Exhibit 1: Valuations | | | Rating | Target price (¥) | | Upside/ | P/E(X) | | EV/EBITDA(X) | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Ticker | | New | Old | Downside FY1E | | FY2E | FY1E | FY2E | | Nissin Foods HD | 2897.T | Neutral | 3,700 | 3,900 | 20.0% | 16.7 | 16.8 | 8.9 | 8.7 | | | | Mkt cap | EBIT YoY | | EV/NOPAT(X) | | P/B(X) ROE | | DY | | | Ticker | (¥ bn) | FY1E | FY2E | FY1E | FY2E | FY1E | FY1E | FY1E | | Nissin Foods HD | 2897.T | 933 | -0.8% | 0.2% | 17.1 | 17.1 | ...