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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 7,6x - 8,4x | 8,0x |
| Selected Fwd EBIT Multiple | 5,1x - 5,7x | 5,4x |
| Fair Value | $5,14 - $6,20 | $5,67 |
| Upside | 1,3% - 22,1% | 11,7% |
| Benchmarks | Ticker | Full Ticker |
| Molson Coors Beverage Company | M1CB34 | BOVESPA:M1CB34 |
| Heineken N.V. | HEIA34 | BOVESPA:HEIA34 |
| Carlsberg A/S | CABJ.F | OTCPK:CABJ.F |
| Diageo plc | DEO | BASE:DEO |
| Tsingtao Brewery Company Limited | TSGT.F | OTCPK:TSGT.F |
| Anadolu Efes Biracilik ve Malt Sanayii Anonim Sirketi | AEBM.F | OTCPK:AEBM.F |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| M1CB34 | HEIA34 | CABJ.F | DEO | TSGT.F | AEBM.F | ||
| BOVESPA:M1CB34 | BOVESPA:HEIA34 | OTCPK:CABJ.F | BASE:DEO | OTCPK:TSGT.F | OTCPK:AEBM.F | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 3.8% | 1.0% | 1.3% | 2.8% | 25.7% | 64.4% | |
| 3Y CAGR | 5.4% | 8.0% | 3.4% | 5.0% | 23.9% | 81.2% | |
| Latest Twelve Months | 13.2% | 1.1% | 2.6% | -3.5% | 2.8% | -8.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 13.8% | 13.0% | 15.2% | 30.0% | 10.8% | 11.5% | |
| Prior Fiscal Year | 13.7% | 12.5% | 14.1% | 31.0% | 12.9% | 12.6% | |
| Latest Fiscal Year | 15.6% | 12.9% | 14.2% | 29.6% | 14.0% | 11.6% | |
| Latest Twelve Months | 15.6% | 12.9% | 14.2% | 28.6% | 14.0% | 11.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.56x | 1.84x | 1.90x | 3.86x | 2.07x | 0.90x | |
| EV / LTM EBITDA | 7.3x | 9.6x | 9.9x | 12.5x | 12.0x | 5.5x | |
| EV / LTM EBIT | 10.0x | 14.3x | 13.4x | 13.5x | 14.8x | 7.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 10.0x | 13.5x | 14.8x | ||||
| Historical EV / LTM EBIT | 4.0x | 7.8x | 11.1x | ||||
| Selected EV / LTM EBIT | 7.6x | 8.0x | 8.4x | ||||
| (x) LTM EBIT | 26,779 | 26,779 | 26,779 | ||||
| (=) Implied Enterprise Value | 204,003 | 214,740 | 225,477 | ||||
| (-) Non-shareholder Claims * | (110,138) | (110,138) | (110,138) | ||||
| (=) Equity Value | 93,865 | 104,602 | 115,339 | ||||
| (/) Shares Outstanding | 592.1 | 592.1 | 592.1 | ||||
| Implied Value Range | 158.53 | 176.66 | 194.79 | ||||
| FX Rate: TRY/USD | 38.0 | 38.0 | 38.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 4.17 | 4.65 | 5.13 | 5.08 | |||
| Upside / (Downside) | -17.8% | -8.4% | 1.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | M1CB34 | HEIA34 | CABJ.F | DEO | TSGT.F | AEBM.F | |
| Enterprise Value | 17,857 | 18,592 | 151,156 | 74,052 | 63,654 | 224,381 | |
| (+) Cash & Short Term Investments | 969 | 2,350 | 11,601 | 1,656 | 20,169 | 54,233 | |
| (+) Investments & Other | 205 | 3,979 | 4,674 | 5,178 | 7,482 | 38 | |
| (-) Debt | (6,354) | (17,049) | (38,140) | (22,593) | (110) | (78,683) | |
| (-) Other Liabilities | (360) | (2,821) | (2,841) | (2,121) | (799) | (85,726) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 12,317 | 5,051 | 126,450 | 56,172 | 90,396 | 114,243 | |
| (/) Shares Outstanding | 202.6 | 559.9 | 146.7 | 2,585.0 | 1,786.3 | 592.1 | |
| Implied Stock Price | 60.79 | 9.02 | 861.90 | 21.73 | 50.61 | 192.94 | |
| FX Conversion Rate to Trading Currency | 0.17 | 0.16 | 6.82 | 0.00 | 7.28 | 37.98 | |
| Implied Stock Price (Trading Cur) | 354.90 | 57.70 | 126.39 | 23,325.00 | 6.95 | 5.08 | |
| Trading Currency | BRL | BRL | USD | ARS | USD | USD | |
| FX Rate to Reporting Currency | 0.17 | 0.16 | 6.82 | 0.00 | 7.28 | 37.98 | |