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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 16.1x - 17.8x | 16.9x |
| Selected Fwd EBIT Multiple | 11.7x - 12.9x | 12.3x |
| Fair Value | €6.44 - €6.96 | €6.70 |
| Upside | 0.3% - 8.4% | 4.3% |
| Benchmarks | Ticker | Full Ticker |
| Beijing Yanjing Brewery Co.,Ltd. | 729 | SZSE:000729 |
| China Resources Beer (Holdings) Company Limited | 291 | SEHK:291 |
| Molson Coors Beverage Company | TAP.A | NYSE:TAP.A |
| Ambev S.A. | ABEV3 | BOVESPA:ABEV3 |
| Brown-Forman Corporation | BF.A | NYSE:BF.A |
| Tsingtao Brewery Company Limited | TSI | DB:TSI |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 729 | 291 | TAP.A | ABEV3 | BF.A | TSI | ||
| SZSE:000729 | SEHK:291 | NYSE:TAP.A | BOVESPA:ABEV3 | NYSE:BF.A | DB:TSI | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 29.3% | 20.0% | 3.8% | 5.8% | 0.5% | 23.4% | |
| 3Y CAGR | 70.0% | 17.4% | 5.4% | 7.8% | 4.1% | 15.7% | |
| Latest Twelve Months | 104.5% | 1.1% | 13.2% | 15.0% | -2.7% | 3.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 4.3% | 10.0% | 13.8% | 24.8% | 29.8% | 11.4% | |
| Prior Fiscal Year | 4.6% | 12.4% | 13.7% | 23.6% | 29.2% | 12.9% | |
| Latest Fiscal Year | 9.2% | 12.6% | 15.6% | 24.2% | 27.4% | 14.0% | |
| Latest Twelve Months | 9.7% | 12.6% | 15.6% | 24.2% | 28.9% | 14.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.01x | 2.23x | 1.48x | 2.21x | 4.58x | 1.98x | |
| EV / LTM EBITDA | 14.1x | 12.2x | 7.0x | 7.4x | 14.8x | 11.1x | |
| EV / LTM EBIT | 20.6x | 17.6x | 9.5x | 9.1x | 15.9x | 13.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 9.1x | 15.9x | 20.6x | ||||
| Historical EV / LTM EBIT | 13.7x | 27.5x | 46.0x | ||||
| Selected EV / LTM EBIT | 16.1x | 16.9x | 17.8x | ||||
| (x) LTM EBIT | 4,715 | 4,715 | 4,715 | ||||
| (=) Implied Enterprise Value | 75,827 | 79,818 | 83,809 | ||||
| (-) Non-shareholder Claims * | 23,112 | 23,112 | 23,112 | ||||
| (=) Equity Value | 98,939 | 102,930 | 106,921 | ||||
| (/) Shares Outstanding | 1,845.0 | 1,845.0 | 1,845.0 | ||||
| Implied Value Range | 53.62 | 55.79 | 57.95 | ||||
| FX Rate: CNY/EUR | 8.2 | 8.2 | 8.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 6.52 | 6.79 | 7.05 | 6.43 | |||
| Upside / (Downside) | 1.5% | 5.6% | 9.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 729 | 291 | TAP.A | ABEV3 | BF.A | TSI | |
| Enterprise Value | 29,945 | 85,983 | 17,550 | 194,912 | 18,483 | 74,343 | |
| (+) Cash & Short Term Investments | 7,760 | 3,816 | 969 | 29,838 | 599 | 21,370 | |
| (+) Investments & Other | 580 | 1,469 | 205 | 580 | 3 | 2,633 | |
| (-) Debt | (521) | (2,299) | (6,354) | (3,453) | (2,863) | (105) | |
| (-) Other Liabilities | (1,151) | (3,893) | (360) | (938) | 0 | (787) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 36,613 | 85,076 | 12,010 | 220,938 | 16,222 | 97,455 | |
| (/) Shares Outstanding | 2,818.5 | 3,244.2 | 202.7 | 15,647.2 | 472.7 | 1,845.0 | |
| Implied Stock Price | 12.99 | 26.22 | 59.24 | 14.12 | 34.32 | 52.82 | |
| FX Conversion Rate to Trading Currency | 1.00 | 0.94 | 1.00 | 1.00 | 1.00 | 8.22 | |
| Implied Stock Price (Trading Cur) | 12.99 | 27.95 | 59.24 | 14.12 | 34.32 | 6.43 | |
| Trading Currency | CNY | HKD | USD | BRL | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 0.94 | 1.00 | 1.00 | 1.00 | 8.22 | |