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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 1,0x - 1,1x | 1,1x |
| Selected Fwd Revenue Multiple | 0,7x - 0,7x | 0,7x |
| Fair Value | 217,57₺ - 260,05₺ | 238,81₺ |
| Upside | 32,7% - 58,7% | 45,7% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Molson Coors Beverage Company | M1CB34 | BOVESPA:M1CB34 |
| Heineken N.V. | HEIA34 | BOVESPA:HEIA34 |
| Carlsberg A/S | CABJ.F | OTCPK:CABJ.F |
| Diageo plc | DEO | BASE:DEO |
| Tsingtao Brewery Company Limited | TSGT.F | OTCPK:TSGT.F |
| Anadolu Efes Biracilik ve Malt Sanayii Anonim Sirketi | AEFES | IBSE:AEFES |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| M1CB34 | HEIA34 | CABJ.F | DEO | TSGT.F | AEFES | |||
| BOVESPA:M1CB34 | BOVESPA:HEIA34 | OTCPK:CABJ.F | BASE:DEO | OTCPK:TSGT.F | IBSE:AEFES | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 1.9% | 4.5% | 2.6% | 4.4% | 2.8% | 58.6% | ||
| 3Y CAGR | 4.2% | 10.8% | 7.7% | 4.8% | 2.1% | 80.6% | ||
| Latest Twelve Months | -0.6% | -1.8% | 1.9% | -0.9% | -5.3% | 0.2% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 13.8% | 13.0% | 15.2% | 30.0% | 10.8% | 11.5% | ||
| Prior Fiscal Year | 13.7% | 12.5% | 14.1% | 31.0% | 12.9% | 12.6% | ||
| Latest Fiscal Year | 15.6% | 12.9% | 14.2% | 29.6% | 14.0% | 11.6% | ||
| Latest Twelve Months | 15.6% | 12.9% | 14.2% | 28.6% | 14.0% | 11.6% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.53x | 1.79x | 1.73x | 3.75x | 2.12x | 0.89x | ||
| EV / LTM EBIT | 9.8x | 13.9x | 12.2x | 13.1x | 15.1x | 7.7x | ||
| Price / LTM Sales | 1.06x | 1.33x | 1.40x | 2.84x | 2.95x | 0.41x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.53x | 1.79x | 3.75x | |||||
| Historical EV / LTM Revenue | 0.51x | 1.07x | 1.19x | |||||
| Selected EV / LTM Revenue | 1.01x | 1.06x | 1.12x | |||||
| (x) LTM Revenue | 231,354 | 231,354 | 231,354 | |||||
| (=) Implied Enterprise Value | 233,563 | 245,856 | 258,149 | |||||
| (-) Non-shareholder Claims * | (110,138) | (110,138) | (110,138) | |||||
| (=) Equity Value | 123,425 | 135,718 | 148,011 | |||||
| (/) Shares Outstanding | 592.1 | 592.1 | 592.1 | |||||
| Implied Value Range | 208.45 | 229.21 | 249.97 | |||||
| FX Rate: TRY/TRY | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 208.45 | 229.21 | 249.97 | 163.90 | ||||
| Upside / (Downside) | 27.2% | 39.8% | 52.5% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | M1CB34 | HEIA34 | CABJ.F | DEO | TSGT.F | AEFES | |
| Enterprise Value | 17,897 | 18,597 | 152,672 | 74,988 | 69,130 | 207,184 | |
| (+) Cash & Short Term Investments | 969 | 2,350 | 11,601 | 1,656 | 20,169 | 54,233 | |
| (+) Investments & Other | 205 | 3,979 | 4,674 | 5,178 | 7,482 | 38 | |
| (-) Debt | (6,354) | (17,049) | (38,140) | (22,593) | (110) | (78,683) | |
| (-) Other Liabilities | (360) | (2,821) | (2,841) | (2,121) | (799) | (85,726) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 12,357 | 5,056 | 127,966 | 57,108 | 95,872 | 97,046 | |
| (/) Shares Outstanding | 202.6 | 559.9 | 146.7 | 2,585.0 | 1,786.3 | 592.1 | |
| Implied Stock Price | 60.99 | 9.03 | 872.24 | 22.09 | 53.67 | 163.90 | |
| FX Conversion Rate to Trading Currency | 0.17 | 0.16 | 6.80 | 0.00 | 7.34 | 1.00 | |
| Implied Stock Price (Trading Cur) | 354.90 | 57.70 | 128.31 | 23,875.00 | 7.31 | 163.90 | |
| Trading Currency | BRL | BRL | USD | ARS | USD | TRY | |
| FX Rate to Reporting Currency | 0.17 | 0.16 | 6.80 | 0.00 | 7.34 | 1.00 | |