Professional Documents
Culture Documents
Revenue
COGS
SG&A
EBITDA
Operating Income
Operating Margin %
BevCo
BeerCo
3350
1110
2180
669
652.6
201
530
260
517.4
240
15.4%
21.6%
Revenue
COGS
SG&A
Operating Income
Operating Margin %
2013
625
400
125
100
16%
2014
718.75
460
150
109
15%
2015
863
552
195
116
13%
2016
2017
2018
1052 1294.268 1617.834
673
828
1035
253
331
440
126
135
143
12%
10%
9%
15%
20%
22%
23%
25%
Profit Margin
Operating Margin
36%
16%
36%
15%
36%
13%
36%
12%
36%
10%
36%
9%
2013
2014
2015
2016
2017
0.3600
0.3600
0.3600
0.3600
0.3600
0.456731 0.458042 0.426117 0.409907 0.393239
0.46 0.460317 0.457431 0.45614 0.454846
Lager
Ale
Stout
Profit Margin
Lager
Ale
Stout
0.5000
0.4000
0.3000
0.2000
0.1000
0.0000
2013
2014
2015
2016
2017
2018
100
100
64
64
20 20.86957
16 15.13043
100
100
100
100
64
64
64
64
22.6087 24.04222 25.56663 27.18771
13.3913 11.95778 10.43337 8.812293
0.043478 0.083333
0.063406
0.0875 0.062069
2018
0.3600 Lager
0.376101 Ale
0.453549 Stout
2013
2014
2015
2016
2017
2018
0.16 0.151304 0.133913 0.119578 0.104334 0.088123
0.3125 0.326923 0.300699 0.292917 0.28411 0.274304
0.306667 0.326984 0.324675 0.332329 0.339378 0.345861
Operating Margin
Lager
Ale
Stout
0.4
0.3
0.2
0.1
0
2013
2014
2015
2016
2017
2018
3.6%
4.5%
0.25
5.6%
7.0%
8.8%
11.0%
Particulars ($ Mn)
FCF
Growth Rate
Hurdle Rate
Discount Factors
Discounted CF
Discounted Terminal Value
PV of Business - EV
Less Debt
Equity Value
Sales
EV/Sales
EBITDA
EV/EBITDA
Valuation
2014
108.75
7.30%
4.50%
1.00
108.75
2464.23
2991.01
0
2991.01
719.00
4.16
260.00
11.50
2015
115.50
2016
125.83
2017
135.04
2018
142.57
5.63%
0.95
109.35
7.03%
0.87
109.84
8.79%
0.78
104.88
10.99%
0.66
93.96
5.68
6.40
7.34
8.55
1.80
2.15
2.86
3.80
2991.01 $ Mn
9.21
2,394.18
10.13
4.76
Particulars ($ Mn)
FCF
Growth Rate
Hurdle Rate
Discount Factors
Discounted CF
Discounted Terminal Value
PV of Business - EV
Less Debt
Equity Value
Sales
EV/Sales
EBITDA
EV/EBITDA
2014
74.80
4.50%
4.80%
1.00
74.80
1063.58
1417.66
0
1417.66
228.00
6.22
260.00
5.45
Valuation
2015
79.12
2016
84.78
5.76%
0.95
74.81
6.91%
0.87
74.17
1417.66 $ Mn
9.31
7182.54
2017
87.99
2018
89.20
8.29%
0.79
69.28
9.95%
0.68
61.03
Particulars ($ Mn)
FCF
Growth Rate
Hurdle Rate
Discount Factors
Discounted CF
Discounted Terminal Value
PV of Business - EV
Less Debt
Equity Value
Sales
EV/Sales
EBITDA
EV/EBITDA
Valuation
2014
51.50
9.20%
4.90%
1.00
51.50
2516.93
2773.87
0
2773.87
158.00
17.56
260.00
10.67
2015
56.25
6.00%
0.94
53.06
2773.87 $ Mn
2016
62.18
2017
66.68
2018
71.35
7.35%
0.87
53.96
9.01%
0.77
51.48
11.03%
0.66
46.94
Particulars ($ Mn)
FCF
Growth Rate
Hurdle Rate
Discount Factors
Discounted CF
Discounted Terminal Value
PV of Business - EV
Less Debt
Equity Value
Sales
EV/Sales
EBITDA
EV/EBITDA
2014
235.05
6.57%
4.73%
1.00
235.05
5269.94
6407.66
2746.141
3661.52
1,110.00
3.30
260.00
14.08
Valuation
3661.52
2015
250.87
2016
272.79
2017
289.70
2018
303.11
5.80%
0.95
237.13
7.10%
0.87
237.82
8.70%
0.78
225.58
10.66%
0.67
202.15
2746.141
0.75
$ Mn
2013
208
113
30
65
31%
2014
229
124
30
75
33%
2015
263
151
33
79
30%
2016
289
171
34
85
29%
2017
310
188
34
88
28%
10%
15%
10%
7%
5%
46%
33%
43%
30%
41%
29%
39%
28%
240
161
79
COGS =
151
Profit Margin
Operating Margin
46%
31%
2018
325
203
33
89
27%
38%
27%
100
100
100
100
100
100
54.32692 54.1958 57.38826 59.00927 60.67606 62.38993
14.42308 13.11189 12.54181 11.69908 10.91297 10.17969
31.25 32.69231 30.06993 29.29166 28.41097 27.43038
-0.002414 0.058906
0.028246
-0.090909 -0.043478
-0.067194
4.0%
4.8%
0.2
5.8%
0.057754
0.07153
0.045218
6.9%
8.3%
0.037829
10.0%
0.01376
STOUT
Revenue
COGS
SG&A
Operating Income
Operating Margin %
2013
150
81
23
46
31%
2014
158
85
21
52
33%
2015
173
94
23
56
32%
2016
187
102
23
62
33%
2017
196
107
23
67
34%
5%
10%
8%
5%
5%
46%
31%
46%
33%
46%
32%
46%
33%
45%
34%
Profit Margin
Operating Margin
2018
206
113
22
71
35%
45%
35%
100
100
100
100
100
100
54 53.96825 54.25685 54.38598 54.51541 54.64515
15.33333 13.33333 13.27561 12.38108 11.54682 10.76877
30.66667 32.69841 32.46753 33.23295 33.93777 34.58608
-0.000588 0.005348
0.00238
-0.130435 -0.004329
-0.067382
4.0%
4.9%
0.225
6.0%
7.4%
9.0%
11.0%
Target
On the Rocks
Craftbev Co.
Park Ave.
Mark North
Epic MJ
Won Winery
Jane Co.
10.4666666667
1961.000
2721.3333333333
1.6
1.9
6.6
1.7
1.7
1.4
1.6
9.708738
12.375
28
8.679245
10.38462
10
8.235294