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  "documentTitle": "Houlihan Lokey | Investment Banking Pitch Book | 40 slides",
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  "authorName": "Houlihan Lokey",
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      "text": "Sources: Public filings, Bloomberg, Capital IQ, analyst reports, NFY and NFY+1 financials for Synutra per Company management",
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      "text": "Notes: 1. Equity Market Value refers to share price * (common ADS or shares outstanding + options and warrants per the treasury stock method) 2. Enterprise Value refers to equity market value + debt outstanding + preferred stock + minority interests - cash and short term investment 3. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation & Amortization, which has been adjusted for certain non-recurring items for Ausnutria Dairy Corporation Ltd., Beijing Sanyuan Foods Co., Ltd., Biostime International Holdings Limited (China), Bright Dairy & Food Co., Ltd., Dutch Lady Milk Industries Bhd, Hochdorf Holding AG, Maeil Dairies Co., Ltd., Morinaga Milk Industry Co., Ltd., Yashili International Holdings Limited. Multiples based on forward-looking financial information have been calendarized to the Company's fiscal year end of March 31 LTM refers to the most recently completed 12-month period for which financial information has been made public NFY refers to fiscal year 2017 projected financials provided by Company management for the Company and next fiscal year for which financial information has not been made public for the Selected Companies NFY+1 refers to fiscal year 2018 projected financials provided by Company management for the Company and the year following NFY for the Selected Companies NA refers to not available figure NMF refers to not meaningful figure No company used in this analysis for comparative purposes is identical to the Company.",
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      "text": "Selected Companies Trading Statistics (cont.)",
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