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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 10.0x - 11.1x | 10.5x |
| Selected Fwd EBIT Multiple | 10.8x - 12.0x | 11.4x |
| Fair Value | kr146.74 - kr165.69 | kr156.22 |
| Upside | -28.4% - -19.2% | -23.8% |
| Benchmarks | Ticker | Full Ticker |
| Royal Unibrew A/S | RBREW | CPSE:RBREW |
| Carlsberg A/S | CARL A | CPSE:CARLA |
| Alefarm Brewing A/S | ALEFRM | CPSE:ALEFRM |
| Andrew Peller Limited | ANJ | DB:ANJ |
| Coca-Cola Europacific Partners PLC | CCEP | ENXTAM:CCEP |
| Harboes Bryggeri A/S | HARB B | CPSE:HARBB |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| RBREW | CARL A | ALEFRM | ANJ | CCEP | HARB B | ||
| CPSE:RBREW | CPSE:CARLA | CPSE:ALEFRM | DB:ANJ | ENXTAM:CCEP | CPSE:HARBB | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 6.0% | 1.3% | NM- | -16.9% | 8.6% | NM- | |
| 3Y CAGR | 5.6% | 3.4% | NM- | -26.4% | 10.8% | 124.6% | |
| Latest Twelve Months | 21.6% | 2.6% | 64.0% | 48.6% | -0.6% | 46.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 16.1% | 15.2% | -42.6% | 7.0% | 11.9% | 0.8% | |
| Prior Fiscal Year | 12.5% | 14.1% | -37.9% | 4.1% | 12.9% | -0.2% | |
| Latest Fiscal Year | 13.1% | 14.2% | -12.1% | 4.7% | 11.4% | 4.2% | |
| Latest Twelve Months | 13.1% | 14.2% | -12.1% | 6.4% | 11.4% | 4.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.19x | 1.91x | 2.80x | 1.03x | 2.28x | 0.52x | |
| EV / LTM EBITDA | 12.5x | 9.9x | 54.8x | 10.2x | 14.3x | 5.8x | |
| EV / LTM EBIT | 16.7x | 13.4x | -23.1x | 16.1x | 20.0x | 11.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -23.1x | 16.1x | 20.0x | ||||
| Historical EV / LTM EBIT | -35.8x | -2.0x | 94.4x | ||||
| Selected EV / LTM EBIT | 10.0x | 10.5x | 11.1x | ||||
| (x) LTM EBIT | 86 | 86 | 86 | ||||
| (=) Implied Enterprise Value | 857 | 903 | 948 | ||||
| (-) Non-shareholder Claims * | (141) | (141) | (141) | ||||
| (=) Equity Value | 717 | 762 | 807 | ||||
| (/) Shares Outstanding | 4.2 | 4.2 | 4.2 | ||||
| Implied Value Range | 169.78 | 180.46 | 191.15 | ||||
| FX Rate: DKK/DKK | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 169.78 | 180.46 | 191.15 | 205.00 | |||
| Upside / (Downside) | -17.2% | -12.0% | -6.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | RBREW | CARL A | ALEFRM | ANJ | CCEP | HARB B | |
| Enterprise Value | 32,870 | 126,273 | 28 | 399 | 46,691 | 1,006 | |
| (+) Cash & Short Term Investments | 103 | 11,601 | 1 | 8 | 1,713 | 41 | |
| (+) Investments & Other | 31 | 4,674 | 0 | 0 | 0 | 2 | |
| (-) Debt | (5,799) | (38,140) | (0) | (202) | (11,492) | (183) | |
| (-) Other Liabilities | 0 | (2,841) | 0 | 0 | (496) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 27,205 | 101,567 | 28 | 204 | 36,416 | 866 | |
| (/) Shares Outstanding | 50.1 | 106.0 | 14.2 | 43.3 | 460.4 | 4.2 | |
| Implied Stock Price | 543.50 | 958.00 | 2.00 | 4.72 | 79.10 | 205.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.55 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 543.50 | 958.00 | 2.00 | 3.04 | 79.10 | 205.00 | |
| Trading Currency | DKK | DKK | DKK | EUR | EUR | DKK | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.55 | 1.00 | 1.00 | |