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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 17,0x - 18,8x | 17,9x |
| Selected Fwd EBIT Multiple | 13,7x - 15,1x | 14,4x |
| Fair Value | $31,86 - $36,49 | $34,17 |
| Upside | -4,1% - 9,9% | 2,9% |
| Benchmarks | Ticker | Full Ticker |
| Molson Coors Beverage Company | TAP.A | NYSE:TAP.A |
| The Coca-Cola Company | KO | NYSE:KO |
| Coca-Cola Consolidated, Inc. | COKE | NasdaqGS:COKE |
| PepsiCo, Inc. | PEP | NasdaqGS:PEP |
| Primo Brands Corporation | PRMB | NYSE:PRMB |
| Keurig Dr Pepper Inc. | KDP | NasdaqGS:KDP |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| TAP.A | KO | COKE | PEP | PRMB | KDP | ||
| NYSE:TAP.A | NYSE:KO | NasdaqGS:COKE | NasdaqGS:PEP | NYSE:PRMB | NasdaqGS:KDP | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 3.8% | 6.1% | 39.6% | 6.1% | NM- | 7.7% | |
| 3Y CAGR | 5.4% | 7.7% | 27.9% | 6.6% | 139.2% | 3.9% | |
| Latest Twelve Months | -1.8% | 6.1% | 6.0% | 2.0% | 34.8% | 1.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 13.9% | 29.6% | 9.9% | 15.2% | 8.5% | 22.7% | |
| Prior Fiscal Year | 13.7% | 29.0% | 12.5% | 15.3% | 9.0% | 21.7% | |
| Latest Fiscal Year | 15.6% | 30.4% | 13.3% | 15.7% | 11.0% | 22.1% | |
| Latest Twelve Months | 15.2% | 30.5% | 13.0% | 15.6% | 11.2% | 22.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.43x | 6.72x | 1.40x | 2.34x | 2.92x | 3.97x | |
| EV / LTM EBITDA | 6.8x | 20.5x | 8.9x | 12.4x | 16.2x | 14.8x | |
| EV / LTM EBIT | 9.4x | 22.0x | 10.8x | 15.0x | 26.1x | 17.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 9.4x | 15.0x | 26.1x | ||||
| Historical EV / LTM EBIT | 16.7x | 20.5x | 22.4x | ||||
| Selected EV / LTM EBIT | 17.0x | 17.9x | 18.8x | ||||
| (x) LTM EBIT | 3,441 | 3,441 | 3,441 | ||||
| (=) Implied Enterprise Value | 58,544 | 61,625 | 64,706 | ||||
| (-) Non-shareholder Claims * | (16,430) | (16,430) | (16,430) | ||||
| (=) Equity Value | 42,114 | 45,195 | 48,276 | ||||
| (/) Shares Outstanding | 1,358.2 | 1,358.2 | 1,358.2 | ||||
| Implied Value Range | 31.01 | 33.28 | 35.54 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 31.01 | 33.28 | 35.54 | 33.21 | |||
| Upside / (Downside) | -6.6% | 0.2% | 7.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TAP.A | KO | COKE | PEP | PRMB | KDP | |
| Enterprise Value | 16,893 | 315,150 | 9,590 | 213,915 | 16,440 | 61,536 | |
| (+) Cash & Short Term Investments | 413 | 13,787 | 1,492 | 8,582 | 450 | 653 | |
| (+) Investments & Other | 169 | 20,484 | 78 | 3,126 | 0 | 1,599 | |
| (-) Debt | (6,600) | (49,971) | (1,902) | (48,518) | (5,688) | (18,682) | |
| (-) Other Liabilities | (362) | (1,552) | 0 | (140) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 10,513 | 297,898 | 9,258 | 176,965 | 11,202 | 45,106 | |
| (/) Shares Outstanding | 202.2 | 4,304.3 | 87.2 | 1,371.1 | 373.3 | 1,358.2 | |
| Implied Stock Price | 52.00 | 69.21 | 106.20 | 129.07 | 30.01 | 33.21 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 52.00 | 69.21 | 106.20 | 129.07 | 30.01 | 33.21 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |