Financials Budweiser Brewing Company APAC Limited

Equities

1876

KYG1674K1013

Brewers

Market Closed - Hong Kong S.E. 04:08:05 2024-05-31 am EDT 5-day change 1st Jan Change
9.88 HKD -2.37% Intraday chart for Budweiser Brewing Company APAC Limited -4.63% -32.42%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 44,634 43,655 34,680 41,558 24,745 16,657 - -
Enterprise Value (EV) 1 43,995 42,609 32,849 39,324 21,935 13,385 12,908 12,205
P/E ratio 49.8 x 84.9 x 36.5 x 45.6 x 29.2 x 16.2 x 14.2 x 12.9 x
Yield 0.78% 0.86% 1.15% 1.2% 2.83% 3.96% 4.47% 4.86%
Capitalization / Revenue 6.82 x 7.81 x 5.11 x 6.42 x 3.61 x 2.33 x 2.18 x 2.06 x
EV / Revenue 6.72 x 7.63 x 4.84 x 6.07 x 3.2 x 1.87 x 1.69 x 1.51 x
EV / EBITDA 20.7 x 26.9 x 15.4 x 20.4 x 10.8 x 6.22 x 5.46 x 4.83 x
EV / FCF 57.3 x 53.7 x 25.3 x 36.3 x 16.7 x 10.8 x 9.38 x 7.22 x
FCF Yield 1.75% 1.86% 3.95% 2.75% 5.99% 9.29% 10.7% 13.8%
Price to Book 4.55 x 4.09 x 3.15 x 3.86 x 2.29 x 1.49 x 1.44 x 1.41 x
Nbr of stocks (in thousands) 13,220,397 13,220,507 13,220,535 13,219,913 13,216,580 13,184,044 - -
Reference price 2 3.376 3.302 2.623 3.144 1.872 1.263 1.263 1.263
Announcement Date 2/26/20 2/24/21 2/23/22 3/1/23 2/28/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 6,546 5,588 6,788 6,478 6,856 7,162 7,638 8,078
EBITDA 1 2,121 1,584 2,139 1,932 2,023 2,151 2,363 2,524
EBIT 1 1,466 937 1,427 1,261 1,369 1,504 1,697 1,855
Operating Margin 22.4% 16.77% 21.02% 19.47% 19.97% 21% 22.22% 22.96%
Earnings before Tax (EBT) 1 1,367 908 1,413 1,283 1,327 1,532 1,737 1,912
Net income 1 898 514 950 913 852 1,032 1,177 1,293
Net margin 13.72% 9.2% 14% 14.09% 12.43% 14.41% 15.41% 16.01%
EPS 2 0.0678 0.0389 0.0719 0.0690 0.0642 0.0778 0.0888 0.0977
Free Cash Flow 1 768 793 1,297 1,083 1,313 1,244 1,376 1,690
FCF margin 11.73% 14.19% 19.11% 16.72% 19.15% 17.37% 18.01% 20.92%
FCF Conversion (EBITDA) 36.21% 50.06% 60.64% 56.06% 64.9% 57.82% 58.22% 66.94%
FCF Conversion (Net income) 85.52% 154.28% 136.53% 118.62% 154.11% 120.56% 116.89% 130.67%
Dividend per Share 2 0.0263 0.0283 0.0302 0.0378 0.0529 0.0500 0.0564 0.0614
Announcement Date 2/26/20 2/24/21 2/23/22 3/1/23 2/28/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2022 S2 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2023 S2 2024 Q1 2024 Q2 2024 S1 2024 Q3 2024 Q4 2024 S2 2025 Q1 2025 S1 2025 S2
Net sales 1 2,575 1,882 1,429 1,632 1,821 3,453 1,860 1,165 3,025 1,702 1,964 3,666 1,897 1,293 3,190 1,643 1,904 3,666 2,000 1,389 3,483 - 3,976 3,719
EBITDA 1 694 623 361 570 569 - 593 200 793 580 593 1,173 584 266 - 572 606.7 - 645.5 300.5 - - - -
EBIT 1 383 450 182 394 397 791 429 41 470 418 432 850 417 102 519 408 456.5 - 485.2 137.6 - - - -
Operating Margin 14.87% 23.91% 12.74% 24.14% 21.8% 22.91% 23.06% 3.52% 15.54% 24.56% 22% 23.19% 21.98% 7.89% 16.27% 24.83% 23.98% - 24.26% 9.9% - - - -
Earnings before Tax (EBT) 1 - 461 176 393 413 806 440 37 477 420 443 863 431 33 464 410 430 - 475 125 - - - -
Net income 1 185 348 99 302 323 625 300 -12 288 297 278 575 300 -23 277 287 288.1 - 310.7 111.1 - - - -
Net margin 7.18% 18.49% 6.93% 18.5% 17.74% 18.1% 16.13% -1.03% 9.52% 17.45% 14.15% 15.68% 15.81% -1.78% 8.68% 17.47% 15.13% - 15.54% 8% - - - -
EPS 2 - 0.0263 0.007600 0.0228 0.0245 - 0.0226 -0.000900 - 0.0224 0.0209 0.0433 0.0226 -0.001700 0.0209 0.0216 0.0200 0.0400 0.0250 0.0125 0.0400 - 0.0500 0.0300
Dividend per Share 2 - - 0.0302 - - - - 0.0378 - - - - - 0.0529 0.0529 0.0148 0.0140 - 0.0140 0.0140 - 0.0152 - -
Announcement Date 7/29/20 10/27/21 2/23/22 5/4/22 7/27/22 7/27/22 10/26/22 3/1/23 3/1/23 5/3/23 8/2/23 8/2/23 10/30/23 2/28/24 2/28/24 5/7/24 - - - - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 639 1,046 1,831 2,234 2,810 3,272 3,749 4,452
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 768 793 1,297 1,083 1,313 1,244 1,376 1,690
ROE (net income / shareholders' equity) 8.98% 5.01% 8.76% 8.39% 7.91% 9.37% 10.2% 10.8%
ROA (Net income/ Total Assets) 5.76% 3.26% 5.79% 5.6% 5.29% 6.14% 6.79% 7.17%
Assets 1 15,585 15,749 16,407 16,311 16,115 16,799 17,331 18,040
Book Value Per Share 2 0.7400 0.8100 0.8300 0.8100 0.8200 0.8500 0.8800 0.9000
Cash Flow per Share 2 0.1200 0.1000 0.1400 0.1200 0.1400 0.1400 0.1500 0.1600
Capex 1 611 508 606 494 498 521 542 537
Capex / Sales 9.33% 9.09% 8.93% 7.63% 7.26% 7.27% 7.09% 6.65%
Announcement Date 2/26/20 2/24/21 2/23/22 3/1/23 2/28/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
30
Last Close Price
1.263 USD
Average target price
2.034 USD
Spread / Average Target
+61.02%
Consensus
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