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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Ps Multiple | 4.1x - 4.6x | 4.4x |
Selected Fwd Ps Multiple | 4.5x - 5.0x | 4.7x |
Fair Value | €30.78 - €34.02 | €32.40 |
Upside | 19.4% - 32.0% | 25.7% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Molson Coors Beverage Company | - | NYSE:TAP.A |
Anheuser-Busch InBev SA/NV | - | NYSE:BUD |
Beeline Holdings, Inc. | - | NasdaqCM:BLNE |
Becle, S.A.B. de C.V. | - | OTCPK:BCCL.F |
Heineken N.V. | - | OTCPK:HINK.F |
Brown-Forman Corporation | - | DB:BF5B |
Select Price / LTM Sales Ratio | ||||||||
Benchmark Companies | ||||||||
TAP.A | BUD | BLNE | BCCL.F | HINK.F | BF5B | |||
NYSE:TAP.A | NYSE:BUD | NasdaqCM:BLNE | OTCPK:BCCL.F | OTCPK:HINK.F | DB:BF5B | |||
Historical Sales Growth | ||||||||
5Y CAGR | 1.9% | 2.7% | NM- | 8.2% | 4.5% | 3.4% | ||
3Y CAGR | 4.2% | 3.2% | NM- | 3.7% | 10.8% | 0.4% | ||
Latest Twelve Months | -5.5% | -2.3% | NM | 2.6% | -4.8% | -4.9% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | 3.6% | 11.5% | -255.4% | 12.0% | 7.9% | 22.6% | ||
Prior Fiscal Year | 8.1% | 9.0% | -130.3% | 10.6% | 7.6% | 24.5% | ||
Latest Fiscal Year | 9.7% | 9.8% | -118.7% | 9.0% | 3.3% | 21.9% | ||
Latest Twelve Months | 9.2% | 12.2% | -294.5% | 12.5% | 6.2% | 21.9% | ||
Current Trading Multiples | ||||||||
EV / LTM EBITDA | 6.8x | 10.6x | -3.4x | 9.9x | 9.5x | 13.4x | ||
Price / LTM Sales | 0.9x | 2.1x | 4.2x | 1.8x | 1.3x | 3.6x | ||
LTM P/E Ratio | 9.8x | 16.9x | -1.4x | 14.2x | 21.0x | 16.5x | ||
Low | Mid | High | ||||||
Benchmark LTM P/S Ratio | 0.9x | 1.8x | 4.2x | |||||
Historical LTM P/S Ratio | 3.6x | 7.5x | 10.6x | |||||
Selected Price / Sales Multiple | 4.1x | 4.4x | 4.6x | |||||
(x) LTM Sales | 3,975 | 3,975 | 3,975 | |||||
(=) Equity Value | 16,457 | 17,323 | 18,189 | |||||
(/) Shares Outstanding | 472.8 | 472.8 | 472.8 | |||||
Implied Value Range | 34.81 | 36.64 | 38.47 | |||||
FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | ||||
Implied Value Range (Trading Cur) | 29.75 | 31.31 | 32.88 | 25.77 | ||||
Upside / (Downside) | 15.4% | 21.5% | 27.6% |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | TAP.A | BUD | BLNE | BCCL.F | HINK.F | BF5B | |
Value of Common Equity | 10,483 | 119,853 | 22 | 76,724 | 37,500 | 14,256 | |
(/) Shares Outstanding | 197.7 | 1,952.6 | 13.4 | 3,591.2 | 558.3 | 472.8 | |
Implied Stock Price | 53.02 | 61.38 | 1.63 | 21.36 | 67.16 | 30.15 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 18.74 | 0.85 | 1.17 | |
Implied Stock Price (Trading Cur) | 53.02 | 61.38 | 1.63 | 1.14 | 78.59 | 25.77 | |
Trading Currency | USD | USD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 18.74 | 0.85 | 1.17 |