Mead Johnson's Greater China business, which is mostly made up of IF sales, made ~AUD$1.5b revenue last FY (per Reckitt's latest earnings report) and they're potentially selling it for only AUD$2.6b. That's quite a big valuation discrepancy between Mead Johnson's Greater China business and A2M which both made similar revenue last FY. A2M's EV is more than double that. I read somewhere that that's about half the price Reckitt paid for it in 2017.
I'm not sure how Mead Johnson make $1.5b in revenue in China. Their online sales look quite weak. Perhaps they have a large offline footprint?
Media Updates, page-8094
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$5.61 |
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| Open | High | Low | Value | Volume |
| $5.69 | $5.74 | $5.60 | $10.03M | 1.776M |
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| No. | Vol. | Price($) |
|---|---|---|
| 2 | 4199 | $5.61 |
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| Price($) | Vol. | No. |
|---|---|---|
| $5.64 | 2719 | 1 |
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