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Investment Highlights
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Attractive financial profile
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•Attractive forecast revenue (to grow by 5.2%) and EBITDA (to grow by 33.5%) for CY2015 •Offer Price/pro forma CY2015 forecast Earnings (NPAT) per Share (PE ratio) – 10.1x •Offer Price/pro forma CY2015 forecast Earnings (NPBT) per Share – 7.1x1 •Annualised pro forma Forecast CY2015 Dividend Yield at the Offer Price – 7.8% (unfranked)
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Diversified branded food business
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•Diverse portfolio of branded products with long operating histories across multiple categories and market segments. A number of these brands have the no. 1 or no. 2 position in their respective categories. •Through its acquisition of Waterwheel Industries in 2013 and Paradise Biscuits in 2014, Green’s is now the second largest Australian based manufacturer of biscuits.
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Strong private label business
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•Experienced in production of a range of private label products across various food categories, including biscuits, baking mix, popcorn and cereals. •Capabilities in new product development, brand innovation, efficient manufacturing platform and well established, collaborative relationships with major retailers allow for competitiveness in private label. •Status as an ‘Australian Made’ manufacturer is an important differentiator, supported by Australian consumers.
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Significant product development and brand innovation capabilities
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•Locally based research and new product development team. •Brought to market more than 80 new products over the past 3 years.
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Substantial growth opportunities
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•Targeting both sales and earnings growth including: growth of branded business, growth of private label business; export opportunities; operational efficiencies; and strategic and complementary acquisitions.
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Efficient manufacturing platform
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•Invested significant capital in its core manufacturing lines over the past 6 years.
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Experienced management team with strong track record
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•Significant breadth and depth of FMCG experience. Core management team with Green’s since 2008. •Current management team has a track record of reducing costs; improving operational efficiencies; brand investment and management; development and introduction of new products; and successful acquisitions and subsequent integrations.
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Well established relationships with major retailers
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•Collaborative approach focused on mutual growth and business development; •Breadth and relative strength of the Green’s brand portfolio; •Locally based product research and development team; •Compliance with best practice supply chain manufacturing requirements; •Industry certification meeting retailer’s requirements for quality assurance.
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