summaryapio, landec&rsquos core vegetable packaging and processing business will benefit from increased health consciousness of consumers, with upside potential from the introduction of new superfood products.landec&rsquos biomaterials business, lifecore, a supplier of medicalgrade sodium hyaluronate products, is wellpositioned to capitalize on the growth in cataract surgeries resulting from an ageing population.investors get lifecore for free at current valuations, considering conservative assumptions for the valuation of the company&rsquos packaging & processing business.elevator pitchmispricing opportunities often occur for stocks with multiple lines of businesses that are unrelated, and one such example is landec corporation nasdaqlndc. if i value landec&39s food packaging and processing business at 12 times trailing twelve months evebitda and apio&39s 26.9 interest in windset farms using the gaap fair value option of accounting method, and deduct net debt of 42.2 million, the market is essentially ascribing a value of zero to landec&39s biomaterials business, lifecore. if i apply a very conservative 2x evrevenue to lifecore&39s trailing twelve months revenue of 43.5 million, landec currently offers a minimum upside of 26.company descriptionlandec operates two core businesses the food packaging & processing business and the biomaterials business, which accounted for 76 and 10 of its fiscal 2014 sales year ended may of 477 million. its two other ancillary businesses are food export and licensing. for the food export business, landec exports whole fruit and vegetables to asian markets such as taiwan, japan, indonesia, china and thailand. it also licenses its proprietary breatheway food packaging technology to other food companies with respect to nonvegetable products. apart from its operating businesses, landec also holds a 26.9 interest in windset farms, a hydroponic greenhouse grower of high quality produce. 
