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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 4.7x - 5.2x | 5.0x |
| Selected Fwd Revenue Multiple | 5.0x - 5.5x | 5.3x |
| Fair Value | €30.54 - €34.21 | €32.38 |
| Upside | 15.9% - 29.8% | 22.8% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Molson Coors Beverage Company | TAP.A | NYSE:TAP.A |
| Anheuser-Busch InBev SA/NV | BUD | NYSE:BUD |
| Beeline Holdings, Inc. | BLNE | NasdaqCM:BLNE |
| Becle, S.A.B. de C.V. | BCCL.F | OTCPK:BCCL.F |
| Heineken N.V. | HINK.F | OTCPK:HINK.F |
| Brown-Forman Corporation | BF5B | DB:BF5B |
| Select LTM Revenue Multiple | ||||||||
| 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 Revenue 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 EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 14.0% | 25.4% | -186.0% | 17.9% | 13.0% | 29.6% | ||
| Prior Fiscal Year | 13.7% | 24.2% | -54.4% | 14.1% | 12.5% | 27.4% | ||
| Latest Fiscal Year | 15.6% | 25.5% | -136.3% | 17.7% | 12.9% | 29.2% | ||
| Latest Twelve Months | 15.2% | 26.2% | -186.6% | 18.7% | 13.4% | 29.2% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.43x | 3.34x | 5.99x | 2.10x | 1.82x | 4.24x | ||
| EV / LTM EBIT | 9.5x | 12.8x | -3.2x | 11.2x | 13.5x | 14.5x | ||
| Price / LTM Sales | 0.90x | 2.08x | 3.94x | 1.76x | 1.32x | 3.64x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.43x | 2.10x | 5.99x | |||||
| Historical EV / LTM Revenue | 4.24x | 8.12x | 11.09x | |||||
| Selected EV / LTM Revenue | 4.73x | 4.98x | 5.23x | |||||
| (x) LTM Revenue | 3,975 | 3,975 | 3,975 | |||||
| (=) Implied Enterprise Value | 18,805 | 19,795 | 20,784 | |||||
| (-) Non-shareholder Claims * | (2,390) | (2,390) | (2,390) | |||||
| (=) Equity Value | 16,415 | 17,405 | 18,394 | |||||
| (/) Shares Outstanding | 472.8 | 472.8 | 472.8 | |||||
| Implied Value Range | 34.72 | 36.82 | 38.91 | |||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | ||||
| Implied Value Range (Trading Cur) | 29.81 | 31.61 | 33.41 | 26.36 | ||||
| Upside / (Downside) | 13.1% | 19.9% | 26.7% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TAP.A | BUD | BLNE | BCCL.F | HINK.F | BF5B | |
| Enterprise Value | 16,447 | 195,710 | 31 | 94,887 | 52,670 | 16,904 | |
| (+) Cash & Short Term Investments | 614 | 7,372 | 2 | 6,919 | 2,066 | 444 | |
| (+) Investments & Other | 317 | 5,030 | 0 | 1,553 | 3,657 | 3 | |
| (-) Debt | (6,539) | (75,837) | (11) | (23,637) | (17,586) | (2,837) | |
| (-) Other Liabilities | (356) | (10,743) | (1) | (77) | (2,523) | 0 | |
| (-) Preferred Stock | 0 | 0 | (0) | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 10,483 | 121,532 | 21 | 79,645 | 38,284 | 14,514 | |
| (/) Shares Outstanding | 197.7 | 1,952.6 | 13.4 | 3,591.2 | 558.0 | 472.8 | |
| Implied Stock Price | 53.02 | 62.24 | 1.53 | 22.18 | 68.61 | 30.70 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 18.82 | 0.86 | 1.16 | |
| Implied Stock Price (Trading Cur) | 53.02 | 62.24 | 1.53 | 1.18 | 79.91 | 26.36 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 18.82 | 0.86 | 1.16 | |