Report

Else Nutrition - Formula for growth

Else Nutrition has a globally patented, 100% plant-based dairy- and soy-free formula, which offers a clean-label alternative for babies who are intolerant to dairy and soy and to families who are flexitarian or seeking more sustainable food options. It launched its toddler formula in August 2020 and successfully built sales infrastructure in the US during 2021, rolling out sales online and in-store. It has expanded by launching a nutritional drink for children and, more recently, a line of baby cereals, and plans to expand into Canada, Western Europe and China during H222. Its infant formula is undergoing rigorous testing before launch, expected in FY25. Momentum is clearly building, with geographic and product expansion as major catalysts for growth. We forecast a three-year revenue CAGR of c 130% and our mid-case 12-month DCF-based value is C$6.0/share.
Underlying
Provider
Edison Investment Research
Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts
Kate Heseltine

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