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Meatless Manila IPO offers something to chew on

Meatless Manila IPO offers something to chew on

5/6/2021 12:15:00 PM
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Meatless Manila IPO offers something to chew on

Companies need a story to pique investor interest. Would-be owners of Manila-based Monde Nissin, which hopes to raise $1 billion in an initial public offering, may be tempted to focus on the company’s ownership of Quorn as a way to play the fast-growing, ultra-cool meat-free market. But products like Lucky Me instant noodles and Jelly Vit juice are the key to valuing the business.

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(BYND.O)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.

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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 JBS(JBSS3.SA)leaves Quorn valued at a more digestible $1.3 billion.

Read more: Reuters Top News »

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