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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 2.9x - 3.2x | 3.0x |
| Selected Fwd Ps Multiple | 2.8x - 3.1x | 2.9x |
| Fair Value | €4.09 - €4.52 | €4.30 |
| Upside | 39.0% - 53.7% | 46.3% |
| Benchmarks | Ticker | 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 Sales 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 Sales Growth | ||||||||
| 5Y CAGR | 2.8% | 4.5% | 2.6% | 7.1% | 3.8% | 3.1% | ||
| 3Y CAGR | 2.1% | 10.8% | 7.7% | 9.5% | 8.7% | 5.0% | ||
| Latest Twelve Months | -2.8% | -1.8% | 1.9% | 4.4% | 9.0% | -0.8% | ||
| 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 | 10.0x | 10.0x | 10.1x | 9.9x | 8.8x | 11.7x | ||
| Price / LTM Sales | 2.5x | 1.5x | 1.6x | 1.0x | 0.7x | 2.1x | ||
| LTM P/E Ratio | 18.0x | 44.7x | 17.5x | 15.5x | 28.7x | 17.2x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.7x | 1.5x | 2.5x | |||||
| Historical LTM P/S Ratio | 2.1x | 4.5x | 6.2x | |||||
| Selected Price / Sales Multiple | 2.9x | 3.0x | 3.2x | |||||
| (x) LTM Sales | 38,635 | 38,635 | 38,635 | |||||
| (=) Equity Value | 110,604 | 116,425 | 122,247 | |||||
| (/) Shares Outstanding | 3,244.2 | 3,244.2 | 3,244.2 | |||||
| Implied Value Range | 34.09 | 35.89 | 37.68 | |||||
| FX Rate: CNY/EUR | 8.4 | 8.4 | 8.4 | Market Price | ||||
| Implied Value Range (Trading Cur) | 4.05 | 4.27 | 4.48 | 2.94 | ||||
| Upside / (Downside) | 37.9% | 45.1% | 52.4% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | 168 | HINK.F | CABJ.F | 2502 | 2503 | CHK | |
| Value of Common Equity | 83,456 | 44,260 | 124,067 | 2,947,842 | 1,626,868 | 80,225 | |
| (/) Shares Outstanding | 1,730.2 | 559.1 | 146.7 | 1,502.9 | 810.0 | 3,244.2 | |
| Implied Stock Price | 48.24 | 79.17 | 845.66 | 1,961.50 | 2,008.50 | 24.73 | |
| FX Conversion Rate to Trading Currency | 0.91 | 0.85 | 6.36 | 1.00 | 1.00 | 8.41 | |
| Implied Stock Price (Trading Cur) | 52.85 | 92.95 | 133.00 | 1,961.50 | 2,008.50 | 2.94 | |
| Trading Currency | HKD | USD | USD | JPY | JPY | EUR | |
| FX Rate to Reporting Currency | 0.91 | 0.85 | 6.36 | 1.00 | 1.00 | 8.41 | |