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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 0.8x - 0.9x | 0.9x |
| Selected Fwd Ps Multiple | 0.8x - 0.9x | 0.8x |
| Fair Value | $13.59 - $15.02 | $14.31 |
| Upside | 5.8% - 16.9% | 11.3% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Suntory Beverage & Food Limited | 258,700.0% | TSE:2587 |
| Asahi Group Holdings, Ltd. | 250,200.0% | TSE:2502 |
| Sapporo Holdings Limited | 250,100.0% | TSE:2501 |
| Keurig Dr Pepper Inc. | - | NasdaqGS:KDP |
| Tsingtao Brewery Company Limited | 60,060,000.0% | SHSE:600600 |
| Kirin Holdings Company, Limited | - | OTCPK:KNBW.F |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| 2587 | 2502 | 2501 | KDP | 600600 | KNBW.F | |||
| TSE:2587 | TSE:2502 | TSE:2501 | NasdaqGS:KDP | SHSE:600600 | OTCPK:KNBW.F | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 5.5% | 7.1% | 1.5% | 6.7% | 5.0% | 3.8% | ||
| 3Y CAGR | 10.2% | 9.5% | 6.7% | 6.6% | 6.9% | 8.7% | ||
| Latest Twelve Months | 6.6% | 6.2% | 2.3% | 3.6% | -6.2% | 9.6% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 6.5% | 6.0% | 0.7% | 13.0% | 10.8% | 5.9% | ||
| Prior Fiscal Year | 5.2% | 5.9% | 1.7% | 14.7% | 11.5% | 5.3% | ||
| Latest Fiscal Year | 5.5% | 6.5% | 1.5% | 9.4% | 12.6% | 2.5% | ||
| Latest Twelve Months | 5.5% | 6.5% | 1.5% | 9.4% | 13.6% | 2.5% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 6.4x | 9.2x | 16.6x | 14.9x | 10.4x | 8.9x | ||
| Price / LTM Sales | 0.9x | 1.0x | 1.2x | 3.0x | 2.7x | 0.7x | ||
| LTM P/E Ratio | 16.5x | 15.3x | 80.0x | 31.6x | 19.6x | 28.9x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.9x | 1.2x | 3.0x | |||||
| Historical LTM P/S Ratio | 0.7x | 0.8x | 1.1x | |||||
| Selected Price / Sales Multiple | 0.8x | 0.9x | 0.9x | |||||
| (x) LTM Sales | 2,338,385 | 2,338,385 | 2,338,385 | |||||
| (=) Equity Value | 1,953,794 | 2,056,625 | 2,159,457 | |||||
| (/) Shares Outstanding | 947.7 | 947.7 | 947.7 | |||||
| Implied Value Range | 2,061.69 | 2,170.19 | 2,278.70 | |||||
| FX Rate: JPY/USD | 149.3 | 149.3 | 149.3 | Market Price | ||||
| Implied Value Range (Trading Cur) | 13.81 | 14.53 | 15.26 | 12.85 | ||||
| Upside / (Downside) | 7.4% | 13.1% | 18.7% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2587 | 2502 | 2501 | KDP | 600600 | KNBW.F | |
| Value of Common Equity | 1,543,764 | 2,935,821 | 617,464 | 45,519 | 83,249 | 1,818,582 | |
| (/) Shares Outstanding | 309.0 | 1,502.9 | 77.9 | 1,356.8 | 1,145.6 | 947.7 | |
| Implied Stock Price | 4,996.00 | 1,953.50 | 7,924.00 | 33.55 | 72.67 | 1,919.01 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 149.34 | |
| Implied Stock Price (Trading Cur) | 4,996.00 | 1,953.50 | 7,924.00 | 33.55 | 72.67 | 12.85 | |
| Trading Currency | JPY | JPY | JPY | USD | CNY | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 149.34 | |