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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 23.4x - 25.9x | 24.7x |
| Selected Fwd EBIT Multiple | 20.9x - 23.1x | 22.0x |
| Fair Value | €48.23 - €53.11 | €50.67 |
| Upside | -12.4% - -3.5% | -8.0% |
| Benchmarks | Ticker | Full Ticker |
| The Boston Beer Company, Inc. | SAM | NYSE:SAM |
| Molson Coors Beverage Company | TAP.A | NYSE:TAP.A |
| Constellation Brands, Inc. | STZ | NYSE:STZ |
| Primo Brands Corporation | PRMB | NYSE:PRMB |
| Anheuser-Busch InBev SA/NV | BUDF.F | OTCPK:BUDF.F |
| Monster Beverage Corporation | MOB | DB:MOB |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| 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 EBIT Growth | |||||||
| 5Y CAGR | 0.8% | 3.8% | 5.2% | NM- | -1.2% | 7.8% | |
| 3Y CAGR | 38.5% | 5.4% | 4.9% | 139.2% | 2.7% | 4.5% | |
| Latest Twelve Months | 25.8% | -9.0% | 0.1% | 11.8% | 3.1% | 6.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 7.4% | 14.0% | 33.2% | 8.7% | 25.4% | 29.6% | |
| Prior Fiscal Year | 6.1% | 13.7% | 32.0% | 9.0% | 24.2% | 27.9% | |
| Latest Fiscal Year | 7.5% | 15.6% | 34.4% | 11.0% | 25.5% | 27.5% | |
| Latest Twelve Months | 8.9% | 15.2% | 33.4% | 10.2% | 26.2% | 28.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.05x | 1.42x | 4.16x | 2.34x | 3.32x | 7.99x | |
| EV / LTM EBITDA | 7.8x | 6.7x | 11.0x | 13.2x | 10.6x | 26.8x | |
| EV / LTM EBIT | 11.8x | 9.4x | 12.5x | 22.9x | 12.7x | 27.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 9.4x | 12.5x | 22.9x | ||||
| Historical EV / LTM EBIT | 24.8x | 29.5x | 31.3x | ||||
| Selected EV / LTM EBIT | 23.4x | 24.7x | 25.9x | ||||
| (x) LTM EBIT | 2,190 | 2,190 | 2,190 | ||||
| (=) Implied Enterprise Value | 51,281 | 53,980 | 56,679 | ||||
| (-) Non-shareholder Claims * | 2,145 | 2,145 | 2,145 | ||||
| (=) Equity Value | 53,426 | 56,125 | 58,824 | ||||
| (/) Shares Outstanding | 976.4 | 976.4 | 976.4 | ||||
| Implied Value Range | 54.72 | 57.48 | 60.24 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 47.00 | 49.37 | 51.74 | 55.06 | |||
| Upside / (Downside) | -14.6% | -10.3% | -6.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SAM | TAP.A | STZ | PRMB | BUDF.F | MOB | |
| Enterprise Value | 2,151 | 16,518 | 41,620 | 14,162 | 193,604 | 60,449 | |
| (+) Cash & Short Term Investments | 212 | 614 | 74 | 412 | 7,372 | 2,072 | |
| (+) Investments & Other | 0 | 317 | 211 | 0 | 5,030 | 138 | |
| (-) Debt | (44) | (6,539) | (11,567) | (5,726) | (75,837) | (65) | |
| (-) Other Liabilities | 0 | (356) | (267) | 0 | (10,743) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,319 | 10,554 | 30,071 | 8,849 | 119,426 | 62,594 | |
| (/) Shares Outstanding | 10.7 | 197.7 | 176.3 | 373.5 | 1,952.6 | 976.4 | |
| Implied Stock Price | 217.48 | 53.38 | 170.60 | 23.69 | 61.16 | 64.11 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
| Implied Stock Price (Trading Cur) | 217.48 | 53.38 | 170.60 | 23.69 | 61.16 | 55.06 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |