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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 18.1x - 20.0x | 19.1x |
| Selected Fwd EBIT Multiple | 15.9x - 17.5x | 16.7x |
| Fair Value | Mex$ 158.49 - Mex$ 179.71 | Mex$ 169.10 |
| Upside | 19.7% - 35.7% | 27.7% |
| Benchmarks | Ticker | Full Ticker |
| Heineken N.V. | HNK1 | DB:HNK1 |
| Sapporo Holdings Limited | SBW | DB:SBW |
| Tsingtao Brewery Company Limited | TSI | DB:TSI |
| Anheuser-Busch InBev SA/NV | 1ABI | BIT:1ABI |
| Royal Unibrew A/S | RBREW | CPSE:RBREW |
| Davide Campari-Milano N.V. | CPR N | BMV:CPRN |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| HNK1 | SBW | TSI | 1ABI | RBREW | CPR N | ||
| DB:HNK1 | DB:SBW | DB:TSI | BIT:1ABI | CPSE:RBREW | BMV:CPRN | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 1.0% | 13.5% | 25.7% | -1.2% | 6.0% | 8.2% | |
| 3Y CAGR | 8.0% | 61.9% | 23.9% | 2.7% | 5.6% | 12.3% | |
| Latest Twelve Months | 1.1% | 45.4% | 2.8% | 6.0% | 21.6% | -1.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 13.0% | 2.0% | 10.8% | 25.7% | 16.1% | 19.7% | |
| Prior Fiscal Year | 12.5% | 3.0% | 12.9% | 24.2% | 12.5% | 20.7% | |
| Latest Fiscal Year | 12.9% | 4.2% | 14.0% | 25.5% | 13.1% | 19.3% | |
| Latest Twelve Months | 12.9% | 4.2% | 14.0% | 25.5% | 13.1% | 19.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.80x | 0.93x | 1.85x | 3.14x | 2.15x | 2.79x | |
| EV / LTM EBITDA | 9.4x | 11.0x | 10.8x | 9.8x | 12.3x | 12.5x | |
| EV / LTM EBIT | 13.9x | 22.0x | 13.2x | 12.3x | 16.4x | 14.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 12.3x | 13.9x | 22.0x | ||||
| Historical EV / LTM EBIT | 14.4x | 22.0x | 38.7x | ||||
| Selected EV / LTM EBIT | 18.1x | 19.1x | 20.0x | ||||
| (x) LTM EBIT | 594 | 594 | 594 | ||||
| (=) Implied Enterprise Value | 10,766 | 11,332 | 11,899 | ||||
| (-) Non-shareholder Claims * | (2,286) | (2,286) | (2,286) | ||||
| (=) Equity Value | 8,480 | 9,046 | 9,613 | ||||
| (/) Shares Outstanding | 1,202.5 | 1,202.5 | 1,202.5 | ||||
| Implied Value Range | 7.05 | 7.52 | 7.99 | ||||
| FX Rate: EUR/MXN | 0.0 | 0.0 | 0.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 159.64 | 170.30 | 180.97 | 132.44 | |||
| Upside / (Downside) | 20.5% | 28.6% | 36.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | HNK1 | SBW | TSI | 1ABI | RBREW | CPR N | |
| Enterprise Value | 53,969 | 495,252 | 59,391 | 182,795 | 32,228 | 9,321 | |
| (+) Cash & Short Term Investments | 2,350 | 24,140 | 20,169 | 11,395 | 103 | 673 | |
| (+) Investments & Other | 3,979 | 281,839 | 7,482 | 4,780 | 31 | 104 | |
| (-) Debt | (17,049) | (236,584) | (110) | (72,318) | (5,799) | (3,062) | |
| (-) Other Liabilities | (2,821) | (1,127) | (799) | (10,463) | 0 | (1) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 40,428 | 563,520 | 86,133 | 116,189 | 26,563 | 7,035 | |
| (/) Shares Outstanding | 559.9 | 77.9 | 1,680.2 | 1,975.4 | 50.0 | 1,202.5 | |
| Implied Stock Price | 72.20 | 7,231.73 | 51.26 | 58.82 | 531.00 | 5.85 | |
| FX Conversion Rate to Trading Currency | 1.00 | 162.15 | 8.04 | 1.10 | 1.00 | 0.04 | |
| Implied Stock Price (Trading Cur) | 72.20 | 44.60 | 6.38 | 53.60 | 531.00 | 132.44 | |
| Trading Currency | EUR | EUR | EUR | EUR | DKK | MXN | |
| FX Rate to Reporting Currency | 1.00 | 162.15 | 8.04 | 1.10 | 1.00 | 0.04 | |