EAT JUST - INVESTMENT HIGHLIGHTS JUST - the first major disruptor in the egg market Eat Just (JUST) develops and markets plant-based alternatives to conventional egg products. Its main product - Just Egg - is made from Mung beans in a highly complex process that has very strong IP globally (50 patents). Eat Just was founded in 2011 by Josh Tetrick and Josh Balk. JUST has 99% share in the alternative egg market Consumer reviews indicate that it tastes and cooks like egg. Yet, relative to conventional egg, JUST is: ◼ Healthier - no cholesterol, dairy-free, non GMO ◼ 5x more environmental (water/land use, CO2) ◼ About get cheaper very soon Rare access to JUST ahead of its IPO Ahead of its IPO later this year, Azura was able to source JUST shares. We conservatively believe that owning these shares embody a 50% baseline “pop” after the IPO, on top of a very strong secular trend thereafter (see our full write-up here ). Ground-meat alternatives suggests major upside This is shown by the chart below. The size of the egg market is not far from that of ground meat, yet value creation in the alternative egg space has been much much smaller. Indeed, JUST has an implied EV of ~$2bn vs more than $20bn of the top 5 alternative meat names combined. JUST is experiencing exponential growth It successfully entered the US retail sector (Walmart, Whole Foods, Kroger, etc), and poised to become the egg-best-seller product at Whole Foods (Q3). Cost reduction and a smart franchising model (the Coca-Cola model) will allow JUST to massive expand into food services. This focus shift is starting this year- revenue is poised to grow 5x ~$140M. “Comp” multiples suggest a 50% post IPO “pop” We believe the IPO will be timed at around Q3 this year. At that point its NTM revenue will likely reach $200bn. If the IPO proceeds at the current EV of $1.8-2.2bn 1 , it will imply a 10x EV/NTM rev. Multiple. This is considerably cheaper than BYND (~15x) and Impossible meat (above 30x). 1 Our exact estimation of the enterprise value is subject to more analysis of existing convertible notes, which can impact the overall outstanding shares. 

kure

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