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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 21,6x - 23,8x | 22,7x |
| Selected Fwd EBIT Multiple | 14,0x - 15,5x | 14,7x |
| Fair Value | €3,91 - €4,32 | €4,12 |
| Upside | 34,7% - 49,0% | 41,9% |
| Benchmarks | Ticker | Full Ticker |
| Tsingtao Brewery Company Limited | 168 | SEHK:168 |
| Heineken N.V. | HINK.F | OTCPK:HINK.F |
| Carlsberg A/S | CABJ.F | OTCPK:CABJ.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 | HINK.F | CABJ.F | 2502 | 2503 | CHK | ||
| SEHK:168 | OTCPK:HINK.F | OTCPK:CABJ.F | TSE:2502 | TSE:2503 | DB:CHK | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 23.4% | 1.0% | 1.3% | 4.9% | 2.5% | 20.0% | |
| 3Y CAGR | 15.7% | 8.0% | 3.4% | 10.3% | 9.2% | 17.4% | |
| Latest Twelve Months | 3.5% | 1.1% | 2.6% | 4.2% | -5.1% | 1.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 11.4% | 13.0% | 15.2% | 8.6% | 8.4% | 10.0% | |
| Prior Fiscal Year | 12.9% | 12.5% | 14.1% | 9.1% | 8.6% | 12.4% | |
| Latest Fiscal Year | 14.0% | 12.9% | 14.2% | 8.9% | 8.1% | 12.6% | |
| Latest Twelve Months | 14.5% | 12.9% | 14.2% | 8.9% | 8.1% | 12.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.78x | 1.91x | 1.91x | 1.40x | 1.08x | 2.11x | |
| EV / LTM EBITDA | 10.0x | 10.0x | 9.9x | 9.8x | 8.8x | 11.6x | |
| EV / LTM EBIT | 12.3x | 14.8x | 13.4x | 15.7x | 13.3x | 16.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 12.3x | 13.4x | 15.7x | ||||
| Historical EV / LTM EBIT | 16.7x | 38.1x | 95.2x | ||||
| Selected EV / LTM EBIT | 21.6x | 22.7x | 23.8x | ||||
| (x) LTM EBIT | 4,873 | 4,873 | 4,873 | ||||
| (=) Implied Enterprise Value | 105,040 | 110,568 | 116,096 | ||||
| (-) Non-shareholder Claims * | (907) | (907) | (907) | ||||
| (=) Equity Value | 104,133 | 109,661 | 115,189 | ||||
| (/) Shares Outstanding | 3,244.2 | 3,244.2 | 3,244.2 | ||||
| Implied Value Range | 32.10 | 33.80 | 35.51 | ||||
| FX Rate: CNY/EUR | 8.4 | 8.4 | 8.4 | Market Price | |||
| Implied Value Range (Trading Cur) | 3.81 | 4.01 | 4.22 | 2.90 | |||
| Upside / (Downside) | 31.4% | 38.4% | 45.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 168 | HINK.F | CABJ.F | 2502 | 2503 | CHK | |
| Enterprise Value | 59,529 | 57,342 | 148,669 | 4,124,521 | 2,579,513 | 80,139 | |
| (+) Cash & Short Term Investments | 21,370 | 2,350 | 11,601 | 68,916 | 122,515 | 3,816 | |
| (+) Investments & Other | 2,633 | 3,979 | 4,674 | 222,178 | 229,795 | 1,469 | |
| (-) Debt | (105) | (17,049) | (38,140) | (1,505,137) | (1,034,585) | (2,299) | |
| (-) Other Liabilities | (787) | (2,821) | (2,841) | (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 | 82,641 | 43,801 | 123,963 | 2,906,514 | 1,616,338 | 79,232 | |
| (/) Shares Outstanding | 1,730.2 | 559.1 | 146.7 | 1,502.9 | 810.0 | 3,244.2 | |
| Implied Stock Price | 47.77 | 78.34 | 844.95 | 1,934.00 | 1,995.50 | 24.42 | |
| FX Conversion Rate to Trading Currency | 0.91 | 0.85 | 6.35 | 1.00 | 1.00 | 8.42 | |
| Implied Stock Price (Trading Cur) | 52.30 | 92.04 | 133.00 | 1,934.00 | 1,995.50 | 2.90 | |
| Trading Currency | HKD | USD | USD | JPY | JPY | EUR | |
| FX Rate to Reporting Currency | 0.91 | 0.85 | 6.35 | 1.00 | 1.00 | 8.42 | |