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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 17.8x - 19.7x | 18.8x |
| Selected Fwd EBIT Multiple | 16.9x - 18.7x | 17.8x |
| Fair Value | €6.97 - €7.91 | €7.44 |
| Upside | 10.9% - 25.7% | 18.3% |
| Benchmarks | Ticker | Full Ticker |
| Pernod Ricard SA | PER | DB:PER |
| Rémy Cointreau SA | RMC | DB:RMC |
| Heineken N.V. | HNK1 | DB:HNK1 |
| Anora Group Oyj | ANORA | HLSE:ANORA |
| Brown-Forman Corporation | 1BFB | BIT:1BFB |
| Davide Campari-Milano N.V. | CPR | BIT:CPR |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| PER | RMC | HNK1 | ANORA | 1BFB | CPR | ||
| DB:PER | DB:RMC | DB:HNK1 | HLSE:ANORA | BIT:1BFB | BIT:CPR | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 3.8% | 2.9% | 1.0% | 4.1% | 1.1% | 8.2% | |
| 3Y CAGR | 8.8% | 8.8% | 8.0% | -5.3% | -2.1% | 12.3% | |
| Latest Twelve Months | -4.1% | -28.7% | 1.1% | 26.9% | 1.2% | -1.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 27.3% | 24.6% | 13.0% | 5.6% | 29.6% | 19.7% | |
| Prior Fiscal Year | 27.5% | 25.5% | 12.5% | 3.3% | 27.4% | 20.7% | |
| Latest Fiscal Year | 26.7% | 22.0% | 12.9% | 4.8% | 29.2% | 19.3% | |
| Latest Twelve Months | 26.2% | 22.0% | 12.9% | 5.0% | 29.2% | 19.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.20x | 2.74x | 1.86x | 0.60x | 3.98x | 3.13x | |
| EV / LTM EBITDA | 11.0x | 9.5x | 9.7x | 8.1x | 12.7x | 14.0x | |
| EV / LTM EBIT | 12.2x | 10.6x | 14.4x | 12.1x | 13.7x | 16.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 10.6x | 12.2x | 14.4x | ||||
| Historical EV / LTM EBIT | 16.2x | 22.0x | 38.7x | ||||
| Selected EV / LTM EBIT | 17.8x | 18.8x | 19.7x | ||||
| (x) LTM EBIT | 594 | 594 | 594 | ||||
| (=) Implied Enterprise Value | 10,581 | 11,138 | 11,694 | ||||
| (-) Non-shareholder Claims * | (2,286) | (2,286) | (2,286) | ||||
| (=) Equity Value | 8,295 | 8,852 | 9,408 | ||||
| (/) Shares Outstanding | 1,202.5 | 1,202.5 | 1,202.5 | ||||
| Implied Value Range | 6.90 | 7.36 | 7.82 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 6.90 | 7.36 | 7.82 | 6.29 | |||
| Upside / (Downside) | 9.7% | 17.0% | 24.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | PER | RMC | HNK1 | ANORA | 1BFB | CPR | |
| Enterprise Value | 36,310 | 3,495 | 55,683 | 419 | 16,322 | 9,850 | |
| (+) Cash & Short Term Investments | 1,916 | 83 | 2,350 | 97 | 444 | 673 | |
| (+) Investments & Other | 649 | 19 | 3,979 | 12 | 3 | 104 | |
| (-) Debt | (13,942) | (759) | (17,049) | (305) | (2,837) | (3,062) | |
| (-) Other Liabilities | (1,089) | 0 | (2,821) | (0) | 0 | (1) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 23,844 | 2,838 | 42,142 | 222 | 13,932 | 7,564 | |
| (/) Shares Outstanding | 251.6 | 51.9 | 559.4 | 67.6 | 472.8 | 1,202.5 | |
| Implied Stock Price | 94.76 | 54.70 | 75.34 | 3.29 | 29.47 | 6.29 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | 1.00 | |
| Implied Stock Price (Trading Cur) | 94.76 | 54.70 | 75.34 | 3.29 | 25.22 | 6.29 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | 1.00 | |