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Tsingtao Brewery Company Limited

DB:TSI

China / Consumer Staples / Beverages

Overview

EV / EBITDA Multiples

Stock Price

5.54 EUR

Fair Value

6.52 EUR

Metrics	Range	Conclusion
Selected LTM EBITDA Multiple	12.4x - 13.7x	13.0x
Selected Fwd EBITDA Multiple	10.4x - 11.5x	11.0x
Fair Value	€6.27 - €6.77	€6.52
Upside	11.7% - 20.6%	16.1%


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
Anadolu Efes Biracilik ve Malt Sanayii Anonim Sirketi	AEFES	IBSE:AEFES
Ambev S.A.	ABEV3	BOVESPA:ABEV3
Tsingtao Brewery Company Limited	TSI	DB:TSI
-	-	-

Multiples Valuation: EV / EBITDA

Stock Price

5.54 EUR

Fair Value

6.52 EUR

Upside

16.1%

LTM EBITDA Multiple

Proj EBITDA Multiple

Fair Value

Benchmark Editor


Select LTM EBITDA Multiple

	Benchmark Companies
	729	291	TAP.A	AEFES	ABEV3	TSI
	SZSE:000729	SEHK:291	NYSE:TAP.A	IBSE:AEFES	BOVESPA:ABEV3	DB:TSI
Historical EBITDA Growth
5Y CAGR	11.2%	14.7%	1.2%	57.5%	5.6%	16.1%
3Y CAGR	25.8%	16.1%	2.3%	76.9%	7.7%	12.2%
Latest Twelve Months	51.9%	1.8%	-1.4%	-15.5%	15.9%	3.3%

Historical EBITDA Profit Margin
5 Year Average Margin	10.1%	14.8%	20.7%	17.1%	30.7%	14.6%
Prior Fiscal Year	9.5%	17.8%	19.5%	17.1%	29.4%	15.9%
Latest Fiscal Year	13.9%	18.2%	21.3%	16.2%	29.9%	17.2%
Latest Twelve Months	14.3%	18.2%	21.2%	15.8%	29.8%	17.8%

Current Trading Multiples
EV / LTM Revenue	1.95x	1.93x	1.41x	0.91x	2.09x	1.82x
EV / LTM EBITDA	13.6x	10.6x	6.6x	5.8x	7.0x	10.3x
EV / LTM EBIT	20.0x	15.3x	9.2x	8.2x	8.5x	12.5x


	Low	Mid	High

Benchmark EV / LTM EBITDA	5.8x	7.0x	13.6x
Historical EV / LTM EBITDA	11.3x	21.6x	30.7x

Selected EV / LTM EBITDA	12.4x	13.0x	13.7x
(x) LTM EBITDA	5,767	5,767	5,767
(=) Implied Enterprise Value	71,321	75,075	78,828
(-) Non-shareholder Claims *	23,112	23,112	23,112
(=) Equity Value	94,433	98,186	101,940
(/) Shares Outstanding	1,845.0	1,845.0	1,845.0
Implied Value Range	51.18	53.22	55.25
FX Rate: CNY/EUR	8.4	8.4	8.4		Market Price
Implied Value Range (Trading Cur)	6.11	6.35	6.59		5.62
Upside / (Downside)	8.7%	13.1%	17.4%

Supporting Calculations

Equity Waterfall

Financials

Historical Multiples


Equity Waterfall

	Benchmark Companies
(in millions)	729	291	TAP.A	AEFES	ABEV3	TSI

Enterprise Value	29,043	74,560	16,893	195,290	191,312	63,733
(+) Cash & Short Term Investments	7,760	3,816	413	27,723	20,310	21,370
(+) Investments & Other	580	1,469	169	48,173	556	2,633
(-) Debt	(521)	(2,299)	(6,600)	(94,275)	(3,218)	(105)
(-) Other Liabilities	(1,151)	(3,893)	(362)	(93,365)	(948)	(787)
(-) Preferred Stock	0	0	0	0	0	0
(-) Other	0	0	0	0	0	0
Value of Common Equity	35,711	73,653	10,513	83,546	208,012	86,845
(/) Shares Outstanding	2,818.5	3,244.2	202.2	5,921.1	15,616.5	1,845.0
Implied Stock Price	12.67	22.70	52.00	14.11	13.32	47.07
FX Conversion Rate to Trading Currency	1.00	0.91	1.00	1.00	1.00	8.38
Implied Stock Price (Trading Cur)	12.67	24.85	52.00	14.11	13.32	5.62

Trading Currency	CNY	HKD	USD	TRY	BRL	EUR
FX Rate to Reporting Currency	1.00	0.91	1.00	1.00	1.00	8.38

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Tsingtao Brewery Company Limited

DB:TSI

China / Consumer Staples / Beverages

EV / EBITDA Multiples

Your Toolbox To Outsmart
The Market

Loading Error

Tsingtao Brewery Company Limited

DB:TSI

China / Consumer Staples / Beverages

EV / EBITDA Multiples

Your Toolbox To OutsmartThe Market

Your Toolbox To Outsmart
The Market