Oeneo S.A. (0O33.L)

Industry: Packaging & Containers 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
7942.T	60	JSP Corporation	907	9.51	8.25	4.33	4.04	8.64	8.34
300057.SZ	61	Shantou Wanshun Ne	839	-	-	-	-	-	-
MYE	62	Myers Industries,	826	22.69	24.33	8.94	8.09	13.86	13.71
WPK.TO	63	Winpak Ltd.	818	14.42	13.69	6.53	6.21	11.01	8.98
002585.SZ	64	Jiangsu Shuangxing	776	-	-	-	-	-	-
7504.T	65	Kohsoku Corporatio	769	14.77	13.45	8.03	7.35	10.66	9.28
MACF.L	66	Macfarlane Group P	744	7.05	5.60	3.49	2.54	9.05	4.72
0O33.L	67	Oeneo S.A.	717	9.97	8.97	5.12	4.58	7.36	6.88
600529.SS	68	Shandong Pharmaceu	667	18.62	17.31	12.81	12.09	18.17	15.05
3950.T	69	The Pack Corporati	662	11.73	10.41	4.80	4.23	8.55	5.93
TIMETECHNO.BO	70	Time Technoplast L	618	12.48	9.69	6.21	5.44	8.38	6.74
1820.HK	71	Pacific Millennium	594	-	-	9.74	9.74	-	47.12
5902.T	72	Hokkan Holdings Li	587	7.90	6.18	4.97	4.80	7.70	12.42
002303.SZ	73	MYS Group Co., Ltd	577	21.38	22.16	17.66	18.57	18.25	19.59
HART.CO	74	Brødrene Hartmann	548	18.48	17.46	5.60	5.09	9.27	4.99
002014.SZ	75	Huangshan Novel Co	524	14.53	13.28	13.69	13.17	13.44	13.11

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	13.45	11.84	6.21	5.44	9.16	8.98
Full Range Median Multiple	14.48	13.36	6.53	6.21	9.96	9.28
Industry Multiple	14.46	13.48	8.22	7.80	11.41	13.08
Market Implied Multiple	10.21	9.19	5.23	4.69	7.53	7.03
Company (0O33.L) Multiple	9.97	8.97	5.12	4.58	7.36	6.88
(*) Net Income / EBITDA / Revenue	69	76	147	164	102	109
Winsorized Enterprise Value	N/A	N/A	914	894	937	983
Full Range Median Enterprise Value	N/A	N/A	960	1,020	1,019	1,016
(-) Net Debt	67	67	67	67	67	67
Winsorized Equity Value	926	906	847	827	870	916
Full Range Median Equity Value	996	1,022	893	953	952	949
(/) Shares Outstanding	75	75	75	75	75	75
Winsorized Fair Value	$12.31	$12.04	$11.26	$11.00	$11.56	$12.18
Full Range Median Fair Value	$13.25	$13.58	$11.87	$12.67	$12.65	$12.62
Current Price	$9.34	$9.34	$9.34	$9.34	$9.34	$9.34
Upside / Downside	31.79%	28.90%	20.55%	17.74%	23.80%	30.37%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$8.62	$8.43	$7.88	$7.70	$8.09	$8.52
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy