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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 15.5x - 17.1x | 16.3x |
| Selected Fwd EBITDA Multiple | 13.2x - 14.6x | 13.9x |
| Fair Value | €6.91 - €7.84 | €7.38 |
| Upside | 5.8% - 20.0% | 12.9% |
| Benchmarks | Ticker | Full Ticker |
| Heineken N.V. | HNK1 | DB:HNK1 |
| Anora Group Oyj | ANORA | HLSE:ANORA |
| Becle, S.A.B. de C.V. | 6BE | DB:6BE |
| Constellation Brands, Inc. | 1STZ | BIT:1STZ |
| Andrew Peller Limited | ANJ | DB:ANJ |
| Davide Campari-Milano N.V. | CPR | BIT:CPR |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| HNK1 | ANORA | 6BE | 1STZ | ANJ | CPR | ||
| DB:HNK1 | HLSE:ANORA | DB:6BE | BIT:1STZ | DB:ANJ | BIT:CPR | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 1.7% | 5.0% | 8.5% | 5.4% | -2.1% | 8.4% | |
| 3Y CAGR | 7.9% | -0.5% | 4.9% | 5.3% | 18.7% | 13.3% | |
| Latest Twelve Months | -2.0% | 8.9% | 32.0% | 0.2% | 75.0% | -0.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 19.3% | 8.3% | 19.6% | 37.2% | 10.6% | 22.2% | |
| Prior Fiscal Year | 18.1% | 5.9% | 15.7% | 36.3% | 8.4% | 23.4% | |
| Latest Fiscal Year | 19.1% | 7.2% | 20.2% | 38.8% | 13.7% | 22.4% | |
| Latest Twelve Months | 19.0% | 7.4% | 21.5% | 37.7% | 14.6% | 22.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.80x | 0.59x | 2.18x | 4.15x | 1.11x | 3.30x | |
| EV / LTM EBITDA | 9.5x | 7.9x | 10.2x | 11.0x | 7.6x | 14.9x | |
| EV / LTM EBIT | 13.4x | 11.8x | 11.7x | 12.4x | 10.2x | 17.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.6x | 9.5x | 11.0x | ||||
| Historical EV / LTM EBITDA | 14.7x | 20.1x | 34.3x | ||||
| Selected EV / LTM EBITDA | 15.5x | 16.3x | 17.1x | ||||
| (x) LTM EBITDA | 683 | 683 | 683 | ||||
| (=) Implied Enterprise Value | 10,602 | 11,160 | 11,718 | ||||
| (-) Non-shareholder Claims * | (2,310) | (2,310) | (2,310) | ||||
| (=) Equity Value | 8,293 | 8,851 | 9,409 | ||||
| (/) Shares Outstanding | 1,200.6 | 1,200.6 | 1,200.6 | ||||
| Implied Value Range | 6.91 | 7.37 | 7.84 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 6.91 | 7.37 | 7.84 | 6.53 | |||
| Upside / (Downside) | 5.7% | 12.8% | 19.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | HNK1 | ANORA | 6BE | 1STZ | ANJ | CPR | |
| Enterprise Value | 52,320 | 410 | 96,855 | 41,759 | 418 | 10,154 | |
| (+) Cash & Short Term Investments | 2,066 | 97 | 6,919 | 74 | 0 | 476 | |
| (+) Investments & Other | 3,657 | 12 | 1,553 | 211 | 0 | 116 | |
| (-) Debt | (17,586) | (305) | (23,637) | (11,567) | (189) | (2,901) | |
| (-) Other Liabilities | (2,523) | (0) | (77) | (267) | 0 | (1) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 37,934 | 212 | 81,613 | 30,210 | 229 | 7,845 | |
| (/) Shares Outstanding | 558.3 | 67.6 | 3,591.2 | 176.3 | 43.3 | 1,200.6 | |
| Implied Stock Price | 67.94 | 3.15 | 22.73 | 171.39 | 5.29 | 6.53 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 21.85 | 1.17 | 1.61 | 1.00 | |
| Implied Stock Price (Trading Cur) | 67.94 | 3.15 | 1.04 | 146.35 | 3.28 | 6.53 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 21.85 | 1.17 | 1.61 | 1.00 | |