Relative Value

The Relative Value of one Q01 stock under the Base Case scenario is 0.75 SGD. Compared to the current market price of 0.87 SGD, QAF Ltd is Overvalued by 13%.

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
0.75 SGD
Overvaluation 13%
Relative Value
Price
Worst Case
Base Case
Best Case

Valuation Multiples

vs History
34
vs Industry
51
Median 3Y
0.8
Median 5Y
0.8
Industry
0.9
vs History
38
vs Industry
39
Median 3Y
14.2
Median 5Y
14
Industry
16
vs History
36
vs Industry
42
Median 3Y
7.9
Median 5Y
6.2
Industry
9.7
vs History
22
vs Industry
25
Median 3Y
21.5
Median 5Y
20.8
Industry
17.2
vs History
4
vs Industry
59
Median 3Y
1
Median 5Y
0.9
Industry
1.5
vs History
55
vs Industry
72
Median 3Y
0.5
Median 5Y
0.5
Industry
1.1
vs History
63
vs Industry
85
Median 3Y
1.1
Median 5Y
1.1
Industry
4.7
vs History
66
vs Industry
60
Median 3Y
5
Median 5Y
4.7
Industry
9.9
vs History
82
vs Industry
49
Median 3Y
8.6
Median 5Y
8.3
Industry
12.8
vs History
58
vs Industry
59
Median 3Y
5.1
Median 5Y
5.1
Industry
10.8
vs History
63
vs Industry
45
Median 3Y
9.2
Median 5Y
9.1
Industry
15.1
vs History
6
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
500.5m SGD 0.8 14.4 4.4 7.1
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
225B CHF 2.5 20.7 14 17.2
US
Mondelez International Inc
NASDAQ:MDLZ
86.3B USD 2.4 18.7 12.6 15
FR
Danone SA
PAR:BN
48.4B EUR 1.8 24 11.4 15.2
ZA
Tiger Brands Ltd
JSE:TBS
45.8B Zac 0 0 0 0
US
Kraft Heinz Co
NASDAQ:KHC
35.4B USD 1.4 12.9 8.4 9.9
US
Hershey Co
NYSE:HSY
33.2B USD 3 14.9 10.9 12.6
CN
Foshan Haitian Flavouring and Food Co Ltd
SSE:603288
234.6B CNY 8.7 37 30.1 30.1
CH
Chocoladefabriken Lindt & Spruengli AG
SIX:LISN
26.6B CHF 4.9 39.6 22.6 30
US
General Mills Inc
NYSE:GIS
30.9B USD 1.6 12.1 10.3 11.8
EV/EBITDA Multiple
EBITDA Growth EV/EBITDA to Growth
SG
QAF Ltd
SGX:Q01
Average EV/EBITDA: 18 666.7
4.4
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
4%
3.5
US
Mondelez International Inc
NASDAQ:MDLZ
12.6
-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
US
Kraft Heinz Co
NASDAQ:KHC
8.4
0%
N/A
US
Hershey Co
NYSE:HSY
10.9
-8%
N/A
CN
Foshan Haitian Flavouring and Food Co Ltd
SSE:603288
30.1
17%
1.8
CH
Chocoladefabriken Lindt & Spruengli AG
SIX:LISN
22.6
8%
2.8
US
General Mills Inc
NYSE:GIS
10.3
-2%
N/A