Univanich Palm Oil Public Company Limited (UVAN.BK)

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
600108.SS	79	Gansu Yasheng Indu	614	59.90	51.38	45.10	46.70	85.19	74.97
1377.T	80	Sakata Seed Corpor	610	12.67	11.26	10.10	9.82	7.25	8.33
CPRO.JK	81	PT Central Protein	581	10.32	10.32	7.23	6.06	6.19	6.72
600127.SS	82	Jinjian Cereals In	568	301.96	301.96	119.98	139.28	-	419.54
PND.F	83	Mowi ASA	552	23.57	21.88	10.55	9.68	16.36	13.60
AAC.AX	84	Australian Agricul	522	9.62	8.55	-	-	-	-
RE-B.L	85	R.E.A. Holdings pl	488	2.68	2.68	1.81	1.81	2.06	4.35
UVAN.BK	86	Univanich Palm Oil	471	6.10	4.09	3.71	2.75	1.82	3.30
SDOT	87	Sadot Group Inc.	463	-	-	-	-	-	-
5012.KL	88	Ta Ann Holdings Be	442	9.71	8.23	3.58	3.29	3.87	4.37
AFRI	89	Forafric Global PL	435	-	-	47.43	47.43	-	-
002458.SZ	90	Shandong Yisheng L	428	39.96	51.70	22.04	25.18	59.56	55.47
5027.KL	91	Kim Loong Resource	425	14.25	14.25	7.96	7.96	7.96	13.23
FAPA.JK	92	PT FAP Agri Tbk	420	21.54	21.54	12.44	12.44	14.30	16.20
LST.BK	93	Lam Soon (Thailand	397	7.13	6.58	4.27	3.97	4.55	5.72
3476.KL	94	Keck Seng (Malaysi	396	10.14	10.14	3.89	3.89	3.53	4.64

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	10.32	10.32	7.96	7.96	6.19	7.52
Full Range Median Multiple	12.67	11.26	10.10	9.68	7.25	10.78
Industry Multiple	40.27	40.04	22.80	24.42	19.17	52.26
Market Implied Multiple	8.15	5.46	5.16	3.83	2.53	4.59
Company (UVAN.BK) Multiple	6.10	4.09	3.71	2.75	1.82	3.30
(*) Net Income / EBITDA / Revenue	47	71	67	91	137	75
Winsorized Enterprise Value	N/A	N/A	535	721	848	568
Full Range Median Enterprise Value	N/A	N/A	678	877	994	813
(-) Net Debt	-40	-40	-40	-40	-40	-40
Winsorized Equity Value	489	729	575	761	888	607
Full Range Median Equity Value	600	796	718	917	1,033	853
(/) Shares Outstanding	30	30	30	30	30	30
Winsorized Fair Value	$16.32	$24.36	$19.20	$25.43	$29.67	$20.29
Full Range Median Fair Value	$20.05	$26.59	$23.98	$30.62	$34.52	$28.49
Current Price	$12.90	$12.90	$12.90	$12.90	$12.90	$12.90
Upside / Downside	26.54%	88.81%	48.84%	97.11%	130.01%	57.26%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$11.43	$17.05	$13.44	$17.80	$20.77	$14.20
Buy / Don't Buy	Don’t Buy	BUY	BUY	BUY	BUY	BUY