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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 14,8x - 16,3x | 15,5x |
| Selected Fwd EBITDA Multiple | 12,0x - 13,3x | 12,7x |
| Fair Value | Mex$ 147,12 - Mex$ 167,14 | Mex$ 157,13 |
| Upside | 11,1% - 26,2% | 18,6% |
| Benchmarks | Ticker | Full Ticker |
| Heineken N.V. | HNK1 | DB:HNK1 |
| Sapporo Holdings Limited | SBW | DB:SBW |
| Tsingtao Brewery Company Limited | TSI | DB:TSI |
| Anheuser-Busch InBev SA/NV | 1ABI | BIT:1ABI |
| Royal Unibrew A/S | RBREW | CPSE:RBREW |
| Davide Campari-Milano N.V. | CPR N | BMV:CPRN |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| HNK1 | SBW | TSI | 1ABI | RBREW | CPR N | ||
| DB:HNK1 | DB:SBW | DB:TSI | BIT:1ABI | CPSE:RBREW | BMV:CPRN | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 1.7% | 2.3% | 16.7% | -1.2% | 7.8% | 8.4% | |
| 3Y CAGR | 7.9% | 17.3% | 17.0% | 1.7% | 8.7% | 13.3% | |
| Latest Twelve Months | 3.8% | 23.8% | 2.8% | 1.9% | 19.9% | 0.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 19.5% | 7.0% | 14.1% | 32.8% | 20.5% | 22.3% | |
| Prior Fiscal Year | 18.1% | 7.0% | 15.9% | 31.6% | 17.0% | 23.4% | |
| Latest Fiscal Year | 19.1% | 8.5% | 17.2% | 32.0% | 17.5% | 22.4% | |
| Latest Twelve Months | 19.1% | 8.5% | 17.2% | 32.0% | 17.5% | 22.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.83x | 0.96x | 2.06x | 3.21x | 2.25x | 2.87x | |
| EV / LTM EBITDA | 9.6x | 11.3x | 12.0x | 10.0x | 12.8x | 12.9x | |
| EV / LTM EBIT | 14.2x | 22.7x | 14.8x | 12.6x | 17.2x | 14.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 9.6x | 11.3x | 12.8x | ||||
| Historical EV / LTM EBITDA | 12.9x | 20.1x | 34.3x | ||||
| Selected EV / LTM EBITDA | 14.8x | 15.5x | 16.3x | ||||
| (x) LTM EBITDA | 687 | 687 | 687 | ||||
| (=) Implied Enterprise Value | 10,141 | 10,675 | 11,209 | ||||
| (-) Non-shareholder Claims * | (2,286) | (2,286) | (2,286) | ||||
| (=) Equity Value | 7,855 | 8,389 | 8,922 | ||||
| (/) Shares Outstanding | 1,202.5 | 1,202.5 | 1,202.5 | ||||
| Implied Value Range | 6.53 | 6.98 | 7.42 | ||||
| FX Rate: EUR/MXN | 0.0 | 0.0 | 0.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 148.21 | 158.28 | 168.35 | 132.44 | |||
| Upside / (Downside) | 11.9% | 19.5% | 27.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | HNK1 | SBW | TSI | 1ABI | RBREW | CPR N | |
| Enterprise Value | 54,697 | 498,746 | 62,865 | 188,926 | 33,779 | 9,305 | |
| (+) Cash & Short Term Investments | 2,350 | 24,140 | 20,169 | 11,395 | 103 | 673 | |
| (+) Investments & Other | 3,979 | 281,839 | 7,482 | 4,780 | 31 | 104 | |
| (-) Debt | (17,049) | (236,584) | (110) | (72,318) | (5,799) | (3,062) | |
| (-) Other Liabilities | (2,821) | (1,127) | (799) | (10,463) | 0 | (1) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 41,156 | 567,014 | 89,607 | 122,320 | 28,114 | 7,019 | |
| (/) Shares Outstanding | 559.9 | 77.9 | 1,680.2 | 1,975.4 | 50.0 | 1,202.5 | |
| Implied Stock Price | 73.50 | 7,276.57 | 53.33 | 61.92 | 562.00 | 5.84 | |
| FX Conversion Rate to Trading Currency | 1.00 | 160.28 | 8.03 | 1.10 | 1.00 | 0.04 | |
| Implied Stock Price (Trading Cur) | 73.50 | 45.40 | 6.64 | 56.36 | 562.00 | 132.44 | |
| Trading Currency | EUR | EUR | EUR | EUR | DKK | MXN | |
| FX Rate to Reporting Currency | 1.00 | 160.28 | 8.03 | 1.10 | 1.00 | 0.04 | |