Relative Value

The Relative Value of one Q01 stock under the Base Case scenario is 0.76 SGD. Compared to the current market price of 0.85 SGD, QAF Ltd is Overvalued by 11%.

Relative Value is the estimated value of a stock based on various valuation multiples like P/E and EV/EBIT ratios. It offers a quick snapshot of a stock's valuation in relation to its peers and historical norms.

Q01 Relative Value
Base Case
0.76 SGD
Overvaluation 11%
Relative Value
Price
Worst Case
Base Case
Best Case

Valuation Multiples

vs History
49
vs Industry
51
Median 3Y
0.8
Median 5Y
0.8
Industry
0.9
vs History
44
vs Industry
39
Median 3Y
14.2
Median 5Y
14
Industry
16.2
vs History
41
vs Industry
42
Median 3Y
7.9
Median 5Y
6.2
Industry
9.5
vs History
25
vs Industry
25
Median 3Y
21.6
Median 5Y
20.8
Industry
17.2
vs History
22
vs Industry
59
Median 3Y
1
Median 5Y
0.9
Industry
1.5
vs History
80
vs Industry
72
Median 3Y
0.5
Median 5Y
0.5
Industry
1.1
vs History
87
vs Industry
85
Median 3Y
1.1
Median 5Y
1.1
Industry
4.7
vs History
80
vs Industry
60
Median 3Y
4.9
Median 5Y
4.7
Industry
10
vs History
82
vs Industry
49
Median 3Y
8.5
Median 5Y
8.3
Industry
12.9
vs History
63
vs Industry
59
Median 3Y
5.1
Median 5Y
5.1
Industry
10.7
vs History
71
vs Industry
45
Median 3Y
9.2
Median 5Y
8.9
Industry
14.9
vs History
23
vs Industry
59
Median 3Y
0.8
Median 5Y
0.7
Industry
1.1

Multiples Across Competitors

Q01 Competitors Multiples
QAF Ltd Competitors

Market Cap P/S P/E EV/EBITDA EV/EBIT
SG
QAF Ltd
SGX:Q01
489m SGD 0.8 14.1 4.3 6.8
JP
Goyo Foods Industry Co Ltd
TSE:2230
53.2T JPY 23 895.9 540 752.8 186 542.5 318 284.3
CH
Nestle SA
SIX:NESN
223.9B CHF 2.5 20.6 13.9 17.1
US
Mondelez International Inc
NASDAQ:MDLZ
87.4B USD 2.4 24.3 17.5 22.5
FR
Danone SA
PAR:BN
48.4B EUR 1.8 24 11.4 15.2
ZA
Tiger Brands Ltd
JSE:TBS
52.6B Zac 0 0 0 0
JP
Global Food Creators Co Ltd
TSE:7559
11.1B JPY 0.5 27.5 2.7 3.1
CH
Chocoladefabriken Lindt & Spruengli AG
SIX:LISN
29.7B CHF 5.4 44.2 25.1 33.4
CN
Foshan Haitian Flavouring and Food Co Ltd
SSE:603288
244.9B CNY 8.9 36.9 30.4 30.4
US
Hershey Co
NYSE:HSY
32.7B USD 3 19.8 13.1 15.7
US
Kraft Heinz Co
NASDAQ:KHC
31.7B USD 1.2 11.9 8 9.4
EV/EBITDA Multiple
EBITDA Growth EV/EBITDA to Growth
SG
QAF Ltd
SGX:Q01
Average EV/EBITDA: 18 666.9
4.3
N/A N/A
JP
G
Goyo Foods Industry Co Ltd
TSE:2230
186 542.5
N/A N/A
CH
Nestle SA
SIX:NESN
13.9
3%
4.6
US
Mondelez International Inc
NASDAQ:MDLZ
17.5
-1%
N/A
FR
Danone SA
PAR:BN
11.4
5%
2.3
ZA
T
Tiger Brands Ltd
JSE:TBS
Not Available
23%
N/A
JP
Global Food Creators Co Ltd
TSE:7559
2.7
N/A N/A
CH
Chocoladefabriken Lindt & Spruengli AG
SIX:LISN
25.1
8%
3.1
CN
Foshan Haitian Flavouring and Food Co Ltd
SSE:603288
30.4
17%
1.8
US
Hershey Co
NYSE:HSY
13.1
-8%
N/A
US
Kraft Heinz Co
NASDAQ:KHC
8
-1%
N/A