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 EBITDA Multiple | 12.6x - 13.9x | 13.3x |
| Selected Fwd EBITDA Multiple | 10.5x - 11.6x | 11.1x |
| Fair Value | €6.40 - €6.92 | €6.66 |
| Upside | 14.9% - 24.1% | 19.5% |
| 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 |
| - | - | - |
| 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 | 1.89x | 1.93x | 1.47x | 0.90x | 2.15x | 1.77x | |
| EV / LTM EBITDA | 13.2x | 10.6x | 6.9x | 5.7x | 7.2x | 9.9x | |
| EV / LTM EBIT | 19.4x | 15.3x | 9.6x | 8.1x | 8.8x | 12.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.7x | 7.2x | 13.2x | ||||
| Historical EV / LTM EBITDA | 11.3x | 21.6x | 30.7x | ||||
| Selected EV / LTM EBITDA | 12.6x | 13.3x | 13.9x | ||||
| (x) LTM EBITDA | 5,767 | 5,767 | 5,767 | ||||
| (=) Implied Enterprise Value | 72,630 | 76,452 | 80,275 | ||||
| (-) Non-shareholder Claims * | 23,112 | 23,112 | 23,112 | ||||
| (=) Equity Value | 95,742 | 99,564 | 103,387 | ||||
| (/) Shares Outstanding | 1,845.0 | 1,845.0 | 1,845.0 | ||||
| Implied Value Range | 51.89 | 53.96 | 56.04 | ||||
| FX Rate: CNY/EUR | 8.3 | 8.3 | 8.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 6.26 | 6.51 | 6.76 | 5.58 | |||
| Upside / (Downside) | 12.3% | 16.8% | 21.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 729 | 291 | TAP.A | AEFES | ABEV3 | TSI | |
| Enterprise Value | 28,113 | 74,806 | 17,342 | 193,751 | 196,309 | 62,162 | |
| (+) 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 | 34,781 | 73,899 | 10,962 | 82,007 | 213,009 | 85,274 | |
| (/) Shares Outstanding | 2,818.5 | 3,244.2 | 202.2 | 592.1 | 15,616.5 | 1,845.0 | |
| Implied Stock Price | 12.34 | 22.78 | 54.22 | 138.50 | 13.64 | 46.22 | |
| FX Conversion Rate to Trading Currency | 1.00 | 0.91 | 1.00 | 1.00 | 1.00 | 8.29 | |
| Implied Stock Price (Trading Cur) | 12.34 | 24.90 | 54.22 | 138.50 | 13.64 | 5.58 | |
| Trading Currency | CNY | HKD | USD | TRY | BRL | EUR | |
| FX Rate to Reporting Currency | 1.00 | 0.91 | 1.00 | 1.00 | 1.00 | 8.29 | |