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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 19,6x - 21,6x | 20,6x |
| Selected Fwd EBIT Multiple | 12,6x - 14,0x | 13,3x |
| Fair Value | €3,60 - €3,98 | €3,79 |
| Upside | 39,6% - 54,4% | 47,0% |
| Benchmarks | Ticker | Full Ticker |
| Tsingtao Brewery Company Limited | 168 | SEHK:168 |
| Carlsberg A/S | CABJ.F | OTCPK:CABJ.F |
| Heineken N.V. | HINK.F | OTCPK:HINK.F |
| Asahi Group Holdings, Ltd. | 2502 | TSE:2502 |
| Kirin Holdings Company, Limited | 2503 | TSE:2503 |
| China Resources Beer (Holdings) Company Limited | CHK | DB:CHK |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 168 | CABJ.F | HINK.F | 2502 | 2503 | CHK | ||
| SEHK:168 | OTCPK:CABJ.F | OTCPK:HINK.F | TSE:2502 | TSE:2503 | DB:CHK | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 23.4% | 1.3% | 1.0% | 4.9% | 2.5% | 20.0% | |
| 3Y CAGR | 15.7% | 3.4% | 8.0% | 10.3% | 9.2% | 17.4% | |
| Latest Twelve Months | 3.5% | 2.6% | 1.1% | 4.2% | -5.1% | 1.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 11.4% | 15.2% | 13.0% | 8.6% | 8.4% | 10.0% | |
| Prior Fiscal Year | 12.9% | 14.1% | 12.5% | 9.1% | 8.6% | 12.4% | |
| Latest Fiscal Year | 14.0% | 14.2% | 12.9% | 8.9% | 8.1% | 12.6% | |
| Latest Twelve Months | 14.5% | 14.2% | 12.9% | 8.9% | 8.1% | 12.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.74x | 1.94x | 1.86x | 1.40x | 1.10x | 1.85x | |
| EV / LTM EBITDA | 9.8x | 10.1x | 9.7x | 9.9x | 8.9x | 10.2x | |
| EV / LTM EBIT | 12.0x | 13.6x | 14.4x | 15.8x | 13.6x | 14.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 12.0x | 13.6x | 15.8x | ||||
| Historical EV / LTM EBIT | 14.7x | 38.1x | 95.2x | ||||
| Selected EV / LTM EBIT | 19.6x | 20.6x | 21.6x | ||||
| (x) LTM EBIT | 4,873 | 4,873 | 4,873 | ||||
| (=) Implied Enterprise Value | 95,331 | 100,349 | 105,366 | ||||
| (-) Non-shareholder Claims * | (907) | (907) | (907) | ||||
| (=) Equity Value | 94,424 | 99,442 | 104,459 | ||||
| (/) Shares Outstanding | 3,244.2 | 3,244.2 | 3,244.2 | ||||
| Implied Value Range | 29.11 | 30.65 | 32.20 | ||||
| FX Rate: CNY/EUR | 8.3 | 8.3 | 8.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 3.52 | 3.70 | 3.89 | 2.58 | |||
| Upside / (Downside) | 36.3% | 43.5% | 50.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 168 | CABJ.F | HINK.F | 2502 | 2503 | CHK | |
| Enterprise Value | 56,027 | 155,244 | 55,010 | 4,133,538 | 2,622,847 | 70,194 | |
| (+) Cash & Short Term Investments | 21,370 | 11,601 | 2,350 | 68,916 | 122,515 | 3,816 | |
| (+) Investments & Other | 2,633 | 4,674 | 3,979 | 222,178 | 229,795 | 1,469 | |
| (-) Debt | (105) | (38,140) | (17,049) | (1,505,137) | (1,034,585) | (2,299) | |
| (-) Other Liabilities | (787) | (2,841) | (2,821) | (3,964) | (280,900) | (3,893) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 79,139 | 130,538 | 41,469 | 2,915,531 | 1,659,672 | 69,287 | |
| (/) Shares Outstanding | 1,730.2 | 146.7 | 559.6 | 1,502.9 | 810.0 | 3,244.2 | |
| Implied Stock Price | 45.74 | 889.77 | 74.11 | 1,940.00 | 2,049.00 | 21.36 | |
| FX Conversion Rate to Trading Currency | 0.91 | 6.47 | 0.87 | 1.00 | 1.00 | 8.28 | |
| Implied Stock Price (Trading Cur) | 50.00 | 137.50 | 85.43 | 1,940.00 | 2,049.00 | 2.58 | |
| Trading Currency | HKD | USD | USD | JPY | JPY | EUR | |
| FX Rate to Reporting Currency | 0.91 | 6.47 | 0.87 | 1.00 | 1.00 | 8.28 | |