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Key Info

Standard Foods Corp Web - www.quaker.com.tw

Tel - 886-2-2709-2323

Next Reporting Date - 15.05.2019

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    Standard Foods Corp

    Food Beverage & Tobacco

    TAIWAN


    DCF Model Assumptions

    Risk Free Rate

    2.00%

    Country Equity Risk Premium

    6.00%

    Cost of Debt

    3.48%

    Cost of Debt

    3.48%

    Long Term Growth

    2.00%

    Beta Assumption

    0.55

    Current Market Cap mln$

    1,583.10

    Net Debt mln$

    -85.52

    WACC Estimate

    5.40%

    Ordinary Current Price $

    1.73

    DCF Model

    DCF20152016201720182019F2020F2021F2022F2023F2024F2025F2026F2027F2028F2029F
    Revenue803.71840.24870.45907.42953.38988.481023.571057.451092.061128.951167.081206.501247.251289.381332.93
    EBITDA Costs687.67733.56763.39785.65835.35868.61901.85933.96966.751001.861038.261075.981115.061155.571197.55
    EBITDA116.03106.67107.06121.78118.03119.87121.72123.50125.31127.08128.82130.52132.19133.81135.38
    EBITDA Margin14.4412.7012.3013.4212.3812.1311.8911.6811.4811.2611.0410.8210.6010.3810.16
    Operating Costs700.28746.75778.57803.06854.63889.57924.50958.22992.671029.631067.961107.721148.961191.741236.10
    Operating Profit103.4293.4891.88104.3798.7598.9199.0799.2399.3999.3299.1298.7898.2997.6496.82
    Operating Margin12.8711.1310.5611.5010.3610.019.689.389.108.808.498.197.887.577.26
    Pretax Costs696.65738.45780.20785.41837.94869.40900.84931.21962.23995.321029.561064.971101.611139.501178.69
    PTP107.05101.7990.25122.01115.44119.08122.72126.24129.83133.62137.52141.52145.64149.88154.24
    Pretax Margin13.3212.1110.3713.4512.1112.0511.9911.9411.8911.8411.7811.7311.6811.6211.57
    Net Income Costs717.69759.34799.01809.54861.34893.57925.80956.92988.701022.621057.691093.971131.491170.301210.44
    Net Income86.0180.8971.4497.8892.0494.9197.77100.53103.35106.33109.39112.53115.76119.08122.49
    Net Margin10.709.638.2110.799.659.609.559.519.469.429.379.339.289.249.19
    Revenue Less Capex825.72885.66903.81920.24970.641001.751032.841062.871093.541125.971159.361193.751229.151265.601303.14
    Capex-22.02-45.42-33.36-12.82-17.26-13.27-9.27-5.42-1.482.977.7112.7518.1023.7729.79
    Capex to Revenues-2.74-5.41-3.83-1.41-1.81-1.34-0.91-0.51-0.140.260.661.061.451.842.23
    Revenue less FCF741.02814.81819.69832.30882.51911.38940.25968.12996.591026.731057.781089.771122.731156.681191.66
    FCF62.6825.4350.7675.1370.8777.0983.3289.3395.47102.21109.30116.73124.52132.70141.27
    FCF to Revenue7.803.035.838.287.437.808.148.458.749.059.369.679.9810.2910.60

    TAIWAN Comparables

    tickercompanycountryMarket Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    1216 TTUni-President Enterprises CorpTAIWAN 13228.9421.9620.669.639.120.913.5310.883.6915.29-4.86
    1227 TTStandard Foods CorpTAIWAN 1583.10------#????!--20.02

    International Comparables

    tickercompanycountryMarket Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    KO USCoca-Cola Co/TheUNITED STATES 204090.9522.7821.1620.6919.145.893.3333.2410.7749.645.93
    PEP USPepsiCo IncUNITED STATES 176811.7722.8421.1215.4614.542.663.0119.7712.3153.2316.03
    ABI BBAnheuser-Busch InBev SA/NVBELGIUM 175959.3618.2517.4212.3811.753.152.2741.412.4113.7917.28
    PM USPhilip Morris International IncUNITED STATES 130049.5616.1314.8612.6211.774.365.6342.22--67.94-3.36
    DGE LNDiageo PLCBRITAIN 99045.7924.8023.2819.5318.536.022.1635.728.6233.8721.06
    MO USAltria Group IncUNITED STATES 96183.9912.2811.5311.3411.124.876.4154.486.3151.11-15.96
    BATS LNBritish American Tobacco PLCBRITAIN 87603.929.498.959.679.252.707.0046.441.0110.73-14.83
    ABEV3 BZAmbev SABRAZIL 72604.9523.1520.6712.7211.615.423.8041.414.9822.6314.11
    MDLZ USMondelez International IncUNITED STATES 72301.8420.1818.7017.2216.452.782.1120.032.7513.9926.16
    HEIA NAHeineken NVNETHERLANDS 61735.3221.4119.7911.6811.152.331.7524.673.4116.4820.98
    BN FPDanone SAFRANCE 54434.6318.6616.9112.6911.781.932.8919.182.6214.6611.38
    ITC INITC LtdINDIA 53306.1229.8526.6319.7617.517.871.9938.436.5722.7913.24
    RI FPPernod Ricard SAFRANCE 46181.5424.7022.1217.1215.764.521.7530.632.6210.7015.59
    2914 JPJapan Tobacco IncJAPAN 46069.9312.0811.658.508.402.326.0032.321.6814.97-8.65
    STZ USConstellation Brands IncUNITED STATES 40510.2917.7624.1316.1518.645.541.7535.232.5833.481.86
    MNST USMonster Beverage CorpUNITED STATES 31472.9128.8225.5920.3118.537.570.0036.117.7228.2613.42
    FEMSAUBD MMFomento Economico Mexicano SAB de CVMEXICO 31211.7123.1920.2610.609.641.141.9412.792.229.724.08
    GIS USGeneral Mills IncUNITED STATES 30071.2715.9915.2312.8712.391.773.9220.574.0525.4317.92
    HEIO NAHeineken Holding NVNETHERLANDS 29177.8324.2721.59---1.69#????!3.04-18.60
    TSN USTyson Foods IncUNITED STATES 26890.9912.3711.589.098.760.642.1410.041.9015.8523.28
    ABF LNAssociated British Foods PLCBRITAIN 25999.3918.7316.779.959.271.271.8512.622.0411.308.41
    HSY USHershey Co/TheUNITED STATES 25565.4121.5620.5415.0614.623.222.4424.6916.6584.4621.02
    BF/B USBrown-Forman CorpUNITED STATES 24965.5730.8228.8622.9522.057.441.2535.3215.4656.3513.78
    ADM USArcher-Daniels-Midland CoUNITED STATES 23366.9812.1611.288.257.880.353.395.411.119.20-8.79
    HRL USHormel Foods CorpUNITED STATES 21244.9021.8920.5515.2214.422.192.1014.443.4817.52-2.70
    2502 JPAsahi Group Holdings LtdJAPAN 20882.0214.4313.6210.239.881.092.2115.131.7712.862.41
    2503 JPKirin Holdings Co LtdJAPAN 20592.1817.4415.5011.5310.801.172.4912.752.2413.40-2.40
    MKC USMcCormick & Co Inc/MDUNITED STATES 19923.1428.7126.6321.0119.863.671.4721.545.3720.149.95
    K USKellogg CoUNITED STATES 19915.0714.7613.9212.2911.921.464.0017.275.6648.70-14.62
    CARLB DCCarlsberg A/SDENMARK 19418.9822.2020.3010.7410.222.012.2321.712.7212.4320.07