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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 15.1x - 16.7x | 15.9x |
| Selected Fwd EBIT Multiple | 14.7x - 16.3x | 15.5x |
| Fair Value | €26.30 - €29.79 | €28.05 |
| Upside | 17.4% - 33.0% | 25.2% |
| Benchmarks | Ticker | Full Ticker |
| Brown-Forman Corporation | 0HQ3 | LSE:0HQ3 |
| Constellation Brands, Inc. | STZ | NYSE:STZ |
| MGP Ingredients, Inc. | MGPI | NasdaqGS:MGPI |
| Keurig Dr Pepper Inc. | 0Z62 | LSE:0Z62 |
| The Coca-Cola Company | 0QZK | LSE:0QZK |
| Diageo plc | GUI | DB:GUI |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 0HQ3 | STZ | MGPI | 0Z62 | 0QZK | GUI | ||
| LSE:0HQ3 | NYSE:STZ | NasdaqGS:MGPI | LSE:0Z62 | LSE:0QZK | DB:GUI | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 1.1% | 5.2% | 28.3% | 7.7% | 6.1% | 2.8% | |
| 3Y CAGR | -2.1% | 4.9% | 18.9% | 3.9% | 7.7% | 5.0% | |
| Latest Twelve Months | 1.2% | 0.1% | -13.9% | 0.6% | 6.1% | -3.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 29.6% | 33.2% | 18.3% | 22.7% | 29.6% | 30.0% | |
| Prior Fiscal Year | 27.4% | 32.0% | 21.2% | 21.7% | 29.0% | 31.0% | |
| Latest Fiscal Year | 29.2% | 34.4% | 23.4% | 22.1% | 30.4% | 29.6% | |
| Latest Twelve Months | 29.2% | 33.4% | 22.2% | 22.1% | 30.5% | 28.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.99x | 4.19x | 1.50x | 4.02x | 6.92x | 3.85x | |
| EV / LTM EBITDA | 12.7x | 11.1x | 5.8x | 15.0x | 21.1x | 12.4x | |
| EV / LTM EBIT | 13.7x | 12.5x | 6.8x | 18.2x | 22.7x | 13.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 6.8x | 13.7x | 22.7x | ||||
| Historical EV / LTM EBIT | 14.7x | 18.6x | 26.3x | ||||
| Selected EV / LTM EBIT | 15.1x | 15.9x | 16.7x | ||||
| (x) LTM EBIT | 5,785 | 5,785 | 5,785 | ||||
| (=) Implied Enterprise Value | 87,540 | 92,148 | 96,755 | ||||
| (-) Non-shareholder Claims * | (17,880) | (17,880) | (17,880) | ||||
| (=) Equity Value | 69,660 | 74,268 | 78,875 | ||||
| (/) Shares Outstanding | 2,222.3 | 2,222.3 | 2,222.3 | ||||
| Implied Value Range | 31.35 | 33.42 | 35.49 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 26.62 | 28.38 | 30.14 | 22.40 | |||
| Upside / (Downside) | 18.8% | 26.7% | 34.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 0HQ3 | STZ | MGPI | 0Z62 | 0QZK | GUI | |
| Enterprise Value | 15,759 | 41,923 | 974 | 61,631 | 324,168 | 76,493 | |
| (+) Cash & Short Term Investments | 444 | 74 | 20 | 653 | 13,787 | 1,656 | |
| (+) Investments & Other | 3 | 211 | 7 | 1,599 | 20,484 | 5,178 | |
| (-) Debt | (2,837) | (11,567) | (310) | (18,682) | (49,971) | (22,593) | |
| (-) Other Liabilities | 0 | (267) | 2 | 0 | (1,552) | (2,121) | |
| (-) Preferred Stock | 0 | 0 | (0) | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 13,369 | 30,374 | 693 | 45,201 | 306,916 | 58,613 | |
| (/) Shares Outstanding | 472.8 | 176.3 | 21.3 | 1,358.2 | 4,304.3 | 2,222.3 | |
| Implied Stock Price | 28.28 | 172.32 | 32.59 | 33.28 | 71.31 | 26.37 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.18 | |
| Implied Stock Price (Trading Cur) | 28.28 | 172.32 | 32.59 | 33.28 | 71.31 | 22.40 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.18 | |