Relative Value

The Relative Value of one UD2 stock under the Base Case scenario is 1.113 SGD. Compared to the current market price of 0.615 SGD, Japfa Ltd is Undervalued by 45%.

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.

UD2 Relative Value
Base Case
1.113 SGD
Undervaluation 45%
Relative Value
Price
Worst Case
Base Case
Best Case

Valuation Multiples

vs History
1
vs Industry
87
Median 3Y
0.1
Median 5Y
0.1
Industry
1
Forward
0.2
vs History
20
vs Industry
57
Median 3Y
7.4
Median 5Y
4.2
Industry
16
Forward
6.4
vs History
46
vs Industry
68
Median 3Y
1.9
Median 5Y
1.9
Industry
9.9
vs History
vs Industry
43
Median 3Y
-6.3
Median 5Y
-5.1
Industry
17.1
vs History
1
vs Industry
54
Median 3Y
0.6
Median 5Y
0.5
Industry
1.5
vs History
3
vs Industry
85
Median 3Y
0.2
Median 5Y
0.2
Industry
1.1
Forward
0.3
vs History
19
vs Industry
79
Median 3Y
1.5
Median 5Y
1.4
Industry
4.7
vs History
39
vs Industry
72
Median 3Y
2.5
Median 5Y
2.5
Industry
10
Forward
2.7
vs History
41
vs Industry
67
Median 3Y
3.3
Median 5Y
3.2
Industry
13.2
Forward
3.5
vs History
65
vs Industry
66
Median 3Y
5.5
Median 5Y
3.3
Industry
11.4
vs History
42
vs Industry
51
Median 3Y
-3.5
Median 5Y
3.9
Industry
16.1
vs History
1
vs Industry
75
Median 3Y
0.4
Median 5Y
0.4
Industry
1.1

Multiples Across Competitors

UD2 Competitors Multiples
Japfa Ltd Competitors

All Multiples
P/S
P/E
EV/EBITDA
EV/EBIT
All Countries
Close
Market Cap P/S P/E EV/EBITDA EV/EBIT
SG
Japfa Ltd
SGX:UD2
1.2B SGD 0.2 8 2.5 3.3
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
196.9B CHF 2.2 19.1 12.8 15.9
US
Mondelez International Inc
NASDAQ:MDLZ
70.5B USD 1.9 20 15.6 20.4
FR
Danone SA
PAR:BN
49.5B EUR 1.8 26.9 11.6 15.6
ZA
Tiger Brands Ltd
JSE:TBS
57.3B Zac 0 0 0 0
CN
Muyuan Foods Co Ltd
SZSE:002714
261.9B CNY 1.7 11.8 12.1 12.1
US
Hershey Co
NYSE:HSY
37.4B USD 3.3 27.5 16.6 20.7
ZA
Avi Ltd
JSE:AVI
34.4B Zac 0 0 0 0
CH
Chocoladefabriken Lindt & Spruengli AG
SIX:LISN
26.8B CHF 4.7 41.7 24.3 33.1
CN
Foshan Haitian Flavouring and Food Co Ltd
SSE:603288
219B CNY 7.8 32 29.1 29.1
EV/EBITDA Multiple
EBITDA Growth EV/EBITDA to Growth
SG
Japfa Ltd
SGX:UD2
Average EV/EBITDA: 20 740.8
2.5
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
12.8
1%
12.8
US
Mondelez International Inc
NASDAQ:MDLZ
15.6
-2%
N/A
FR
Danone SA
PAR:BN
11.6
5%
2.3
ZA
T
Tiger Brands Ltd
JSE:TBS
Not Available
11%
N/A
CN
Muyuan Foods Co Ltd
SZSE:002714
12.1
31%
0.4
US
Hershey Co
NYSE:HSY
16.6
-4%
N/A
ZA
A
Avi Ltd
JSE:AVI
Not Available
7%
N/A
CH
Chocoladefabriken Lindt & Spruengli AG
SIX:LISN
24.3
8%
3
CN
Foshan Haitian Flavouring and Food Co Ltd
SSE:603288
29.1
16%
1.8
EV/EBIT Multiple
EBIT Growth EV/EBIT to Growth
SG
Japfa Ltd
SGX:UD2
Average EV/EBIT: 35 381.6
3.3
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
15.9
0%
N/A
US
Mondelez International Inc
NASDAQ:MDLZ
20.4
-3%
N/A
FR
Danone SA
PAR:BN
15.6
6%
2.6
ZA
T
Tiger Brands Ltd
JSE:TBS
Not Available
12%
N/A
CN
Muyuan Foods Co Ltd
SZSE:002714
12.1
20%
0.6
US
Hershey Co
NYSE:HSY
20.7
-6%
N/A
ZA
A
Avi Ltd
JSE:AVI
Not Available
8%
N/A
CH
Chocoladefabriken Lindt & Spruengli AG
SIX:LISN
33.1
8%
4.1
CN
Foshan Haitian Flavouring and Food Co Ltd
SSE:603288
29.1
11%
2.6