New Company Quick Review Send

8/21/17
Date:_________

MTY Food Group (US OTC Ticker - MTYFF)

Company Name:__________________________________________________________ TSX:MTY
Ticker Symbol:__________________

Business Description
Mkt: $786. A Canadian QSR Franchiser with 5,681 locations (5,599 Franchises, 82 corporate locations). Revenue and locations
are split roughly evenly between Canada and the United States and 9% in misc other international locations. The company
franchises roughly 60 different brand chains, of which I have only heard of 4. 47% of the franchises are street front, 24%
shopping mall/food court and 29% are "non traditional format". In fiscal year 2016 and 2015 Franchising revenue represented
77% and 74% of revenue the rest of revenue is derived from Food Processing and Corporate Stores.
Financial Standing
The company has $64 million in cash, up 28 million since the FY2016 end of year (which is November). In order to make the
acquisition of Kahala Brands (discussed below) the company utilized most debt and cash. The company has two debt facilities a
term loan of $154 million and a revolver with $150 million in max borrowing capacity and $72 million currently drawn. The
revolver matures in 2020 and the term loan facility matures on July 21, 2019. Interest on the debt appears modest, the interest
coverage ratio has been above 5 both of the last two quarters and was 8 in the last quarter. That being said the term loan is paid
off quarterly at a rate of $2.1 mill with a balloon payment of about $149 million. The company has strong margins, with a net
margin averaging 22%+ for the last ten years (and a just shy of a 10 year high last year) and a FCF Margin averaging 29% for
the last ten years.

Management & Ownership

Current CEO has been in place since 1997, CFO since 2009 and COO since 1996. Together the board and the directors/officers
of the company own 26.4% of the outstanding shares, most of which the CEO (Stanley Ma owns: 22.4%).

Industry & Market

US Households spent 47% of its food dollars in restaurants, Canadian households spent 38.3%. The figure has been relatively
stable for four years. Total commercial food-service industry in Canada is roughly $62 billion in 2016, in the US total restaurant
sales reached 782 billion. The average American purchases 194 restaurant meals every year and the restaurant industry
employs nearly 10% of the US Workforce. There are over 236,000 restaurants in the US Fast Food Industry, of which roughly
190,000 are franchised. There are 94,292 commercial food-service businesses in Canada, 56% are independent and 44% are
chain restaurants, despite the % differences 79% of the traffic and 68% of the dollars spent in Canadian restaurants occur in the
chains.

Other (Short Interest, Recent Trading, Etc).

MTY's portfolio contains 14 of the Top 100 restaurant brands in Canada and 25 of the top 130. In the united states only one
brand (Cold Stone Creamery) is in the top 100, and only one other brand ranks in the top 250. 14 of the 60 brands was
developed internally, the rest were acquired since 1999 with the largest acquisitions of brands occurring this past year with the
acquisition of Kahala Brands (Owner of Cold Stone Creamery and Pinkberry). The 2016 acquisition boosted the store total by
about 50% and Revenues by 2x in both the three and six month ended periods of 2017 thus far relative to the same periods last
year. Net income is up 100% and 31% in the three and six month periods relative to the same periods last year. FCF per share
is up 70% and 90%.

Pass? Keep an Eye On? Warrants Further Study Now And Why?
Seems like a strong company but is just too expensive. The current share price assumes FCF growth of 8.7% for the next ten
years at a 10% discount rate. The company is trading at more then 3x asset value (including goodwill and intangibles, not TBV).
The ROC and ROIC are both strong. While it may be cheaper the other QSR and food brand companies it still has a forward PE
of 18 and a trailing PE of 15 and trades at 13.7x FCF. I think this is certainly one to keep an eye on though, everything up to the
price appears strong.
MTY Food Group Inc (OTCPK:MTYFF) 08/21/2017 9:30AM EST GuruFocus
Price: $ 36.51 +0.21(+0.58%) Market Cap: $ 786.72 M Enterprise Value: $931.49 M Stock PDF
Financial Strength : 5/10 Profitability & Growth : 9/10 Valuation Ratios Valuation Box
vs vs
vs vs vs vs industry history
industry history industry history
P/E(ttm) 15.34
Cash to Debt 0.27 Operating margin (%) 26.75
Forward P/E N/A
Equity to Asset 0.38 Net-margin (%) 23.60
PE(NRI) 15.34
Interest Coverage 8.00 ROE (%) 22.10
F-Score:
P/B 2.99
ROA (%) 8.72
6
P/S 3.67
Z-Score: ROC (Joel Greenblatt) (%) 720.74
2.01 PFCF 13.71
Revenue Growth (3Y)(%) 23.00
M-Score: POCF 12.98
-2.28 EBITDA Growth (3Y)(%) 29.20
EV-to-EBIT 12.95
WACC vs 5.26% EPS Growth (3Y)(%) 29.10
ROIC 12.45% PEG 0.69
WACC
ROIC Shiller P/E 36.09

Current Ratio 0.62

Quick Ratio 0.60

Days Inventory 19.73

Days Sales Outstanding 45.29

Warning Signs Quarterly Revenues Company Description

MTY Food Group Inc is a Canadian franchisor operating in the quick service food industry. The group franchises and
Mar Jun Sep Dec Full Year
operates corporate-owned locations under a multitude of banners and brands such as Big Smoke Burger, Caf
Good Signs 2013 22 25 24 27 98 Depot, Country Style, Croissant Plus, Cultures, Extremepita, Fabrika, Jus Jugo Juice, Koya Japan, ManchuWok,
2014 23 27 28 26 104 Muffin plus, Valentine, Van Houtte, Shushiman and many more. These restaurants offer various food items including
Revenue per Share: 2015 26 32 27 30 114
burgers, sushi, muffins, tandoor, coffee, and healthy drinks that incorporate flavors from multiple cuisines such as
Korean, Japanese, and Mexican. It has geographical operations in Canada, the USA, and internationally. MTY Group
Consistent growth 2016 26 27 41 54 148 earns the majority of its revenue from Canada.... (Read More)

PE Ratio: Close to 5-year low 2017 52 53 Competitors: TSX:CARA, TSX:BPF.UN, TSX:AW.UN, TSX:PZA, TSX:KEG.UN, TSX:FRII, TSX:IRG,
TSX:SRV.UN, TSX:SCU, TSXV:SPS.A, TSXV:SPP, TSX:QSR
PB Ratio: Close to 5-year low Quarterly Earnings per Share
Guru Trades
PS Ratio: Close to 5-year low Mar Jun Sep Dec Full Year
2013 0.29 0.32 0.34 0.35 1.30
2014 0.26 0.35 0.34 0.25 1.20
DCF 2015 0.26 0.36 0.33 0.12 1.07
EPS without NRI: $2.26 2016 0.30 0.34 0.63 0.89 2.15
Growth Rate in the next 10 2017 0.16 0.59
years: 19.90% Quarterly Dividends Per Share
Terminal Growth Rate for 10
years: 4% Mar Jun Sep Dec Full Year
Fair Value: $63.91 2013 0.07 0.07 0.07 0.07 0.27
2014 0.08 0.08 0.08 0.08 0.31
2015 0.80 0.08 0.08 0.08 1.03 Insider Trades
Reverse DCF 2016 0.08 0.09 0.00 0.09 0.26
Expected eps Growth Rate: 2017 0.09 0.08
11.40% Growth Rate
Annual Rates(per share) 10-Y 5-Y 12-M
Revenue Growth (%) 22.40 17.90 66.10
EBITDA Growth (%) 20.90 22.00 86.90
Free Cash Flow Growth (%) 19.60 21.60 29.50
Book Value Growth (%) 21.90 22.60 71.50
EPS Growth (%) 19.90 20.70 109.70

Copyright 2015 GuruFocus.com LLC www.gurufocus.com/stock/OTCPK:MTYFF 1/7

 Per Share Data

Nov01 Nov02 Nov03 Nov04 Nov05 Nov06 Nov07 Nov08 Nov09 Nov10 Nov11 Nov12 Nov13 Nov14 Nov15 Nov16 TTM Fiscal Period
0.63 0.82 0.57 0.80 0.91 1.03 1.65 1.47 2.54 3.45 4.00 5.05 5.06 5.32 5.72 7.34 9.48 Revenue per Share

0.05 0.08 0.13 0.25 0.35 0.43 0.77 0.67 1.06 1.33 1.40 1.88 2.01 1.93 2.08 3.38 4.00 EBITDA per Share

0.03 0.06 0.11 0.23 0.32 0.39 0.67 0.57 0.87 1.12 1.18 1.62 1.74 1.60 1.43 2.90 3.23 EBIT per Share

0.03 0.04 0.06 0.15 0.21 0.27 0.50 0.43 0.60 0.80 0.83 1.15 1.28 1.17 1.02 2.14 2.26 Earnings per Share (diluted)

0.03 0.01 0.08 0.15 0.21 0.27 0.50 0.43 0.60 0.80 0.83 1.15 1.28 1.17 1.02 2.14 2.26 eps without NRI

-- 0.03 0.07 0.16 0.21 0.32 0.62 0.59 0.76 1.12 1.24 1.38 1.28 1.44 1.92 2.18 2.82 Owner Earnings per Share (TTM)

0.06 0.05 0.10 0.23 0.23 0.31 0.64 0.48 0.77 1.06 0.87 1.46 1.26 1.48 1.88 1.80 2.53 Free Cashflow per Share

-- -- -- -- -- -- -- -- -- 0.04 0.13 0.17 0.27 0.30 0.98 0.26 0.26 Dividends per Share

0.23 0.27 0.39 0.56 0.93 1.38 2.14 2.12 3.04 3.89 4.50 5.56 6.30 6.68 6.56 10.57 11.40 Book Value per Share

0.18 0.20 0.26 0.09 0.44 0.28 0.88 0.55 0.97 1.65 0.42 1.49 -0.84 -0.81 0.28 -14.58 -14.06 Tangible Book per Share

0.01 0.02 0.02 0.08 0.01 0.03 0.04 0.01 0.03 0.14 0.46 0.39 0.93 1.04 0.56 8.57 8.38 Total Debt per Share

0.26 -- 0.23 1.50 3.18 -- 12.85 -- 8.57 -- -- -- 28.12 32.07 23.49 36.11 36.51 Month End Stock Price

Ratios
Nov01 Nov02 Nov03 Nov04 Nov05 Nov06 Nov07 Nov08 Nov09 Nov10 Nov11 Nov12 Nov13 Nov14 Nov15 Nov16 TTM Fiscal Period
16.38 15.59 19.20 32.61 28.69 24.28 28.42 20.03 23.45 23.01 19.72 23.04 21.64 17.94 15.48 23.83 21.96 Return on Equity %

9.57 9.28 13.04 21.71 20.27 18.98 21.77 15.74 19.04 18.65 15.48 17.72 16.26 13.06 11.33 10.64 8.68 Return on Assets %

84.87 161 301 989 1,860 968 445 310 563 413 268 320 434 419 329 627 714 Return on Capital %

45.09 26.54 60.01 53.30 51.55 36.81 43.46 30.58 31.76 32.36 22.94 26.29 22.18 16.40 14.58 13.32 12.39 Return on Invested Capital %

25.20 23.58 7.84 13.15 8.49 5.27 8.52 7.68 6.81 5.91 4.64 5.36 6.71 4.67 7.23 5.25 5.26 Weighted Average Cost Of Capital (WACC) %

8.87 9.10 14.49 12.37 11.13 9.44 -- -- -- -- 3.62 4.13 2.19 1.98 2.15 2.88 4.46 Effective Interest Rate on Debt %

41.69 7.10 25.21 31.51 38.08 41.71 46.46 73.45 82.91 88.44 58.14 61.25 64.13 62.81 65.18 72.36 75.15 Gross Margin %

5.21 4.04 22.15 28.59 35.52 37.29 40.57 38.38 34.13 32.48 27.53 31.11 33.45 30.89 23.63 29.48 26.71 Operating Margin %

5.60 4.74 11.08 18.74 22.85 26.35 30.03 28.95 23.79 23.09 20.67 22.93 25.37 21.88 17.92 29.23 23.54 Net Margin %

9.21 5.98 16.94 28.75 24.76 30.10 38.42 32.51 30.08 30.79 21.77 28.91 25.00 27.87 32.89 24.57 26.74 FCF Margin %

0.03 0.09 0.04 0.14 0.01 0.02 0.02 0.00 0.01 0.04 0.10 0.07 0.15 0.16 0.09 0.81 0.74 Debt to Equity

0.61 0.58 0.77 0.61 0.78 0.79 0.75 0.82 0.81 0.81 0.76 0.78 0.73 0.73 0.74 0.37 0.38 Total Equity to Total Asset

0.02 0.05 0.03 0.09 0.01 0.02 0.01 0.00 0.01 0.03 0.08 0.06 0.11 0.11 0.06 0.30 0.28 Total Debt to Total Asset

71.22 13.90 29.68 36.50 33.77 30.05 33.68 39.95 66.34 71.41 43.56 47.33 41.10 37.49 41.22 26.34 27.69 Gross Profit to Total Asset %

1.71 1.96 1.18 1.16 0.89 0.72 0.73 0.54 0.80 0.81 0.75 0.77 0.64 0.60 0.63 0.36 0.37 Asset Turnover

-- -- -- -- -- -- -- -- -- 0.06 0.16 0.14 0.21 0.26 0.96 0.12 0.11 Dividend Payout Ratio

50.65 48.22 31.16 43.66 52.71 52.96 50.14 42.92 47.27 44.51 48.89 51.71 48.44 53.27 47.09 67.69 44.29 Days Sales Outstanding

107 54.22 46.13 68.97 90.88 106 109 -- -- -- -- -- -- -- -- -- -- Days Accounts Payable

13.42 4.49 8.52 4.61 3.48 3.98 5.01 16.79 16.51 27.64 13.20 15.34 13.66 14.51 17.68 18.60 19.79 Days Inventory

-42.59 -1.51 -6.45 -20.70 -34.69 -48.61 -53.78 59.71 63.78 72.15 62.09 67.05 62.10 67.78 64.77 86.29 64.08 Cash Conversion Cycle

27.20 81.27 42.83 79.20 105 91.61 72.90 21.73 22.10 13.21 27.65 23.79 26.72 25.16 20.64 19.62 18.45 Inventory Turnover

0.58 0.93 0.75 0.68 0.62 0.58 0.54 0.27 0.17 0.12 0.42 0.39 0.36 0.37 0.35 0.28 0.25 COGS to Revenue

0.02 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.02 0.01 0.02 0.02 0.01 0.01 Inventory to Revenue

Copyright 2015 GuruFocus.com LLC www.gurufocus.com/stock/OTCPK:MTYFF 2/7

 Income Statement

Nov01 Nov02 Nov03 Nov04 Nov05 Nov06 Nov07 Nov08 Nov09 Nov10 Nov11 Nov12 Nov13 Nov14 Nov15 Nov16 TTM Fiscal Period
9.95 12.82 8.73 12.96 15.76 19.37 31.56 28.13 48.65 66.03 76.46 96.51 96.66 102 109 146 200 Revenue
5.80 11.91 6.53 8.87 9.76 11.29 16.90 7.47 8.31 7.63 32.00 37.39 34.67 37.83 38.07 40.40 49.68 Cost of Goods Sold
4.15 0.91 2.20 4.08 6.00 8.08 14.66 20.66 40.34 58.40 44.46 59.12 61.99 63.88 71.28 106 150 Gross Profit
41.69 7.10 25.21 31.51 38.08 41.71 46.46 73.45 82.91 88.44 58.14 61.25 64.13 62.81 65.18 72.36 75.15 Gross Margin %

3.31 -- -- -- -- -- -- -- -- -- 12.37 16.84 16.33 19.51 33.11 50.67 74.99 Selling, General, & Admin. Expense
0.32 0.39 0.27 0.38 0.40 0.86 1.86 9.87 23.73 36.95 11.04 12.26 13.32 12.94 12.33 12.02 21.84 Other Operating Expense
0.52 0.52 1.93 3.70 5.60 7.22 12.80 10.80 16.60 21.45 21.05 30.02 32.33 31.42 25.84 43.09 53.40 Operating Income
5.21 4.04 22.15 28.59 35.52 37.29 40.57 38.38 34.13 32.48 27.53 31.11 33.45 30.89 23.63 29.48 26.71 Operating Margin %

-- -- -- -- -- 0.35 0.60 0.59 0.20 0.19 0.35 0.28 0.46 0.10 0.11 0.21 0.28 Interest Income
-0.01 -0.02 -0.05 -0.09 -0.08 -0.04 -- -- -- -- -0.21 -0.34 -0.28 -0.37 -0.33 -2.87 -6.67 Interest Expense
-0.01 -0.02 -0.05 -0.09 -0.08 0.35 0.60 0.59 0.20 0.19 0.14 -0.05 0.19 -0.27 -0.22 -2.66 -6.39 Net Interest Income
-0.03 0.40 -0.23 -- 0.00 0.09 0.59 0.39 0.12 0.38 1.08 0.63 0.49 -0.86 1.42 14.33 14.22 Other Income (Expense)
0.00 0.01 -0.05 -0.01 -0.03 -0.05 -0.05 -0.05 -0.04 -0.07 -0.32 0.01 0.05 0.02 -0.16 -0.33 -0.26 Other Income (Minority Interest)

0.48 0.90 1.66 3.61 5.52 7.67 14.00 11.77 16.92 22.02 22.27 30.60 33.01 30.29 27.04 54.77 61.24 Pre-Tax Income
0.08 -0.30 -0.64 -1.18 -1.88 -2.51 -4.47 -3.58 -5.31 -6.70 -6.15 -8.48 -8.53 -8.06 -7.29 -11.71 -13.91 Tax Provision
-15.69 33.12 38.56 32.59 34.11 32.77 31.93 30.40 31.35 30.41 27.61 27.70 25.86 26.59 26.96 21.39 22.72 Tax Rate %
0.56 0.23 1.20 2.43 3.60 5.10 9.48 8.19 11.62 15.32 16.12 22.12 24.47 22.24 19.75 43.06 47.33 Net Income (Continuing Operations)
-- 0.38 -0.23 -- -- -- -- -- -- -- -- -- -- -- -- -- -- Net Income (Discontinued Operations)
0.56 0.61 0.97 2.43 3.60 5.10 9.48 8.14 11.58 15.25 15.80 22.13 24.52 22.26 19.59 42.72 47.07 Net Income
5.60 4.74 11.08 18.74 22.85 26.35 30.03 28.95 23.79 23.09 20.67 22.93 25.37 21.88 17.92 29.23 23.54 Net Margin %

0.04 0.04 0.06 0.16 0.23 0.29 0.50 0.43 0.60 0.80 0.83 1.15 1.28 1.17 1.02 2.14 2.26 EPS (Basic)
0.03 0.04 0.06 0.15 0.21 0.27 0.50 0.43 0.60 0.80 0.83 1.15 1.28 1.17 1.02 2.14 2.26 EPS (Diluted)
15.83 15.62 15.29 16.14 17.27 18.75 19.08 19.12 19.12 19.12 19.12 19.12 19.12 19.12 19.12 19.91 21.37 Shares Outstanding (Diluted
Average)
0.32 0.34 0.27 0.38 0.40 0.86 1.86 2.07 3.59 4.02 4.31 5.01 5.08 6.25 12.33 9.56 16.29 Depreciation, Depletion and
Amortization
0.81 1.26 1.97 4.08 6.00 8.08 14.66 12.86 20.20 25.47 26.78 35.94 38.37 36.91 39.70 67.20 84.20 EBITDA

Copyright 2015 GuruFocus.com LLC www.gurufocus.com/stock/OTCPK:MTYFF 3/7

 Balance Sheet

Nov01 Nov02 Nov03 Nov04 Nov05 Nov06 Nov07 Nov08 Nov09 Nov10 Nov11 Nov12 Nov13 Nov14 Nov15 Nov16 TTM Fiscal Period
1.76 1.59 1.93 2.08 0.49 0.42 0.21 0.67 1.18 5.57 5.85 33.14 5.85 5.92 25.17 26.99 47.76 Cash And Cash Equivalents
0.95 1.55 1.92 1.35 8.44 7.24 20.18 12.10 13.81 23.09 4.52 -- 1.31 -- -- -- -- Marketable Securities
2.72 3.13 3.84 3.44 8.93 7.66 20.39 12.77 14.99 28.65 10.37 33.14 7.16 5.92 25.17 26.99 47.76 Cash, Cash Equivalents, Marketable
Securities
1.38 1.69 0.74 1.55 2.28 2.81 4.34 3.31 6.30 8.05 10.24 13.67 12.83 14.84 14.11 27.11 24.26 Accounts Receivable
-- -- -- -- -- -- -- -- -- 0.64 1.32 1.37 0.95 1.13 0.91 1.56 1.50 Inventories, Raw Materials &
Components
-- -- -- -- -- -- -- -- -- 0.15 0.03 0.03 0.03 -- 0.05 0.03 0.11 Inventories, Work In Process
-- -- -- -- -- -- -- -- -- -- 0.19 0.21 -- 0.90 0.70 0.86 2.16 Inventories, Finished Goods
0.07 0.11 0.10 0.08 0.08 0.14 0.32 0.31 0.35 0.00 -- -- -0.00 0.00 0.00 -0.00 0.00 Inventories, Other
0.12 0.18 0.13 0.10 0.09 0.16 0.31 0.38 0.37 0.78 1.53 1.61 0.98 2.03 1.66 2.45 3.78 Total Inventories
0.29 0.28 0.35 0.26 0.51 0.19 0.29 0.26 2.38 0.52 2.09 0.70 0.79 1.08 0.65 8.35 5.66 Other Current Assets
4.50 5.29 5.07 5.34 11.80 10.82 25.32 16.73 24.04 38.00 24.23 49.12 21.77 23.87 41.58 64.91 81.46 Total Current Assets
-- -- -- -- -- -- -- -- -- 1.27 1.93 1.98 1.08 1.61 0.93 0.92 0.91 Land And Improvements
1.10 -- -- -- -- -- -- -- -- 2.04 3.69 3.85 2.17 3.20 2.48 2.81 2.92 Buildings And Improvements
0.25 1.66 1.47 0.99 0.74 1.74 5.62 0.11 2.10 2.31 4.11 4.20 2.84 4.77 4.69 7.14 6.59 Machinery, Furniture, Equipment
1.37 1.66 1.47 1.03 0.77 1.78 5.68 3.60 5.61 8.77 12.47 12.45 9.12 12.42 11.44 14.96 13.51 Gross Property, Plant and Equipment
-0.87 -1.01 -0.99 -0.77 -0.43 -0.62 -1.08 -1.23 -2.09 -1.91 -2.54 -3.04 -3.20 -3.72 -3.53 -4.47 -4.72 Accumulated Depreciation
0.50 0.64 0.49 0.26 0.34 1.15 4.60 2.38 3.53 6.85 9.94 9.41 5.93 8.70 7.91 10.49 8.79 Property, Plant and Equipment
0.76 0.99 1.88 7.60 8.50 20.74 23.93 30.00 39.58 42.78 77.90 77.71 136 143 120 555 544 Intangible Assets
-- -- -- -- 2.50 3.50 4.10 3.26 6.45 7.04 19.78 20.33 43.96 48.19 41.81 163 164 Goodwill
0.17 0.26 0.21 1.53 0.15 0.27 0.23 0.27 5.10 3.68 0.76 0.73 0.55 0.45 0.16 3.62 2.96 Other Long Term Assets
5.93 7.18 7.64 14.73 20.79 32.98 54.08 49.37 72.25 91.31 113 137 165 176 170 634 637 Total Assets
1.70 1.77 0.82 1.68 2.43 3.26 5.04 -- -- -- -- -- -- -- -- -- -- Accounts Payable
-- -- -- -- -- -- -- -- 0.04 0.84 -- 2.87 0.39 0.63 1.76 15.48 15.07 Total Tax Payable
-- -- -- -- -- -- -- 5.63 8.77 10.85 13.21 13.47 11.35 12.50 18.35 32.97 36.80 Other Accrued Expense
1.70 1.77 0.82 1.68 2.43 3.26 5.04 5.63 8.81 11.69 13.21 16.34 11.75 13.13 20.10 48.44 51.87 Accounts Payable & Accrued
Expense
-- -- -- -- -- -- -- -- -- 1.85 1.91 7.22 14.02 16.43 9.52 11.20 8.67 Current Portion of Long-Term Debt
0.26 0.42 0.18 0.25 0.29 0.47 1.06 0.62 1.50 1.47 1.52 2.18 3.49 3.28 4.26 13.46 15.31 Current Deferred Revenue
0.26 0.42 0.18 0.25 0.29 0.47 1.06 0.62 1.50 1.47 1.52 2.18 3.49 3.28 4.26 13.46 15.31 DeferredTaxAndRevenue
0.14 0.31 0.32 1.24 0.53 0.57 4.21 0.68 1.36 1.02 1.12 2.27 1.71 2.70 2.61 55.57 54.59 Other Current Liabilities
2.09 2.50 1.32 3.17 3.24 4.30 10.31 6.93 11.67 16.03 17.77 28.01 30.96 35.53 36.50 129 130 Total Current Liabilities
0.12 0.37 0.26 1.26 0.17 0.63 0.67 0.16 0.52 0.84 6.88 0.28 3.79 3.37 1.21 178 170 Long-Term Debt
0.12 0.37 0.26 1.26 0.17 0.63 0.67 0.16 0.52 0.84 6.88 0.28 3.79 3.37 1.21 178 170 Long-Term Debt & Capital Lease
Obligation
0.03 0.09 0.04 0.14 0.01 0.02 0.02 0.00 0.01 0.04 0.10 0.07 0.15 0.16 0.09 0.81 0.74 Debt to Equity

-- -- 0.01 0.72 0.66 1.62 1.97 1.66 1.81 0.01 2.20 2.30 5.18 5.24 4.59 93.58 91.71 NonCurrent Deferred Liabilities
0.08 0.08 0.16 0.09 0.06 0.08 0.08 0.07 0.09 0.07 0.04 0.16 4.33 4.31 1.92 0.51 1.08 Minority Interest
-0.00 0.06 -0.00 0.52 0.55 0.43 0.28 -0.00 -0.00 0.00 -0.00 0.00 -0.00 0.00 -0.00 -0.00 -0.00 Other Long-Term Liabilities
2.29 3.01 1.74 5.74 4.68 7.06 13.31 8.82 14.09 16.95 26.89 30.75 44.26 48.44 44.23 400 394 Total Liabilities
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Common Stock
-3.23 -2.67 -2.25 -0.04 3.56 8.80 19.81 23.89 39.02 54.35 66.16 85.89 101 110 110 146 156 Retained Earnings
0.13 0.26 0.37 0.46 -- -- -- -- -- -- -- -- 0.01 -0.01 -0.08 1.95 3.06 Accumulated other comprehensive
income (loss)
6.74 6.57 7.79 8.58 12.55 17.12 20.96 16.66 19.14 20.01 19.78 20.33 19.33 17.90 15.27 85.62 84.60 Additional Paid-In Capital
3.64 4.17 5.90 8.99 16.11 25.93 40.78 40.55 58.16 74.36 85.94 106 120 128 126 233 244 Total Equity
0.61 0.58 0.77 0.61 0.78 0.79 0.75 0.82 0.81 0.81 0.76 0.78 0.73 0.73 0.74 0.37 0.38 Total Equity to Total Asset

Copyright 2015 GuruFocus.com LLC www.gurufocus.com/stock/OTCPK:MTYFF 4/7

 Cashflow Statement

Nov01 Nov02 Nov03 Nov04 Nov05 Nov06 Nov07 Nov08 Nov09 Nov10 Nov11 Nov12 Nov13 Nov14 Nov15 Nov16 TTM Fiscal Period
0.56 0.61 0.97 2.43 3.60 5.10 9.48 8.14 11.58 15.25 16.12 22.12 24.47 22.24 19.75 43.06 47.33 Net Income
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -0.22 Net Foreign Currency Exchange
Gain
0.56 0.61 0.97 2.43 3.60 5.10 9.48 8.19 11.62 15.32 16.12 22.12 24.47 22.24 19.75 43.06 47.33 Net Income From Continuing
Operations
0.32 0.34 0.27 0.38 0.40 0.86 1.86 2.07 3.59 4.02 4.31 5.01 5.08 6.25 12.33 9.56 16.29 Depreciation, Depletion and
Amortization
-0.03 0.04 0.98 -0.82 -0.49 -0.50 -0.89 -0.13 -0.51 -0.75 -1.84 -2.94 -0.84 -1.44 -1.28 -4.15 -2.58 Change In Receivables
-- -- 0.09 0.04 0.01 -0.03 -0.02 -0.11 0.42 0.07 -0.38 -0.04 -0.29 0.01 0.21 -0.40 -1.52 Change In Inventory
-- -- -- -- -- -- -0.03 -0.01 0.14 -0.02 0.32 -0.03 -0.15 -0.33 0.58 -2.27 0.64 Change In Prepaid Assets
-- -- -1.29 0.77 0.73 0.74 1.21 0.32 -1.40 2.73 -1.05 -0.12 -0.99 -0.38 6.24 1.98 2.78 Change In Payables And Accrued
Expense
0.24 -0.31 0.10 0.42 -0.29 0.01 1.11 -0.02 -1.45 2.17 -2.83 -2.01 -2.72 -1.04 6.06 -2.86 1.22 Change In Working Capital
-0.22 0.01 0.02 0.02 -0.06 0.03 0.08 -0.05 0.93 0.77 6.15 8.48 8.53 -- -- -- -- Change In DeferredTax
0.04 0.13 0.17 0.53 0.26 0.09 -0.23 -0.89 0.55 -0.75 -6.17 -4.11 -10.07 1.65 0.45 -11.25 -8.42 Cash Flow from Others
0.94 0.78 1.52 3.78 3.92 6.09 12.28 9.31 15.24 21.52 17.57 29.49 25.29 29.10 38.58 38.51 56.42 Cash Flow from Operations
-0.03 -0.02 -0.04 -0.05 -0.01 -0.26 -0.16 -0.16 -0.61 -1.19 -0.93 -1.06 -0.80 -0.54 -2.58 -2.08 -2.32 Purchase Of Property, Plant,
Equipment
-- 0.00 0.01 0.28 -- 0.18 0.82 1.21 0.50 1.46 1.61 1.11 0.99 1.80 3.65 2.96 3.56 Sale Of Property, Plant, Equipment
-- -- -- -- -- -- -- -11.47 -7.40 -3.97 -35.21 -0.75 -- -- -0.60 -- -- Purchase Of Business
-0.13 -0.60 -0.07 -0.01 -0.01 -0.02 -- -- -0.17 -8.64 -- -- -0.11 -- -- -- -- Purchase Of Investment
-- -- -- 0.09 -- 1.54 -- 4.18 -- -- 18.30 4.65 -- -- -- -- -- Sale Of Investment
-- -- -- -- -- -- -- -- -- -- -- -0.52 -0.33 -0.22 -0.04 -0.52 -0.65 Net Intangibles Purchase And Sale
0.01 -0.59 -0.94 -3.34 -6.95 -7.84 -13.51 -- -6.37 -3.73 -- 0.00 -53.85 -22.43 -5.71 -179 -186 Cash From Other Investing Activities
-0.15 -1.21 -1.04 -3.03 -6.98 -6.39 -12.85 -6.24 -14.05 -16.07 -16.23 3.43 -54.10 -21.39 -5.27 -179 -185 Cash Flow from Investing
0.01 0.01 0.01 0.03 3.19 0.42 0.66 -- -- -- 0.02 0.15 0.05 0.26 -- -- -- Issuance of Stock
-- -0.13 -0.04 -- -- -- -- -- -- -- -0.02 -- -- -- -- -- -- Repurchase of Stock
-0.03 0.35 -0.40 -0.77 -1.70 -0.17 -0.38 -2.56 -0.79 -0.27 2.71 -1.67 -3.51 -1.46 -7.43 137 134 Net Issuance of Debt
-0.00 -0.00 -0.03 -0.04 -0.05 -0.04 -- -- -- -0.85 -3.36 -4.22 -5.11 -5.74 -5.79 -7.03 -7.43 Cash Flow for Dividends
-- -- -- -- 0.00 -- -- -- -- -0.00 -0.35 -0.05 11.34 -0.27 -- -1.99 -2.05 Other Financing
-0.02 0.23 -0.45 -0.78 1.44 0.22 0.28 -2.56 -0.79 -1.12 -0.99 -5.79 2.77 -7.21 -13.22 128 124 Cash Flow from Financing
0.77 -0.20 0.03 -0.03 -1.62 -0.09 -0.28 0.50 0.40 4.34 0.35 27.12 -26.03 0.51 20.10 -12.94 -4.39 Net Change in Cash
-0.03 -0.02 -0.04 -0.05 -0.01 -0.26 -0.16 -0.16 -0.61 -1.19 -0.93 -1.58 -1.13 -0.76 -2.62 -2.59 -2.97 Capital Expenditure
0.92 0.77 1.48 3.73 3.90 5.83 12.13 9.15 14.63 20.33 16.64 27.91 24.16 28.35 35.97 35.92 53.46 Free Cash Flow

Copyright 2015 GuruFocus.com LLC www.gurufocus.com/stock/OTCPK:MTYFF 5/7

 Valuation Ratios

Nov01 Nov02 Nov03 Nov04 Nov05 Nov06 Nov07 Nov08 Nov09 Nov10 Nov11 Nov12 Nov13 Nov14 Nov15 Nov16 TTM Fiscal Period
8.00 5.47 3.27 11.94 14.23 21.13 27.23 13.17 13.85 15.99 17.89 17.57 23.51 26.48 23.14 17.54 15.34 PE Ratio(TTM)

-- -- 3.29 9.38 15.14 -- 20.73 -- 11.28 -- -- -- 21.97 22.27 12.23 16.56 11.75 Price to Owner Earnings (TTM)

1.13 -- 0.60 2.69 3.41 -- 6.01 -- 2.82 -- -- -- 4.46 4.80 3.58 3.42 2.99 Price to Book

1.43 -- 0.87 17.44 7.23 -- 14.55 -- 8.82 -- -- -- -- -- 82.71 -- -- Price to Tangible Book

6.21 4.43 2.37 6.49 14.02 18.93 20.85 11.77 11.11 12.17 17.03 13.88 23.74 20.98 12.60 20.81 13.71 Price-to-Free-Cash-Flow Ratio

3.79 4.32 2.81 7.68 13.91 18.04 20.55 11.55 10.66 11.49 16.15 13.13 22.66 20.45 11.75 19.42 12.98 Price-to-Operating-Cash-Flow Ratio

0.36 0.24 0.41 2.23 3.44 5.62 8.07 3.83 3.34 3.75 3.71 4.01 5.94 5.80 4.14 5.15 3.67 PS Ratio

-- -- -- -- -- 0.46 0.62 0.38 0.50 0.57 0.75 0.82 1.19 1.67 1.54 1.01 0.69 PEG Ratio

0.10 0.05 0.09 2.12 3.01 5.52 7.46 3.38 3.04 3.36 3.69 3.75 6.10 5.98 4.03 6.57 4.41 EV-to-Revenue

1.20 0.55 0.46 6.74 7.91 13.23 16.26 7.39 7.33 8.70 10.54 10.07 15.36 16.50 11.10 14.29 10.45 EV-to-EBITDA

1.95 0.77 0.54 7.43 8.48 14.80 18.68 8.81 8.92 10.32 12.56 11.70 17.71 19.83 16.10 16.66 12.95 EV-to-EBIT

51.28 130 185 13.46 11.79 6.76 5.35 11.35 11.21 9.69 7.96 8.55 5.65 5.04 6.21 6.00 7.72 Return on Capital %

-- -- 12.22 4.56 4.11 48.38 45.69 39.94 33.29 33.03 28.89 26.06 23.22 19.44 19.88 21.09 25.27 Forward Rate of Return

-- -- -- -- -- -- 70.58 30.45 32.44 36.34 33.51 35.44 45.27 43.08 34.06 42.42 36.09 Shiller PE Ratio

-- -- -- -- -- -- -- -- -- -- -- -- 0.97 0.96 4.40 0.71 0.95 Dividend Yield %

Valuation and Quality

Nov01 Nov02 Nov03 Nov04 Nov05 Nov06 Nov07 Nov08 Nov09 Nov10 Nov11 Nov12 Nov13 Nov14 Nov15 Nov16 TTM Fiscal Period

4.12 -- 3.52 24.21 54.92 -- 245 -- 164 -- -- -- 538 613 449 796 787 Market Cap

1.60 -- 0.09 22.12 46.23 -- 226 -- 149 -- -- -- 553 631 437 959 931 Enterprise Value

0.26 -- 0.23 1.50 3.18 -- 12.85 -- 8.57 -- -- -- 28.12 32.07 23.49 36.11 36.51 Month End Stock Price

0.03 0.01 0.14 -0.14 0.25 0.03 0.37 0.21 0.05 0.61 -0.86 0.13 -1.94 -2.22 -1.00 -16.94 -16.19 Net Cash (per share)

0.14 0.15 0.22 -0.03 0.41 0.20 0.63 0.41 0.52 1.10 -0.14 0.96 -1.18 -1.29 -0.14 -15.22 -14.61 Net Current Asset Value (per share)

0.10 0.09 0.18 -0.07 0.35 0.15 0.55 0.35 0.30 0.95 -0.42 0.70 -1.41 -1.59 -0.40 -15.96 -15.25 Net-Net Working Capital (per share)

-- -- 0.38 0.51 1.25 3.26 4.80 6.37 8.57 11.53 13.74 17.44 18.35 21.98 21.68 24.97 28.52 Projected FCF (per share)

3.19 4.51 3.09 3.72 4.44 5.23 7.41 8.37 11.97 16.78 20.54 25.03 25.58 27.10 29.56 37.38 44.73 Median PS (per share)

-- -- 1.67 3.56 5.05 6.88 11.80 12.16 15.47 19.80 21.42 26.91 23.60 19.15 15.20 35.87 49.27 Peter Lynch Fair Value (per share)

0.36 0.24 0.67 0.54 1.45 1.30 3.14 2.30 3.64 5.45 2.80 6.22 -- -- 2.56 -- -- Graham Number (per share)

-- 0.02 -0.16 -0.40 -0.23 1.72 3.24 3.70 5.16 6.94 7.35 10.44 9.59 11.67 12.55 5.72 9.96 Earnings Power Value (EPV)

2.60 3.02 3.76 4.98 9.57 11.65 13.70 9.59 9.33 11.40 8.56 10.07 9.83 9.25 8.27 1.93 2.01 Altman Z-Score

7.00 6.00 7.00 6.00 6.00 4.00 7.00 6.00 7.00 7.00 4.00 8.00 5.00 4.00 8.00 5.00 6.00 Piotroski F-Score

-2.99 -0.55 -3.56 -1.74 -- -- -- -- -- -- -- -2.60 -2.40 -2.38 -3.10 -2.19 -2.28 Beneish M-Score

0.20 0.25 0.35 0.90 0.50 0.91 0.64 0.52 0.89 0.67 0.92 0.72 0.99 0.89 0.64 2.33 0.59 Scaled Net Operating Assets

-4.01 14.40 6.44 11.41 32.04 16.40 18.56 10.29 14.37 10.73 12.82 -7.87 32.38 8.26 -8.08 28.93 27.57 Sloan Ratio (%)

2.15 2.12 3.85 1.69 3.64 2.51 2.46 2.41 2.06 2.37 1.36 1.75 0.70 0.67 1.14 0.50 0.62 Current Ratio

2.10 2.04 3.75 1.66 3.61 2.48 2.43 2.36 2.03 2.32 1.28 1.70 0.67 0.61 1.09 0.49 0.60 Quick Ratio

0.38 0.16 0.24 1.53 3.99 5.38 13.41 9.18 8.86 11.40 16.10 -- 31.10 33.71 27.83 36.11 39.88 Highest Stock Price

0.14 -- 0.15 0.25 1.80 -- 6.43 -- 6.19 -- -- -- 18.30 24.73 22.18 20.34 30.35 Lowest Stock Price

0.81 1.32 2.13 -5.57 -7.00 -8.56 -1.77 -0.20 -- -- -- -- -- -- -- -15.32 -8.00 Shares Buyback Ratio (%)

-8.84 30.52 -30.45 40.63 13.57 13.27 60.12 -11.06 72.94 35.73 15.81 26.21 0.16 5.22 7.52 28.40 65.90 YoY Rev. per Sh. Growth (%)

197 21.58 59.58 147 40.69 28.98 81.85 -13.91 41.41 32.36 3.72 39.07 10.79 -8.79 -12.13 109 109 YoY EPS Growth (%)

1,800 56.86 61.25 96.12 37.15 24.21 78.19 -12.37 56.91 26.14 5.18 34.19 6.76 -3.79 7.51 62.57 86.13 YoY EBITDA Growth (%)

-- -- -- -- -- 46.38 43.75 34.92 27.75 27.93 23.72 21.33 19.73 15.81 14.98 17.42 22.00 EBITDA 5-Y Growth (%)

15.83 15.62 15.07 15.12 15.74 17.63 18.93 19.12 19.12 19.12 19.12 19.12 19.12 19.12 19.12 19.91 21.37 Shares Outstanding (Basic Average)

15.83 15.62 15.29 16.14 17.27 18.75 19.08 19.12 19.12 19.12 19.12 19.12 19.12 19.12 19.12 22.05 21.37 Shares Outstanding (EOP)

3.56 4.12 0.31 0.40 -0.80 -0.37 1.98 1.10 0.43 0.40 0.11 0.50 0.48 0.65 1.15 0.97 0.94 Beta

02/24/09 02/23/10 02/16/11 02/14/12 02/14/13 02/12/14 02/12/15 02/15/16 02/23/17 Filing Date

02/23/10 02/16/11 02/14/13 02/14/13 02/12/14 02/12/15 02/15/16 02/23/17 02/23/17 Restated Filing Date

Copyright 2015 GuruFocus.com LLC www.gurufocus.com/stock/OTCPK:MTYFF 6/7

 About GuruFocus.com
GuruFocus.com is owned by GuruFocus.com LLC, a Texas Limited Liability Company located in Plano, Texas. GuruFocus.com is engaged in the business of financial news, commentaries, research and publishing. GuruFocus.com, LLC is proud to
be a Better Business Bureau (BBB) accredited company with an A+ rating.

GuruFocus.com was founded in 2004 by Charlie Tian, Ph. D. on the philosophy that investors would make a lot fewer mistakes investing if they were to select stocks from the ones that have been researched by the best investors in the world.
GuruFocus tracks the stock picks and portfolio changes of the best investors in the world.

GuruFocus.com is dedicated to value investing. As employed by Warren Buffett, the greatest investor of all time, value investing is the only winning strategy for the long term. GuruFocus hosts numerous value screeners and research tools, and
regularly publishes articles about value investing strategies and ideas.

Disclaimer
GuruFocus.com is not operated by a broker, a dealer, or a registered investment adviser. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site,
and in its related newsletters, is not intended to be, nor does it constitute, investment advice or recommendations. The gurus may buy and sell securities before and after any particular article and report and information herein is published, with
respect to the securities discussed in any article and report posted herein. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published
or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive
damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute, investment advice or recommendations. The information on this site is in no
way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Stock quotes provided by InterActive Data. Fundamental company data provided by Morningstar, updated
daily.

Copyright 2015 GuruFocus.com LLC www.gurufocus.com/stock/OTCPK:MTYFF 7/7