/A	N/A	1,056	1,173	490	1,620
(-) Net Debt	58	58	58	58	58	58
Winsorized Equity Value	819	975	885	1,047	373	1,458
Full Range Median Equity Value	911	1,227	998	1,115	432	1,562
(/) Shares Outstanding	19	19	19	19	19	19
Winsorized Fair Value	$42.12	$50.11	$45.48	$53.83	$19.16	$74.95
Full Range Median Fair Value	$46.85	$63.06	$51.31	$57.35	$22.22	$80.31
Current Price	$97.10	$97.10	$97.10	$97.10	$97.10	$97.10
Upside / Downside	-56.63%	-48.39%	-53.16%	-44.56%	-80.27%	-22.81%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$29.48	$35.08	$31.84	$37.68	$13.41	$52.47
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy