Origin Enterprises plc (OIZ.IR)

Industry: Agricultural Farm Products 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
FFARM.AS	16	ForFarmers N.V.	6,676	5.11	5.38	1.62	1.58	2.02	2.68
2445.KL	17	Kuala Lumpur Kepon	6,123	28.07	27.76	10.67	8.91	17.16	13.75
2419.HK	18	Dekon Food & Agric	6,077	4.86	4.86	4.94	4.94	4.92	4.45
9858.HK	19	China Youran Dairy	5,677	-	-	3.73	3.73	3.78	4.26
FDP	20	Fresh Del Monte Pr	5,265	20.94	16.24	9.01	8.43	-	13.78
BACHOCOB.MX	21	Industrias Bachoco	5,217	11.41	11.12	3.46	3.20	23.87	4.49
603609.SS	22	Wellhope Foods Co.	5,196	38.16	57.48	17.87	21.20	-	59.87
OIZ.IR	23	Origin Enterprises	4,879	4.25	4.61	2.85	2.79	2.03	3.29
CALM	24	Cal-Maine Foods, I	4,399	4.41	2.26	3.01	1.74	5.36	1.58
ING.AX	25	Inghams Group Limi	4,236	6.96	6.96	4.24	4.24	7.05	6.41
002385.SZ	26	Beijing Dabeinong	4,168	37.38	48.32	14.56	15.72	-	35.95
ELD.AX	27	Elders Limited	4,100	9.18	9.18	5.57	5.57	7.62	3.64
CPIN.JK	28	PT Charoen Pokphan	4,036	20.04	19.74	12.54	11.96	36.62	13.74
AUSS.OL	29	Austevoll Seafood	3,746	16.39	14.39	9.50	9.47	64.08	28.93
1117.HK	30	China Modern Dairy	3,712	-	-	4.54	4.15	5.39	4.94
UD2.SI	31	Japfa Ltd.	3,524	6.99	6.65	5.63	5.98	4.39	5.37

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	9.18	9.18	4.94	4.94	5.37	4.94
Full Range Median Multiple	11.41	11.12	5.57	5.57	6.22	5.37
Industry Multiple	16.15	17.72	7.39	7.39	15.19	13.59
Market Implied Multiple	4.63	5.03	3.04	2.98	2.17	3.52
Company (OIZ.IR) Multiple	4.25	4.61	2.85	2.79	2.03	3.29
(*) Net Income / EBITDA / Revenue	109	101	220	225	310	191
Winsorized Enterprise Value	N/A	N/A	1,088	1,111	1,664	941
Full Range Median Enterprise Value	N/A	N/A	1,227	1,252	1,925	1,024
(-) Net Debt	163	163	163	163	163	163
Winsorized Equity Value	1,005	925	925	947	1,500	778
Full Range Median Equity Value	1,249	1,120	1,063	1,088	1,762	861
(/) Shares Outstanding	125	125	125	125	125	125
Winsorized Fair Value	$8.04	$7.41	$7.41	$7.58	$12.01	$6.23
Full Range Median Fair Value	$10.00	$8.97	$8.51	$8.71	$14.10	$6.89
Current Price	$4.06	$4.06	$4.06	$4.06	$4.06	$4.06
Upside / Downside	98.11%	82.43%	82.42%	86.79%	195.88%	53.41%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$5.63	$5.18	$5.18	$5.31	$8.41	$4.36
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	BUY