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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 4.0x - 4.4x | 4.2x |
| Selected Fwd Revenue Multiple | 3.9x - 4.3x | 4.1x |
| Fair Value | €24.36 - €27.68 | €26.02 |
| Upside | -0.6% - 13.0% | 6.2% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Constellation Brands, Inc. | STZ | NYSE:STZ |
| Keurig Dr Pepper Inc. | 0Z62 | LSE:0Z62 |
| The Coca-Cola Company | 0QZK | LSE:0QZK |
| PepsiCo, Inc. | 0QOS | LSE:0QOS |
| MGP Ingredients, Inc. | MGPI | NasdaqGS:MGPI |
| Diageo plc | GUI | DB:GUI |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| STZ | 0Z62 | 0QZK | 0QOS | MGPI | GUI | |||
| NYSE:STZ | LSE:0Z62 | LSE:0QZK | LSE:0QOS | NasdaqGS:MGPI | DB:GUI | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 4.1% | 6.7% | 4.8% | 6.5% | 14.2% | 6.8% | ||
| 3Y CAGR | 5.0% | 6.6% | 6.8% | 4.9% | 3.9% | -0.4% | ||
| Latest Twelve Months | -0.5% | 4.6% | 1.3% | -0.3% | -22.7% | -0.1% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 33.2% | 22.6% | 29.7% | 15.2% | 18.6% | 29.8% | ||
| Prior Fiscal Year | 32.0% | 21.7% | 29.0% | 15.3% | 21.2% | 29.6% | ||
| Latest Fiscal Year | 34.4% | 22.1% | 30.4% | 15.7% | 23.4% | 28.3% | ||
| Latest Twelve Months | 33.4% | 22.0% | 31.2% | 15.2% | 20.5% | 28.3% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 4.11x | 4.09x | 6.75x | 2.67x | 1.53x | 4.04x | ||
| EV / LTM EBIT | 12.3x | 18.6x | 21.6x | 17.6x | 7.5x | 14.3x | ||
| Price / LTM Sales | 2.94x | 3.04x | 6.41x | 2.23x | 1.05x | 3.14x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.53x | 4.09x | 6.75x | |||||
| Historical EV / LTM Revenue | 4.04x | 5.19x | 7.63x | |||||
| Selected EV / LTM Revenue | 4.01x | 4.22x | 4.43x | |||||
| (x) LTM Revenue | 20,245 | 20,245 | 20,245 | |||||
| (=) Implied Enterprise Value | 81,227 | 85,502 | 89,777 | |||||
| (-) Non-shareholder Claims * | (18,671) | (18,671) | (18,671) | |||||
| (=) Equity Value | 62,556 | 66,831 | 71,106 | |||||
| (/) Shares Outstanding | 2,222.3 | 2,222.3 | 2,222.3 | |||||
| Implied Value Range | 28.15 | 30.07 | 32.00 | |||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | ||||
| Implied Value Range (Trading Cur) | 24.02 | 25.66 | 27.30 | 24.50 | ||||
| Upside / (Downside) | -2.0% | 4.7% | 11.4% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | STZ | 0Z62 | 0QZK | 0QOS | MGPI | GUI | |
| Enterprise Value | 41,095 | 63,800 | 317,777 | 245,409 | 925 | 82,479 | |
| (+) Cash & Short Term Investments | 74 | 509 | 14,297 | 7,973 | 17 | 2,647 | |
| (+) Investments & Other | 211 | 1,599 | 21,737 | 3,280 | 8 | 5,381 | |
| (-) Debt | (11,567) | (18,675) | (50,213) | (51,384) | (309) | (24,611) | |
| (-) Other Liabilities | (267) | 0 | (1,597) | (141) | 2 | (2,088) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | (0) | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 29,546 | 47,233 | 302,001 | 205,137 | 642 | 63,808 | |
| (/) Shares Outstanding | 176.3 | 1,358.4 | 4,303.7 | 1,369.1 | 21.3 | 2,222.3 | |
| Implied Stock Price | 167.62 | 34.77 | 70.17 | 149.84 | 30.16 | 28.71 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
| Implied Stock Price (Trading Cur) | 167.62 | 34.77 | 70.17 | 149.84 | 30.16 | 24.50 | |
| 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 | |