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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Ps Multiple | 0.4x - 0.4x | 0.4x |
Selected Fwd Ps Multiple | 0.3x - 0.4x | 0.4x |
Fair Value | kr152.48 - kr168.53 | kr160.50 |
Upside | 8.3% - 19.7% | 14.0% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Carlsberg A/S | - | CPSE:CARLA |
Royal Unibrew A/S | - | CPSE:RBREW |
Alefarm Brewing A/S | - | CPSE:ALEFRM |
Treasury Wine Estates Limited | - | DB:T7W |
S.C. Bermas S.A. | - | BVB:BRM |
Harboes Bryggeri A/S | - | CPSE:HARBB |
Select Price / LTM Sales Ratio | ||||||||
Benchmark Companies | ||||||||
CARL A | RBREW | ALEFRM | T7W | BRM | HARB B | |||
CPSE:CARLA | CPSE:RBREW | CPSE:ALEFRM | DB:T7W | BVB:BRM | CPSE:HARBB | |||
Historical Sales Growth | ||||||||
5Y CAGR | 2.6% | 14.3% | 15.3% | -0.5% | 4.4% | 5.7% | ||
3Y CAGR | 7.7% | 19.8% | 4.7% | 1.5% | 11.9% | 8.7% | ||
Latest Twelve Months | 1.9% | 10.8% | 13.0% | 22.9% | 17.7% | 0.3% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | -1.4% | 12.6% | -47.4% | 8.8% | 4.3% | 0.9% | ||
Prior Fiscal Year | 9.5% | 8.5% | -40.2% | 10.2% | 3.2% | 3.0% | ||
Latest Fiscal Year | 9.1% | 9.7% | -32.5% | 3.5% | 3.9% | 2.5% | ||
Latest Twelve Months | 9.1% | 9.9% | -32.5% | 5.0% | 4.3% | 2.5% | ||
Current Trading Multiples | ||||||||
EV / LTM EBITDA | 10.0x | 12.1x | -17.2x | 17.3x | 12.5x | 5.8x | ||
Price / LTM Sales | 1.6x | 1.7x | 2.2x | 2.1x | 1.3x | 0.3x | ||
LTM P/E Ratio | 17.4x | 17.2x | -6.8x | 42.7x | 30.8x | 13.3x | ||
Low | Mid | High | ||||||
Benchmark LTM P/S Ratio | 1.3x | 1.7x | 2.2x | |||||
Historical LTM P/S Ratio | 0.2x | 0.3x | 0.3x | |||||
Selected Price / Sales Multiple | 0.4x | 0.4x | 0.4x | |||||
(x) LTM Sales | 1,823 | 1,823 | 1,823 | |||||
(=) Equity Value | 658 | 692 | 727 | |||||
(/) Shares Outstanding | 4.2 | 4.2 | 4.2 | |||||
Implied Value Range | 155.79 | 163.98 | 172.18 | |||||
FX Rate: DKK/DKK | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 155.79 | 163.98 | 172.18 | 140.80 | ||||
Upside / (Downside) | 10.6% | 16.5% | 22.3% |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | CARL A | RBREW | ALEFRM | T7W | BRM | HARB B | |
Value of Common Equity | 100,718 | 25,914 | 22 | 6,454 | 54 | 595 | |
(/) Shares Outstanding | 106.0 | 49.6 | 14.2 | 811.4 | 21.6 | 4.2 | |
Implied Stock Price | 950.00 | 522.00 | 1.53 | 7.95 | 2.50 | 140.80 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.79 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 950.00 | 522.00 | 1.53 | 4.44 | 2.50 | 140.80 | |
Trading Currency | DKK | DKK | DKK | EUR | RON | DKK | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.79 | 1.00 | 1.00 |