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== Peer group analysis == Peer group analysis is not straightforward as there are few direct peers. The baby food market is diverse, with some large and well-established producers including Nestlé, Danone, Abbott and Mead Johnson, but also some privately held and more local producers, particularly in the toddler nutrition space. Nestlé has a global baby food business and uses the Gerber brand in the US market. Danone’s baby food business has strong market share outside North America (mainly in Europe and Asia). Abbott and Mead Johnson (which is owned by Reckitt but was originally part of Bristol-Myers Squibb and spun off in 2009) also compete in the global infant nutrition space. Abbott’s main formula brand is Similac and it also sells a nutrition drink under the PediaSure brand for children above the age of 12 months who are behind in growth. Mead Johnson’s main brand is Enfamil. Else Nutrition has a unique offering and there are no direct, listed competitors operating in the plant-based space. Edison therefore uses some of the wider plant-based peer group, although it recognises that these do not directly operate in the baby and toddler nutrition space. Edison believes Else’s current premium is justified given its disruptive products, which are resulting in a far faster growth profile than its more mature and more established baby food competitors. {| class="wikitable" |+Exhibit 7: Peer group valuation<ref>Source: Edison Investment Research, Refinitiv. Note: Priced at 13 June 2022. *The EV/EBITDA average excludes the peers with negative multiples, hence marked as N/A.</ref> ! ! rowspan="2" |Market cap (m) ! colspan="2" |EV/sales (x) ! colspan="2" |EV/EBITDA (x) |- ! !2022 !2023 !2022 !2023 |- |Nestle |CHF 315,049 |3.7 |3.5 |17.6 |16.6 |- |Danone |€ 36,335 |1.8 |1.7 |10.9 |10.2 |- |Abbott Laboratories |$185,442 |4.6 |4.7 |16.7 |16.5 |- |Perrigo |$5,022 |1.5 |1.4 |10.0 |8.0 |- |RB |$43,851 |3.8 |3.6 |14.5 |13.7 |- |Oatly |$2,184 |2.2 |1.5 |N/A |N/A |- |Beyond Meat |$1,415 |3.5 |2.8 |N/A |N/A |- |Burcon Nutrascience |C$ 74 |360.4 |31.4 |N/A |N/A |- | colspan="2" |Peer group average * |47.7 |6.3 |13.9 |13.0 |- | colspan="2" |Peer group average (ex Burcon Nutrascience) * |3.0 |2.7 |13.9 |13.0 |- |Else |C$ 113 |6.6 |2.7 |N/A |N/A |- | colspan="2" |Premium/(discount) to peer group (ex Burcon) |119.3% |(0.7%) |N/A |N/A |} {| class="wikitable" |+Exhibit 8: Financial summary<ref>Source: Edison Investment Research, company data.</ref> ! ! !C$'000 !2019 !2020 !2021 !2022e !2023e !2024e |- |Year end 31 December | | |IFRS |IFRS |IFRS |IFRS |IFRS |IFRS |- | colspan="9" |'''INCOME STATEMENT''' |- |Revenue | | |554 |1,482 |4,687 |13,637 |32,974 |60,660 |- |Cost of Sales | | |(303) |(984) |(3,944) |(11,066) |(24,944) |(42,491) |- |Gross Profit | | |251 |498 |743 |2,571 |8,030 |18,169 |- |EBITDA | | |(2,681) |(7,768) |(15,135) |(16,367) |(14,424) |(8,510) |- |Normalised operating profit | | |(2,755) |(7,961) |(15,519) |(17,277) |(16,779) |(12,843) |- |Amortisation of acquired intangibles | | |0 |0 |0 |0 |0 |0 |- |Exceptionals | | |(2,370) |(15,087) |16,102 |0 |0 |0 |- |Share-based payments | | |(253) |(1,056) |(2,201) |0 |0 |0 |- |Reported operating profit | | |(5,378) |(24,104) |(1,618) |(17,277) |(16,779) |(12,843) |- |Net Interest | | |0 |0 |0 |0 |0 |0 |- |Joint ventures & associates (post tax) | | |0 |0 |0 |0 |0 |0 |- |Exceptionals | | |0 |0 |0 |0 |0 |0 |- |Profit Before Tax (norm) | | |(2,755) |(7,961) |(15,519) |(17,277) |(16,779) |(12,843) |- |Profit Before Tax (reported) | | |(5,378) |(24,104) |(1,618) |(17,277) |(16,779) |(12,843) |- |Reported tax | | |0 |0 |0 |0 |0 |0 |- |Profit After Tax (norm) | | |(2,755) |(7,961) |(15,519) |(17,277) |(16,779) |(12,843) |- |Profit After Tax (reported) | | |(5,378) |(24,104) |(1,618) |(17,277) |(16,779) |(12,843) |- |Minority interests | | |0 |0 |0 |0 |0 |0 |- |Discontinued operations | | |0 |0 |0 |0 |0 |0 |- |Net income (normalised) | | |(2,755) |(7,961) |(15,519) |(17,277) |(16,779) |(12,842) |- |Net income (reported) | | |(5,378) |(24,104) |(1,618) |(17,277) |(16,779) |(12,843) |- | | | | | | | | | |- | colspan="2" |Basic average number of shares outstanding (m) | |50 |50 |81 |97 |104 |105 |- |EPS - basic normalised (C$) | | |(0.05) |(0.10) |(0.16) |(0.17) |(0.16) |(0.12) |- |EPS - diluted normalised (C$) | | |(0.05) |(0.10) |(0.16) |(0.17) |(0.16) |(0.12) |- |EPS - basic reported (C$) | | |(0.11) |(0.30) |(0.02) |(0.17) |(0.16) |(0.12) |- |Dividend (C$) | | |0.00 |0.00 |0.00 |0.00 |0.00 |0.00 |- | | | | | | | | | |- |Revenue growth (%) | | |N/A |167.5 |216.3 |191.0 |141.8 |84.0 |- |Gross Margin (%) | | |45.3 |33.6 |15.9 |18.9 |24.4 |30.0 |- |EBITDA Margin (%) | | |N/A |N/A |N/A |<nowiki>-120.0</nowiki> |<nowiki>-43.7</nowiki> |<nowiki>-14.0</nowiki> |- |Normalised Operating Margin | | |N/A |N/A |N/A |<nowiki>-126.7</nowiki> |<nowiki>-50.9</nowiki> |<nowiki>-21.2</nowiki> |- | | | | | | | | | |- | colspan="9" |'''BALANCE SHEET''' |- |Fixed Assets | | |585 |881 |1,784 |2,414 |3,838 |6,230 |- |Intangible Assets | | |51 |395 |344 |344 |344 |344 |- |Tangible Assets | | |434 |253 |484 |1,242 |2,969 |6,146 |- |Investments & other | | |100 |233 |956 |828 |525 |(260) |- |Current Assets | | |3,944 |28,438 |31,138 |19,809 |11,248 |8,955 |- |Stocks | | |157 |2,424 |4,546 |7,193 |14,967 |25,495 |- |Debtors | | |506 |369 |694 |4,773 |9,892 |18,198 |- |Cash & cash equivalents | | |2,909 |21,538 |23,047 |4,991 |(16,461) |(37,588) |- |Other | | |372 |4,107 |2,851 |2,851 |2,851 |2,851 |- |Current Liabilities | | |(839) |(2,019) |(3,317) |(9,719) |(18,880) |(31,163) |- |Creditors | | |(301) |(1,235) |(1,898) |(8,300) |(17,461) |(29,744) |- |Tax and social security | | |(110) |(8) |(8) |(8) |(8) |(8) |- |Short term borrowings | | |0 |0 |0 |0 |0 |0 |- |Other | | |(428) |(776) |(1,411) |(1,411) |(1,411) |(1,411) |- |Long Term Liabilities | | |(32) |(16,092) |(2,833) |(2,833) |(2,833) |(2,833) |- |Long term borrowings | | |0 |0 |0 |0 |0 |0 |- |Other long term liabilities | | |(32) |(16,092) |(2,833) |(2,833) |(2,833) |(2,833) |- |Net Assets | | |3,658 |11,208 |26,772 |9,671 |(6,627) |(18,810) |- |Minority interests | | |0 |0 |0 |0 |0 |0 |- |Shareholders' equity | | |3,658 |11,208 |26,772 |9,671 |(6,627) |(18,810) |- | | | | | | | | | |- | colspan="9" |'''CASH FLOW''' |- |Op Cash Flow before WC and tax | | |(2,681) |(7,768) |(15,135) |(16,367) |(14,424) |(8,510) |- |Working capital | | |(326) |(1,030) |(1,385) |(324) |(3,731) |(6,551) |- |Exceptional & other | | |(55) |(794) |730 |0 |0 |0 |- |Tax | | |0 |0 |0 |0 |0 |0 |- |Net operating cash flow | | |(3,062) |(9,592) |(15,790) |(16,692) |(18,155) |(15,061) |- |Capex | | |(56) |(230) |(287) |(1,364) |(3,297) |(6,066) |- |Acquisitions/disposals | | |(452) |0 |0 |0 |0 |0 |- |Net interest | | |2 |5 |27 |0 |0 |0 |- |Equity financing | | |6,639 |31,858 |16,013 |0 |0 |0 |- |Dividends | | |0 |0 |0 |0 |0 |0 |- |Other | | |(132) |(3,115) |2,265 |0 |0 |0 |- |Net Cash Flow | | |2,939 |18,926 |2,228 |(18,056) |(21,453) |(21,127) |- |Opening net debt/(cash) | | |(10) |(2,909) |(21,538) |(23,047) |(4,991) |16,461 |- |FX | | |(40) |(297) |(719) |0 |0 |0 |- |Other non-cash movements | | |0 |0 |0 |0 |0 |0 |- |Closing net debt/(cash) | | |(2,909) |(21,538) |(23,047) |(4,991) |16,461 |37,588 |}
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