Fleury Michon S.A. (ALFLE.PA)

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
BBTC.BO	108	The Bombay Burmah	2,079	12.39	10.67	3.91	3.67	4.12	2.99
BRITANNIA.BO	109	Britannia Industri	2,040	62.29	59.16	43.09	39.98	42.04	28.65
KUOA.MX	110	Grupo KUO, S.A.B.	2,037	6.71	6.71	8.43	5.35	9.81	11.04
2810.T	111	House Foods Group	2,017	21.46	19.20	6.22	5.78	20.66	12.63
SM1.AX	112	Synlait Milk Limit	1,956	-	-	14.65	15.78	5.93	-
LANC	113	Lancaster Colony C	1,936	29.31	27.93	16.40	15.31	20.40	20.54
MZTI	114	The Marzetti Compa	1,936	27.93	26.61	15.61	14.56	19.42	19.55
ALFLE.PA	115	Fleury Michon S.A.	1,911	1.64	1.46	-	-	-98.10	-5.54
2811.T	116	Kagome Co., Ltd.	1,910	19.93	18.53	9.38	8.53	13.72	13.66
2517.HK	117	Guoquan Food (Shan	1,854	14.98	14.98	6.45	6.45	8.18	9.56
A2M.AX	118	The a2 Milk Compan	1,852	18.89	13.75	10.61	8.00	9.22	10.13
MDIA3.SA	119	M. Dias Branco S.A	1,848	14.36	14.92	5.97	5.69	10.82	11.75
1579.HK	120	Yihai Internationa	1,845	7.97	4.49	4.31	2.44	6.32	2.70
BGS	121	B&G Foods, Inc.	1,841	-	-	-	-	53.59	-
F99.SI	122	Fraser and Neave,	1,795	14.94	14.85	7.90	8.13	-	5.65
D03.SI	123	Del Monte Pacific	1,753	-	-	3.84	3.53	8.46	8.60

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	14.96	14.88	7.17	6.12	9.52	10.13
Full Range Median Multiple	16.93	14.95	8.16	7.23	10.32	11.04
Industry Multiple	20.93	19.32	11.20	10.23	16.62	12.11
Market Implied Multiple	1.59	1.42	-	-	-101.61	-5.74
Company (ALFLE.PA) Multiple	1.64	1.46	-	-	-98.10	-5.54
(*) Net Income / EBITDA / Revenue	73	82	-356	-356	1	17
Winsorized Enterprise Value	N/A	N/A	-2,557	-2,180	9	169
Full Range Median Enterprise Value	N/A	N/A	-2,910	-2,575	10	184
(-) Net Debt	-212	-212	-212	-212	-212	-212
Winsorized Equity Value	1,095	1,226	-2,345	-1,968	221	381
Full Range Median Equity Value	1,239	1,232	-2,698	-2,363	222	396
(/) Shares Outstanding	5	5	5	5	5	5
Winsorized Fair Value	$232.78	$260.77	$-498.53	$-418.36	$46.99	$80.95
Full Range Median Fair Value	$263.47	$261.87	$-573.58	$-502.40	$47.16	$84.16
Current Price	$24.80	$24.80	$24.80	$24.80	$24.80	$24.80
Upside / Downside	838.61%	951.51%	-2,110.19%	-1,786.93%	89.50%	226.42%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$162.94	$182.54	$-348.97	$-292.85	$32.90	$56.67
Buy / Don't Buy	BUY	BUY	Don’t Buy	Don’t Buy	BUY	BUY