Founded in 1979, family-controlled Monde Nissin sells across the region with its real strength in the Philippines. Revenue growth of 5% a year in the snacks business is rather bland, however.
Forecasts for the meat-free market are far juicier: Consultant BCG predicts seven-fold global growth to $290 billion by 2035, while unprofitable Beyond Meat is doubling sales every year. Quorn, which the company bought in 2015 for $851 million, makes up a fifth of Monde Nissin’s revenue. But sales have been rising a skinny 9% a year, and pre-tax profit just 6%, filings at the UK’s Companies House show. Executives blame capacity constraints and have recently installed new managers.
As a result, Monde’s meatless offerings don’t deserve to trade at anything like the 16 times sales Beyond Meat enjoys. Using the 4 times multiple from last month’s $400 million sale of Vivera to Brazil’s JBSMonde’s snacks business is worth three times as much, based on a blend of the earnings multiples of rivals Universal Robina
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