Forafric Global Valuation

Q: What is the Fair Price of AFRI when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

AFRI ($10.1) is trading below our estimate of [[fair value]] ($61.25)

Is AFRI undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

Below Fair Value
Significantly Below Fair Value
Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of AFRI when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: AFRI ($10.1) is trading below our estimate of fair value ($61.25)

Significantly Below Fair Value: AFRI is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for AFRI?

Key metric: As AFRI is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for AFRI. This is calculated by dividing AFRI's market cap by their current revenue.
What is AFRI's PS Ratio?
PS Ratio	0.9x
Sales	US$305.48m
Market Cap	US$273.09m

AFRI key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	1.5x
Enterprise Value/EBITDA	73.8x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does AFRI's PS Ratio compare to its peers?

The above table shows the PS ratio for AFRI vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	2.3x
SDSY.A South Dakota Soybean Processors	0.5x	n/a	US$278.3m
LWAY Lifeway Foods	2x	11.4%	US$357.3m
OTLY Oatly Group	0.5x	6.3%	US$439.9m
ORIS Oriental Rise Holdings	6.1x	n/a	US$141.8m
AFRI Forafric Global	0.9x	n/a	US$273.1m

Price-To-Sales vs Peers: AFRI is good value based on its Price-To-Sales Ratio (0.9x) compared to the peer average (2.3x).

Price to Sales Ratio vs Industry

How does AFRI's PS Ratio compare vs other companies in the US Food Industry?

24 Companies	Price / Sales	Estimated Growth	Market Cap
BG Bunge Global	0.2x	3.5%	US$12.35b
DOLE Dole	0.2x	0.7%	US$1.46b
FARM Farmer Bros	0.1x	4.6%	US$47.43m
ABVE Above Food Ingredients	0.06x	n/a	US$23.23m

24 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: AFRI is good value based on its Price-To-Sales Ratio (0.9x) compared to the US Food industry average (0.9x).

Price to Sales Ratio vs Fair Ratio

What is AFRI's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

AFRI PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	0.9x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate AFRI's Price-To-Sales Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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