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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 6.9x - 7.7x | 7.3x |
| Selected Fwd Ps Multiple | 6.5x - 7.2x | 6.9x |
| Fair Value | €48.04 - €53.09 | €50.57 |
| Upside | -12.4% - -3.2% | -7.8% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| The Boston Beer Company, Inc. | - | NYSE:SAM |
| Molson Coors Beverage Company | - | NYSE:TAP.A |
| Constellation Brands, Inc. | - | NYSE:STZ |
| Primo Brands Corporation | - | NYSE:PRMB |
| Anheuser-Busch InBev SA/NV | - | OTCPK:BUDF.F |
| Monster Beverage Corporation | - | DB:MOB |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| SAM | TAP.A | STZ | PRMB | BUDF.F | MOB | |||
| NYSE:SAM | NYSE:TAP.A | NYSE:STZ | NYSE:PRMB | OTCPK:BUDF.F | DB:MOB | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 10.0% | 1.9% | 4.1% | NM- | 2.7% | 12.3% | ||
| 3Y CAGR | -0.7% | 4.2% | 5.0% | 15.4% | 3.2% | 10.6% | ||
| Latest Twelve Months | 2.5% | -5.5% | -0.5% | 26.3% | -2.3% | 3.7% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 4.4% | 3.6% | 9.1% | 0.1% | 11.5% | 23.4% | ||
| Prior Fiscal Year | 3.8% | 8.1% | 17.3% | 1.4% | 9.0% | 22.8% | ||
| Latest Fiscal Year | 3.0% | 9.7% | -0.8% | -0.2% | 9.8% | 20.1% | ||
| Latest Twelve Months | 3.9% | 9.2% | -4.4% | -0.6% | 12.2% | 20.5% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 7.9x | 6.8x | 10.9x | 13.3x | 10.6x | 26.4x | ||
| Price / LTM Sales | 1.1x | 0.9x | 2.9x | 1.5x | 2.0x | 8.1x | ||
| LTM P/E Ratio | 29.4x | 9.7x | -67.0x | -255.1x | 16.8x | 39.6x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.9x | 1.5x | 2.9x | |||||
| Historical LTM P/S Ratio | 6.9x | 8.7x | 11.0x | |||||
| Selected Price / Sales Multiple | 6.9x | 7.3x | 7.7x | |||||
| (x) LTM Sales | 7,659 | 7,659 | 7,659 | |||||
| (=) Equity Value | 53,064 | 55,857 | 58,649 | |||||
| (/) Shares Outstanding | 976.4 | 976.4 | 976.4 | |||||
| Implied Value Range | 54.34 | 57.20 | 60.07 | |||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | ||||
| Implied Value Range (Trading Cur) | 46.48 | 48.92 | 51.37 | 54.86 | ||||
| Upside / (Downside) | -15.3% | -10.8% | -6.4% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | SAM | TAP.A | STZ | PRMB | BUDF.F | MOB | |
| Value of Common Equity | 2,397 | 10,483 | 30,030 | 9,118 | 120,673 | 62,637 | |
| (/) Shares Outstanding | 10.7 | 197.7 | 176.3 | 373.5 | 1,952.6 | 976.4 | |
| Implied Stock Price | 224.74 | 53.02 | 170.37 | 24.41 | 61.80 | 64.15 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
| Implied Stock Price (Trading Cur) | 224.74 | 53.02 | 170.37 | 24.41 | 61.80 | 54.86 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |