澳大利亚羊奶粉公司Nuchev 上市评估报告
1. Oli6轻资产 奶粉品牌
对于Oli6的这个品牌，可以想象他应该也会和Bubs一样会成为中国市场的明星产品，和SM1，KTD这样的OEM品牌而言，这样的品牌一直会有高估值。
2. 新西兰背景创始人，以及新莱特SM1的强大背书
Oli6的创始人丁格30年前创立了新莱特SM1品牌，经过十几年的苦心经营，丁格和他的合伙人，把Synlait Milk打造成为了新西兰5大独立牛奶加工商之一。2010年，上海光明乳业看中了Synlait的奶源资源，通过旗下的全资子公司光明乳业国际投资有限公司，以约4亿元人民币的价格，收购对方51%的股权。光明乳业称，这将“为公司进入高端婴儿奶粉市场提供了一个良好的市场切入点和生产基地”。这也是中国乳业首宗海外并购案。
还有一些比较成功的投资案例及在ASX非常成功的新西兰背景公司
A2M- 2.5亿澳币市值的上市价格，最高突破至116亿澳币，资本回报突破40倍
a2牛奶是澳大利亚优质新鲜牛奶品牌，公司致力于用科学的方法筛选出只含有A2 β-酪蛋白的牛奶，而不含有可能会引发不适的A1 β-酪蛋白的牛奶。a2 Platinum®白金婴儿配方奶粉近年来一直发展很快。a2 Milk™在澳大利亚所有六家主要零售商均有销售。a2 Milk™公司在澳大利亚、新西兰、英国、美国和中国都有交易活动。
SM1- 新莱特乳业
Synlait是一家位于新西兰坎特伯雷市中心的创新乳制品加工公司。该公司将专家养殖与最先进的加工相结合，生产一系列营养乳制品。他们的产品包括婴儿(婴儿营养粉)和成人(全脂奶粉、低脂奶粉、脱水乳脂肪)营养配方，功能性食品成分（Synlait乳铁蛋白），以及支持健康生活方式的专业产品。
KTD- KeyTone Dairy Limited
KEYTONE DAIRY CORPORATION LIMITED（ ASX: KTD) 成立于2011年，是一家新西兰乳制品和营养产品的制造商、包装商和出口商，其主要专注于奶粉产品，该公司从2014年开始生产其KeyDairy®产品。Keytone的大部分产品出口到新西兰以外的其他国家（直接向国外客户出口，或者通过新西兰客户间接出口)，其余的产品都是为新西兰国内市场生产的。
XRO-Xero Limited
Xero是一家为小型企业及其顾问提供易于使用的全球在线平台的技术公司。它的会计和在线记账软件适用于各个行业的企业，包括零售业、高科技、非盈利企业、法律公司、服务业、建筑业和电子商务。此外，Xero软件和移动应用帮助小公司实现数据完整性和安全性。
3. 贝拉米被蒙牛收购，客户群体转向其他品牌
贝拉米在以15亿澳元被蒙牛整体收购之后，大部分的澳洲消费者以及澳洲生活的代购们来说，因为有着中国企业的强大“背书” ，非常多的消费者会担心产品的生产质量，甚至是为了偷工减料更换原材料，这样的话，贝拉米本来的品牌客户会转向Oli6和Bubs，A2还是会继续其龙头老大的地位，未来在ASX的二级市场，Oli6会慢慢成为贝拉米的地位。而对标贝拉米最高时25亿澳币的市值，目前IPO的一亿澳币市值还是非常有意思的。
4. 中国企业未来潜在收购对象
2010年， 新莱特被中国光明乳业以10亿新西兰币进行收购，更为Oli6增加了溢价并购的几率
2019年贝拉米以15亿澳元的价格被中国蒙牛乳业全资收购
2017年，澳优乳业 3160万澳元收购Nutritioncare
2018年，Swisse 保健品公司13.85亿澳元被合生元集团整体收购
2018年，Lifespace 6.9亿澳元被汤臣倍健整体收购
2018年，Naturescare 8亿澳元被中国建设投资整体收购
未来Oli6整体收购的具体价格应该会在3.5-8亿澳元的区间，一切在于具体的收入大小，但是否有并购的价值，是的，澳洲的奶粉品牌还是非常有吸引力的。
5. 在稳固的羊奶粉品牌之外，直接和新莱特SM1签署 Oli6 的A2牛奶品牌
和Bubs一样，因为有强大的管理层背书，而且SM1新莱特也是A2婴儿奶粉的直接制造商，所以Oli6品牌会非常轻松的进入牛奶品牌，这样对于未来的预期有着强大的信心。
Wilsons is the Lead Manager & Underwriter to the Initial Public Offer of Nuchev Limited (Nuchev or the Company) to raise ~$40.0 million (Offer).
Please see the Pathfinder Prospectus (via Netroadshow link below) & Information Sheet (attached) for further details.
The Pathfinder Prospectus and IPO management presentation are downloadable via NetRoadshow:
-Link: http://www.netroadshow.com/
-Access code: health87
This offer is being made available to Sophisticated and Professional Investors only.
Overview of Nuchev
Nuchev (https://www.nuchev.com.au) is an Australian business which primarily develops, markets and sells goat-milk infant formula (GIF) under the Oli6® brand to consumers in Australia, China and Hong Kong.
Oli6® is positioned as a premium and differentiated product to attract health conscious consumers.
Nuchev was founded by CEO Ben Dingle (co-founder of Synlait, a2 Milk’s processing partner), and operates a capital-light business model which ensures quality, security and scalability of production.
This model is cost-efficient and allows Nuchev to focus on investing in its premium brand positioning and developing a sustainable multi-channel distribution strategy with high quality channel partners.
Nuchev has a significant opportunity to gain market share in the fast growing GIF market, which is expected to increase its share of global infant formula sales from 1.0% 2013 to 11.0% in 2023F – the GIF market is forecast to grow to A$13.6bn by 2023, driven by Chinese end consumer demand (Frost & Sullivan, October 2019).
Significant revenue growth
Nuchev has shown rapid revenue growth since FY17, driven by sales across all channels, and particularly into China via cross-border e-commerce (CBEC).
Nuchev is forecasting 89% YoY revenue growth in FY20 and to benefit from improving operating leverage as the business scales.
|
|
Source: Nucehv Pathfinder Prospectus. Sales of Australian-specification GIF and Goat Milk Powder.
Core value proposition
Oli6® offers a compelling value proposition to key end consumers & channel partners:
§ Health benefits are supported by research: Oli6® may improve gut health, ease of digestion and immunity for infants – health outcomes supported by RMIT University published laboratory research into naturally occurring prebiotic oligosaccharides in Oli6® products (published in British Journal of Nutrition in July 2019)
§ Peer-to-peer endorsement: demonstrated by high product ratings on third party review websites and supported by strategies to improve brand awareness with Chinese mothers
§ Strong brand priced at a premium: premiumisation of demand and demand for foreign infant formula supports Nuchev’s brand positioning of Oli6® as a premium, Australian-owned product
§ Experts in goat milk products: clear branding message given Nuchev’s exclusive focus on goat milk products, supported by its ongoing collaboration with RMIT University researchers
Sales channels – Nuchev has a multi-channel sales strategy
|
|
Nuchev’s largest channel is CBEC to Chinese end consumers. The sales of GIF into China via CBEC are expected to grow at 18.8% CAGR to A$3.4 billion in 2018 – 2023F – a significant current market opportunity for Nuchev.
In addition, Oli6® was the fastest growing of the top 10 IF brands (by sales value) in the Australian pharmacy channel for the 52 weeks to August 2019.
Oli6® has a #2 market share in GIF in this channel, which is reflective of Nuchev’s successful execution of its growth strategy and validates the Oli6® product to Chinese end consumers.
|
|
Source: IQVIA scan sales, 52 weeks to 24 August 2019. Top 10 IF brands in the Australian pharmacy channel by sales value
|
Key business strengths of Nuchev |
|||||||||
|
