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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 10.7x - 11.9x | 11.3x |
| Selected Fwd EBIT Multiple | 9.5x - 10.5x | 10.0x |
| Fair Value | €32.37 - €35.74 | €34.05 |
| Upside | 20.8% - 33.4% | 27.1% |
| Benchmarks | Ticker | Full Ticker |
| Kirin Holdings Company, Limited | 2503 | TSE:2503 |
| Asahi Group Holdings, Ltd. | 2502 | TSE:2502 |
| Coca-Cola Bottlers Japan Holdings Inc. | 2579 | TSE:2579 |
| PepsiCo, Inc. | PEP | NasdaqGS:PEP |
| Keurig Dr Pepper Inc. | KDP | NasdaqGS:KDP |
| Suntory Beverage & Food Limited | 7SN | DB:7SN |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 2503 | 2502 | 2579 | PEP | KDP | 7SN | ||
| TSE:2503 | TSE:2502 | TSE:2579 | NasdaqGS:PEP | NasdaqGS:KDP | DB:7SN | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 2.5% | 4.9% | -6.3% | 6.1% | 7.7% | 7.0% | |
| 3Y CAGR | 9.2% | 10.3% | NM- | 6.6% | 3.9% | 10.2% | |
| Latest Twelve Months | -21.9% | -3.9% | 98.3% | -3.3% | -0.7% | 2.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 8.3% | 8.6% | -0.2% | 15.2% | 22.6% | 9.5% | |
| Prior Fiscal Year | 8.6% | 9.1% | 0.4% | 15.3% | 21.7% | 9.2% | |
| Latest Fiscal Year | 8.1% | 8.9% | 1.5% | 15.7% | 22.1% | 10.0% | |
| Latest Twelve Months | 7.5% | 8.5% | NA | 15.2% | 22.0% | 9.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.11x | 1.43x | 0.58x | 2.68x | 3.54x | 0.88x | |
| EV / LTM EBITDA | 9.4x | 10.3x | 8.8x | 14.4x | 13.4x | 6.7x | |
| EV / LTM EBIT | 14.8x | 16.8x | 36.5x | 17.6x | 16.1x | 9.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 14.8x | 16.8x | 36.5x | ||||
| Historical EV / LTM EBIT | 9.0x | 10.6x | 11.4x | ||||
| Selected EV / LTM EBIT | 10.7x | 11.3x | 11.9x | ||||
| (x) LTM EBIT | 160,949 | 160,949 | 160,949 | ||||
| (=) Implied Enterprise Value | 1,729,230 | 1,820,242 | 1,911,255 | ||||
| (-) Non-shareholder Claims * | 17,544 | 17,544 | 17,544 | ||||
| (=) Equity Value | 1,746,774 | 1,837,786 | 1,928,799 | ||||
| (/) Shares Outstanding | 309.0 | 309.0 | 309.0 | ||||
| Implied Value Range | 5,652.99 | 5,947.53 | 6,242.07 | ||||
| FX Rate: JPY/EUR | 172.8 | 172.8 | 172.8 | Market Price | |||
| Implied Value Range (Trading Cur) | 32.71 | 34.41 | 36.12 | 26.80 | |||
| Upside / (Downside) | 22.0% | 28.4% | 34.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2503 | 2502 | 2579 | PEP | KDP | 7SN | |
| Enterprise Value | 2,640,083 | 4,081,935 | 525,838 | 246,017 | 55,839 | 1,413,655 | |
| (+) Cash & Short Term Investments | 132,408 | 57,594 | 45,282 | 7,973 | 509 | 145,882 | |
| (+) Investments & Other | 380,450 | 248,497 | 12,532 | 3,280 | 1,599 | 21,914 | |
| (-) Debt | (1,020,258) | (1,447,787) | (132,564) | (51,384) | (18,675) | (48,181) | |
| (-) Other Liabilities | (285,535) | (4,054) | (259) | (141) | 0 | (102,071) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,847,148 | 2,936,185 | 450,829 | 205,745 | 39,272 | 1,431,199 | |
| (/) Shares Outstanding | 810.2 | 1,503.0 | 169.2 | 1,369.1 | 1,358.4 | 309.0 | |
| Implied Stock Price | 2,280.00 | 1,953.50 | 2,664.00 | 150.28 | 28.91 | 4,631.71 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 172.83 | |
| Implied Stock Price (Trading Cur) | 2,280.00 | 1,953.50 | 2,664.00 | 150.28 | 28.91 | 26.80 | |
| Trading Currency | JPY | JPY | JPY | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 172.83 | |