Relative Value

The Relative Value of one Q01 stock under the Base Case scenario is 0.72 SGD. Compared to the current market price of 0.86 SGD, QAF Ltd is Overvalued by 17%.

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
0.72 SGD
Overvaluation 17%
Relative Value
Price
Worst Case
Base Case
Best Case

Valuation Multiples

vs History
50
vs Industry
54
Median 3Y
0.8
Median 5Y
0.8
Industry
0.9
vs History
49
vs Industry
35
Median 3Y
14.2
Median 5Y
14
Industry
15.7
vs History
41
vs Industry
41
Median 3Y
7.9
Median 5Y
6.1
Industry
9.7
vs History
25
vs Industry
26
Median 3Y
21.4
Median 5Y
20.8
Industry
17.4
vs History
25
vs Industry
61
Median 3Y
1
Median 5Y
0.9
Industry
1.5
vs History
88
vs Industry
73
Median 3Y
0.5
Median 5Y
0.5
Industry
1.1
vs History
92
vs Industry
84
Median 3Y
1.1
Median 5Y
1.1
Industry
4.7
vs History
50
vs Industry
62
Median 3Y
5
Median 5Y
4.8
Industry
9.9
vs History
53
vs Industry
57
Median 3Y
8.7
Median 5Y
8.6
Industry
12.6
vs History
69
vs Industry
57
Median 3Y
5.1
Median 5Y
5.1
Industry
10.8
vs History
76
vs Industry
27
Median 3Y
9.2
Median 5Y
9.2
Industry
15
vs History
25
vs Industry
63
Median 3Y
0.7
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
494.7m SGD 0.8 14.3 5 8.7
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
234.7B CHF 2.6 21.6 14.5 17.8
US
Mondelez International Inc
NASDAQ:MDLZ
84.1B USD 2.3 18.2 12.3 14.7
FR
Danone SA
PAR:BN
46B EUR 1.7 22.8 10.9 14.5
ZA
Tiger Brands Ltd
JSE:TBS
41.4B Zac 0 0 0 0
US
Kraft Heinz Co
NASDAQ:KHC
35.5B USD 1.4 12.9 8.4 9.9
US
Hershey Co
NYSE:HSY
33.3B USD 3 15 11 12.7
US
General Mills Inc
NYSE:GIS
32.2B USD 1.6 12.4 10 11.5
CN
Foshan Haitian Flavouring and Food Co Ltd
SSE:603288
226.2B CNY 8.6 37 31.3 31.3
CH
Chocoladefabriken Lindt & Spruengli AG
SIX:LISN
26.2B CHF 4.8 39 22.3 29.6
EV/EBITDA Multiple
EBITDA Growth EV/EBITDA to Growth
SG
QAF Ltd
SGX:Q01
Average EV/EBITDA: 18 666.8
5
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
14.5
3%
4.8
US
Mondelez International Inc
NASDAQ:MDLZ
12.3
2%
6.2
FR
Danone SA
PAR:BN
10.9
5%
2.2
ZA
T
Tiger Brands Ltd
JSE:TBS
Not Available N/A N/A
US
Kraft Heinz Co
NASDAQ:KHC
8.4
4%
2.1
US
Hershey Co
NYSE:HSY
11
-2%
N/A
US
General Mills Inc
NYSE:GIS
10
0%
N/A
CN
Foshan Haitian Flavouring and Food Co Ltd
SSE:603288
31.3
18%
1.7
CH
Chocoladefabriken Lindt & Spruengli AG
SIX:LISN
22.3
7%
3.2
EV/EBIT Multiple
EBIT Growth EV/EBIT to Growth
SG
QAF Ltd
SGX:Q01
Average EV/EBIT: 31 843.5
8.7
N/A N/A
JP
G
Goyo Foods Industry Co Ltd
TSE:2230
318 284.3
N/A N/A
CH
Nestle SA
SIX:NESN
17.8
3%
5.9
US
Mondelez International Inc
NASDAQ:MDLZ
14.7
-2%
N/A
FR
Danone SA
PAR:BN
14.5
7%
2.1
ZA
T
Tiger Brands Ltd
JSE:TBS
Not Available
15%
N/A
US
Kraft Heinz Co
NASDAQ:KHC
9.9
0%
N/A
US
Hershey Co
NYSE:HSY
12.7
-10%
N/A
US
General Mills Inc
NYSE:GIS
11.5
0%
N/A
CN
Foshan Haitian Flavouring and Food Co Ltd
SSE:603288
31.3
14%
2.2
CH
Chocoladefabriken Lindt & Spruengli AG
SIX:LISN
29.6
7%
4.2