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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 21.8x - 24.1x | 22.9x |
| Selected Fwd P/E Multiple | 17.7x - 19.6x | 18.6x |
| Fair Value | €3.81 - €4.21 | €4.01 |
| Upside | 37.0% - 51.4% | 44.2% |
| Benchmarks | - | Full Ticker |
| Tsingtao Brewery Company Limited | 16,800.0% | SEHK:168 |
| Heineken N.V. | - | OTCPK:HINK.F |
| Carlsberg A/S | - | OTCPK:CABJ.F |
| Asahi Group Holdings, Ltd. | 250,200.0% | TSE:2502 |
| Kirin Holdings Company, Limited | 250,300.0% | TSE:2503 |
| China Resources Beer (Holdings) Company Limited | - | DB:CHK |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| 168 | HINK.F | CABJ.F | 2502 | 2503 | CHK | |||
| SEHK:168 | OTCPK:HINK.F | OTCPK:CABJ.F | TSE:2502 | TSE:2503 | DB:CHK | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 18.6% | -14.7% | 0.9% | 6.2% | -0.5% | 29.3% | ||
| 3Y CAGR | 11.4% | -33.5% | -1.3% | 7.8% | -0.9% | 1.1% | ||
| Latest Twelve Months | 1.2% | -57.6% | -1.5% | 13.0% | -57.4% | -8.0% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 11.6% | 7.9% | -1.4% | 6.0% | 5.7% | 11.3% | ||
| Prior Fiscal Year | 12.6% | 7.6% | 9.5% | 5.9% | 5.3% | 13.2% | ||
| Latest Fiscal Year | 13.5% | 3.3% | 9.1% | 6.5% | 2.5% | 12.3% | ||
| Latest Twelve Months | 13.7% | 3.3% | 9.1% | 6.4% | 2.4% | 12.3% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 9.8x | 9.9x | 10.1x | 9.9x | 8.9x | 11.1x | ||
| Price / LTM Sales | 2.4x | 1.4x | 1.6x | 1.0x | 0.7x | 2.0x | ||
| LTM P/E Ratio | 17.8x | 43.8x | 17.7x | 15.6x | 29.1x | 16.3x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | 15.6x | 17.8x | 43.8x | |||||
| Historical LTM P/E Ratio | 16.3x | 37.0x | 107.9x | |||||
| Selected P/E Multiple | 21.8x | 22.9x | 24.1x | |||||
| (x) LTM Net Income | 4,739 | 4,739 | 4,739 | |||||
| (=) Equity Value | 103,190 | 108,621 | 114,052 | |||||
| (/) Shares Outstanding | 3,244.2 | 3,244.2 | 3,244.2 | |||||
| Implied Value Range | 31.81 | 33.48 | 35.16 | |||||
| FX Rate: CNY/EUR | 8.4 | 8.4 | 8.4 | Market Price | ||||
| Implied Value Range (Trading Cur) | 3.77 | 3.97 | 4.17 | 2.78 | ||||
| Upside / (Downside) | 35.8% | 42.9% | 50.0% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | 168 | HINK.F | CABJ.F | 2502 | 2503 | CHK | |
| Value of Common Equity | 81,604 | 42,482 | 130,353 | 2,915,531 | 1,639,017 | 76,015 | |
| (/) Shares Outstanding | 1,730.2 | 559.5 | 146.7 | 1,502.9 | 810.0 | 3,244.2 | |
| Implied Stock Price | 47.17 | 75.93 | 888.51 | 1,940.00 | 2,023.50 | 23.43 | |
| FX Conversion Rate to Trading Currency | 0.91 | 0.85 | 6.35 | 1.00 | 1.00 | 8.43 | |
| Implied Stock Price (Trading Cur) | 51.65 | 89.28 | 140.00 | 1,940.00 | 2,023.50 | 2.78 | |
| Trading Currency | HKD | USD | USD | JPY | JPY | EUR | |
| FX Rate to Reporting Currency | 0.91 | 0.85 | 6.35 | 1.00 | 1.00 | 8.43 | |