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Comparing Annie's (BNNY) IPO with HAIN Celestial (HAIN), BNNY appears to be fully priced at $38.75, the close on Tuesday, April 3, 2012.

P/E Ratio Comparison
On a trailing 12 months basis through the December 2011 quarter BNNY at $38 is priced 50% higher than HAIN, with a P/E of 51 versus 33. The price-to-sales comparisons are, respectively, 4.7 to 1.6.

Therefore, unless BNNY has something going that's not revealed in their final IPO SEC filing here, it appears BNNY is fully if not overpriced.

Gross Margin Comparison
BNNY as a gross margin of 39% versus 28% for HAIN. That's a big difference in the retail foods business and is a plus for BNNY.

Sales Progression Comparison
BNNY has a lumpy quarter sales progression.
HAIN has a more stable, predictable quarterly sales progression.

Mrkt

Price /

Price /

Price /

Price increase

BNNY

Cap ($mm)

Sales*

Earnings*

BookValue

over original mid-point
Original mid-point, $15

$252

1.9

20

4.5

IPO price, $19

$319

2.3

25

5.8

27%

1st day price, $32

$538

4.0

42

9.7

113%

BNNY price Wed 4-3, $38.28

$645

4.7

51

11.6

155%

Hain Celestial Group

$2,060

1.6

33

2.3

*Trailing12 months P/E & price-to-sales ratios
BNNY has very lumpy quarterly sales Trailing 12
BNNY quarterly results

Dec, '10

March, '11

June '11

Sept '11

Dec '11

months

Revenues ($mm)

$25

$37

$29

$39

$31

$136

Revenue increase over prior qtr

48%

-22%

34%

-21%

Gross profit %

39%

HAIN has more stable & predictable quarterly sales
HAIN quarterly results

Dec, '10

March, '11

June '11

Sept '11

Dec '11

Revenues ($mm)

$292

$288

$292

$292

$386

$1,258

Revenue increase over prior qtr

-1%

1%

0%

32%

Gross profit %

28%

BNNY's % gross profit relative to HAIN's gross profit

+39%

Disclaimer: This BNNY IPO report is based on a reading and analysis of BNNY's S-1 filing which can be found here, and a separate, independent analysis by

Source: Comparing Annie's IPO With Hain Celestial