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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 23,4x - 25,9x | 24,6x |
Selected Fwd EBITDA Multiple | 19,3x - 21,3x | 20,3x |
Fair Value | €46,88 - €51,66 | €49,27 |
Upside | -13,9% - -5,1% | -9,5% |
Benchmarks | Ticker | Full Ticker |
The Boston Beer Company, Inc. | SAM | NYSE:SAM |
Coca-Cola Consolidated, Inc. | COKE | NasdaqGS:COKE |
Keurig Dr Pepper Inc. | KDP | NasdaqGS:KDP |
Molson Coors Beverage Company | TAP.A | NYSE:TAP.A |
The Coca-Cola Company | KO | NYSE:KO |
Monster Beverage Corporation | MOB | DB:MOB |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
SAM | COKE | KDP | TAP.A | KO | MOB | ||
NYSE:SAM | NasdaqGS:COKE | NasdaqGS:KDP | NYSE:TAP.A | NYSE:KO | DB:MOB | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 4.0% | 26.3% | 6.5% | 1.2% | 5.1% | 7.7% | |
3Y CAGR | 23.9% | 21.9% | 3.4% | 2.3% | 6.1% | 4.9% | |
Latest Twelve Months | 9.4% | 7.0% | 1.4% | -1.4% | 5.5% | 2.4% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 11.6% | 12.8% | 27.9% | 20.7% | 32.9% | 30.9% | |
Prior Fiscal Year | 10.5% | 15.1% | 26.6% | 19.5% | 31.4% | 28.9% | |
Latest Fiscal Year | 12.2% | 16.1% | 26.9% | 21.3% | 32.7% | 28.5% | |
Latest Twelve Months | 12.9% | 15.8% | 26.9% | 21.2% | 32.8% | 29.2% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.03x | 1.40x | 3.97x | 1.43x | 6.72x | 8.00x | |
EV / LTM EBITDA | 8.0x | 8.9x | 14.8x | 6.8x | 20.5x | 27.4x | |
EV / LTM EBIT | 12.3x | 10.8x | 17.9x | 9.4x | 22.0x | 28.5x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 6.8x | 8.9x | 20.5x | ||||
Historical EV / LTM EBITDA | 23.9x | 28.6x | 30.2x | ||||
Selected EV / LTM EBITDA | 23.4x | 24.6x | 25.9x | ||||
(x) LTM EBITDA | 2,172 | 2,172 | 2,172 | ||||
(=) Implied Enterprise Value | 50,832 | 53,507 | 56,183 | ||||
(-) Non-shareholder Claims * | 1,643 | 1,643 | 1,643 | ||||
(=) Equity Value | 52,475 | 55,150 | 57,826 | ||||
(/) Shares Outstanding | 975.2 | 975.2 | 975.2 | ||||
Implied Value Range | 53.81 | 56.55 | 59.29 | ||||
FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
Implied Value Range (Trading Cur) | 46.92 | 49.31 | 51.70 | 54.43 | |||
Upside / (Downside) | -13.8% | -9.4% | -5.0% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | SAM | COKE | KDP | TAP.A | KO | MOB | |
Enterprise Value | 2,095 | 9,590 | 61,536 | 16,893 | 315,150 | 59,232 | |
(+) Cash & Short Term Investments | 152 | 1,492 | 653 | 413 | 13,787 | 1,903 | |
(+) Investments & Other | 0 | 78 | 1,599 | 169 | 20,484 | 0 | |
(-) Debt | (47) | (1,902) | (18,682) | (6,600) | (49,971) | (261) | |
(-) Other Liabilities | 0 | 0 | 0 | (362) | (1,552) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 2,201 | 9,258 | 45,106 | 10,513 | 297,898 | 60,875 | |
(/) Shares Outstanding | 10.9 | 87.2 | 1,358.2 | 202.2 | 4,304.3 | 975.2 | |
Implied Stock Price | 201.55 | 106.20 | 33.21 | 52.00 | 69.21 | 62.42 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.15 | |
Implied Stock Price (Trading Cur) | 201.55 | 106.20 | 33.21 | 52.00 | 69.21 | 54.43 | |
Trading Currency | USD | USD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.15 |