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EUR 85.55
For Business Accounts Only
It primarily has two main businesses: Asia-Pacific Branded Food and Beverage Business, which sells instant noodles, biscuits and other products, and meat alternative business which includes Quorn and Cauldron meat alternatives brands.
MNC has a high market share in the Philippines in the instant noodles and biscuits segment along with a few other categories as well. Quorn as well has a strong lead over its next largest peers in the Chicken alternative meat segment in the grocery channel.
However, its overall revenue growth has been sluggish, although it has managed its costs well to report a 36% CAGR in PATMI over FY18-20. In addition, it appears to be losing market share in most of its categories and its MA business hasn’t done much over the past few years despite the market having grown at 30%+ CAGR.
Furthermore, the company has ample debt and most of the proceeds will be used to pay down debt. However, the high debt hasn’t curtailed the dividend payment.
Monde Nissin Pre-IPO
Monde Nissin (MNC), a food manufacturer in the Philippines, aims to raise around US$1bn in its Philippines IPO.It primarily has two main businesses: Asia-Pacific Branded Food and Beverage Business, which sells instant noodles, biscuits and other products, and meat alternative business which includes Quorn and Cauldron meat alternatives brands.
MNC has a high market share in the Philippines in the instant noodles and biscuits segment along with a few other categories as well. Quorn as well has a strong lead over its next largest peers in the Chicken alternative meat segment in the grocery channel.
However, its overall revenue growth has been sluggish, although it has managed its costs well to report a 36% CAGR in PATMI over FY18-20. In addition, it appears to be losing market share in most of its categories and its MA business hasn’t done much over the past few years despite the market having grown at 30%+ CAGR.
Furthermore, the company has ample debt and most of the proceeds will be used to pay down debt. However, the high debt hasn’t curtailed the dividend payment.
Underlying
Monde Nissin
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Sumeet Singh
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