What's Cooking Group NV/SA (WHATS.BR)

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
TWNK	146	Hostess Brands, In	1,390	35.05	39.53	17.73	16.29	30.46	22.95
BAFARB.MX	147	Grupo Bafar, S.A.B	1,376	15.12	9.69	11.00	8.48	15.92	11.35
2053.T	148	Chubu Shiryo Co.,	1,349	12.38	12.99	5.66	5.72	10.39	10.80
POMPUI.BK	149	Kuang Pei San Food	1,282	-	-	-	-	-	-
267980.KQ	150	Maeil Dairies Co.,	1,246	6.14	6.53	1.36	1.20	6.13	5.58
0411.HK	151	Lam Soon (Hong Kon	1,242	4.71	4.11	0.63	0.57	0.92	0.77
OCE.JO	152	Oceana Group Limit	1,236	3.34	2.92	2.90	2.49	3.92	3.00
WHATS.BR	153	What's Cooking Gro	1,228	10.75	10.75	5.45	5.45	10.62	11.76
3139.T	154	Lacto Japan Co., L	1,157	9.73	8.47	10.69	9.29	14.30	10.73
000505.SZ	155	Hainan Jingliang H	1,157	-	-	-	-	-	-
JBSS	156	John B. Sanfilippo	1,130	11.14	10.70	6.53	6.23	7.04	7.73
SIMP.JK	157	PT Salim Ivomas Pr	1,093	4.45	4.45	2.31	1.74	3.37	1.88
0M0Q.L	158	Deoleo, S.A.	1,085	-	-	-	-	7.43	-
LTFOODS.BO	159	LT Foods Limited	1,082	22.14	18.38	13.43	11.67	15.30	7.55
FRPT	160	Freshpet, Inc.	1,079	21.78	11.35	19.70	14.04	28.25	36.78
WEST	161	Westrock Coffee Co	1,078	-	-	56.82	56.82	-	-

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	9.73	8.47	6.10	5.98	7.23	7.55
Full Range Median Multiple	11.14	9.69	8.61	7.35	8.91	7.73
Industry Multiple	13.27	11.74	12.40	11.21	11.95	10.83
Market Implied Multiple	12.43	12.43	6.33	6.33	12.35	13.68
Company (WHATS.BR) Multiple	10.75	10.75	5.45	5.45	10.62	11.76
(*) Net Income / EBITDA / Revenue	54	54	102	102	53	47
Winsorized Enterprise Value	N/A	N/A	625	612	380	358
Full Range Median Enterprise Value	N/A	N/A	882	753	468	367
(-) Net Debt	-26	-26	-26	-26	-26	-26
Winsorized Equity Value	528	460	650	638	406	384
Full Range Median Equity Value	604	526	908	779	494	393
(/) Shares Outstanding	6	6	6	6	6	6
Winsorized Fair Value	$95.90	$83.48	$118.11	$115.88	$73.69	$69.69
Full Range Median Fair Value	$109.76	$95.47	$164.89	$141.50	$89.66	$71.30
Current Price	$122.50	$122.50	$122.50	$122.50	$122.50	$122.50
Upside / Downside	-21.72%	-31.85%	-3.58%	-5.40%	-39.84%	-43.11%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$67.13	$58.44	$82.68	$81.12	$51.59	$48.78
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy