Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0.5x - 0.6x | 0.6x |
| Selected Fwd Revenue Multiple | 0.5x - 0.5x | 0.5x |
| Fair Value | €1.72 - €1.96 | €1.84 |
| Upside | 18.6% - 35.0% | 26.8% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Heineken Holding N.V. | 0NBD | LSE:0NBD |
| Pernod Ricard SA | 0HAT | LSE:0HAT |
| Olvi Oyj | 0FHS | LSE:0FHS |
| Royal Unibrew A/S | 0R6Z | LSE:0R6Z |
| Carlsberg A/S | 0AI3 | LSE:0AI3 |
| C&C Group plc | GCC | DB:GCC |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| 0NBD | 0HAT | 0FHS | 0R6Z | 0AI3 | GCC | |||
| LSE:0NBD | LSE:0HAT | LSE:0FHS | LSE:0R6Z | LSE:0AI3 | DB:GCC | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 4.5% | 4.8% | 10.0% | 14.3% | 2.6% | 1.0% | ||
| 3Y CAGR | 10.8% | 9.5% | 12.4% | 19.8% | 7.7% | 30.9% | ||
| Latest Twelve Months | -1.8% | -3.7% | 4.2% | 16.3% | 1.9% | 0.1% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 13.2% | 27.3% | 11.6% | 16.1% | 15.2% | 1.9% | ||
| Prior Fiscal Year | 12.7% | 27.5% | 8.8% | 12.5% | 14.1% | 4.2% | ||
| Latest Fiscal Year | 13.1% | 26.7% | 12.4% | 13.1% | 14.2% | 2.8% | ||
| Latest Twelve Months | 13.1% | 26.2% | 12.4% | 13.1% | 14.2% | 2.9% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.41x | 3.11x | 0.99x | 2.25x | 1.88x | 0.45x | ||
| EV / LTM EBIT | 10.8x | 11.9x | 8.0x | 17.2x | 13.2x | 15.4x | ||
| Price / LTM Sales | 0.62x | 1.99x | 1.05x | 1.87x | 1.55x | 0.33x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.99x | 1.88x | 3.11x | |||||
| Historical EV / LTM Revenue | 0.50x | 0.90x | 1.32x | |||||
| Selected EV / LTM Revenue | 0.52x | 0.55x | 0.58x | |||||
| (x) LTM Revenue | 1,649 | 1,649 | 1,649 | |||||
| (=) Implied Enterprise Value | 866 | 911 | 957 | |||||
| (-) Non-shareholder Claims * | (202) | (202) | (202) | |||||
| (=) Equity Value | 663 | 709 | 755 | |||||
| (/) Shares Outstanding | 377.2 | 377.2 | 377.2 | |||||
| Implied Value Range | 1.76 | 1.88 | 2.00 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 1.76 | 1.88 | 2.00 | 1.45 | ||||
| Upside / (Downside) | 21.3% | 29.6% | 38.0% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 0NBD | 0HAT | 0FHS | 0R6Z | 0AI3 | GCC | |
| Enterprise Value | 42,292 | 34,841 | 683 | 33,779 | 123,244 | 749 | |
| (+) Cash & Short Term Investments | 2,350 | 1,916 | 51 | 103 | 11,601 | 143 | |
| (+) Investments & Other | 3,681 | 649 | 2 | 31 | 4,674 | 1 | |
| (-) Debt | (17,049) | (13,942) | (10) | (5,799) | (38,140) | (347) | |
| (-) Other Liabilities | (12,558) | (1,089) | (1) | 0 | (2,841) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 18,716 | 22,375 | 724 | 28,114 | 98,538 | 547 | |
| (/) Shares Outstanding | 282.9 | 251.6 | 20.7 | 50.0 | 105.1 | 377.2 | |
| Implied Stock Price | 66.16 | 88.92 | 34.95 | 562.00 | 938.00 | 1.45 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 66.16 | 88.92 | 34.95 | 562.00 | 938.00 | 1.45 | |
| Trading Currency | EUR | EUR | EUR | DKK | DKK | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |