Global Food, Beverage & Tobacco Undervalued over 20% based on DCF

Meiji Holdings

Market Cap: JP¥828.4b

Through its subsidiaries, engages in the manufacture and sale of dairy products, confectionery food products and pharmaceuticals in Japan and internationally.

Gambol Pet Group

Market Cap: CN¥37.6b

Engages in the research and development, production, and sale of pet food products in China.

Uni-President China Holdings

Market Cap: HK$40.8b

An investment holding company, manufactures and sells beverages and food in the People’s Republic of China.

Beijing Yanjing BreweryLtd

Market Cap: CN¥35.5b

Manufactures and sells beer in the People's Republic of China and internationally.

Anhui Yingjia Distillery

Market Cap: CN¥34.0b

Operates in the brewing industry in China.

Dekon Food and Agriculture Group

Market Cap: HK$34.9b

Engages in the livestock and poultry breeding and farming businesses.

WEILONG Delicious Global Holdings

Market Cap: HK$31.0b

Produces and sells spicy snack food in the People’s Republic of China and internationally.

Cranswick

Market Cap: UK£2.8b

Engages in the production and supply of food products to grocery retailers, food service sector, and other food producers in the United Kingdom, Continental Europe, and internationally.

L.D.C

Market Cap: €3.2b

Produces and sells poultry and processed products in France and internationally.

Hebei Yangyuan ZhiHui Beverage

Market Cap: CN¥27.0b

Engages in the research and development, processing, production, and sale of plant protein beverages using walnut kernels in China.

Royal Unibrew

Market Cap: DKK 23.9b

Provides beer, soft drinks, malt beverages, energy drinks, cider/ready to drink, juice, water, and wine and spirits.

Sapporo Holdings

Market Cap: JP¥549.1b

Engages in alcoholic beverages, foods and soft drinks, restaurants, and real estate businesses in Japan and internationally.

NH Foods

Market Cap: JP¥537.3b

Manufactures and sells food in Japan and internationally.

a2 Milk

Market Cap: NZ$6.1b

Sells A2 protein type branded milk and related products in Australia, New Zealand, China, rest of Asia, and the United States.

Marfrig Global Foods

Market Cap: R$19.1b

Through its subsidiaries, operates in the food industry in Brazil and internationally.

Flowers Foods

Market Cap: US$3.5b

Produces and markets packaged bakery food products in the United States.

Anjoy Foods Group

Market Cap: CN¥23.7b

Engages in the research, development, processing, production, wholesaling, retailing, and sale of quick-frozen food products.

Rémy Cointreau

Market Cap: €2.8b

Engages in the production, sale, and distribution of liqueurs and spirits.

Viscofan

Market Cap: €2.8b

Manufactures, produces, and distributes casings.

Guangzhou Zhujiang Brewery

Market Cap: CN¥23.1b

Produces and sells beer and its related products.

Universal Robina

Market Cap: ₱182.2b

Operates as a branded food product company in the Philippines and internationally.

Tootsie Roll Industries

Market Cap: US$3.2b

Manufactures and sells confectionery products in the United States, Canada, Mexico, and internationally.

Cofco Sugar HoldingLTD

Market Cap: CN¥22.2b

Engages in the sugar and tomato processing activities in China and internationally.

Ebro Foods

Market Cap: €2.6b

Operates as a food company in Spain, rest of Europe, the United States, Canada, and internationally.

Nichirei

Market Cap: JP¥427.3b

Through its subsidiaries, engages in the processed food, marine products, meat and poultry products, temperature-controlled logistics, real estate, and biosciences businesses in Japan and internationally.

Saigon Beer - Alcohol - Beverage

Market Cap: ₫61.8t

Produces and sells beer, alcohol, beverages, and related products and packaging materials under the Bia Saigon, 333, and Bia Lac Vie brand names in Vietnam.

Calbee

Market Cap: JP¥343.6b

Engages in the production and sale of snacks and other food products in Japan, North America, Greater China, Asia, the United Kingdom, Indonesia, and internationally.

Saudia Dairy & Foodstuff

Market Cap: ر.س8.7b

Produces and distributes of dairy products, beverages, and various foodstuffs in the Kingdom of Saudi Arabia, Poland, and rest of other Gulf and Arab countries.

Boston Beer Company

Market Cap: US$2.3b

Produces and sells alcohol beverages primarily in the United States.

Monde Nissin

Market Cap: ₱127.6b

An investment holding company, manufactures and sells food products and beverages in the Philippines, Thailand, New Zealand, Singapore, the United Kingdom, and internationally.

Chongqing Fuling Zhacai Group

Market Cap: CN¥15.4b

Researches, develops, produces, and sells convenience foods in China.

Nissui

Market Cap: JP¥302.3b

Engages in marine, food products, fine chemicals, distribution, and marine-related/engineering businesses in Japan and internationally.

Jonjee Hi-Tech Industrial and Commercial HoldingLtd

Market Cap: CN¥14.7b

Produces and sells seasoning products in China and internationally.

Kotobuki Spirits

Market Cap: JP¥299.1b

Produces and sells sweets in Japan.

China Youran Dairy Group

Market Cap: HK$15.7b

An investment holding company, operates as an integrated provider of products and services in the upstream dairy industry in the People's Republic of China.

Vita Coco Company

Market Cap: US$1.8b

Develops, markets, and distributes coconut water products under the Vita Coco brand name in the United States, Canada, Europe, the Middle East, Africa, and the Asia Pacific.