Stock UBL UNITED BREWERIES LIMITED
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Financials United Breweries Limited NSE India S.E.

Equities

UBL

INE686F01025

Brewers

Market Closed - NSE India S.E.
Other stock markets
 07:43:49 2024-04-26 am EDT 		5-day change 1st Jan Change
2,046 INR +1.15% Intraday chart for United Breweries Limited +11.53% +14.59%
Apr. 22 United Breweries Limited Announces Resignation of Radovan Sikorsky as Director, Effective, July 01, 2024 CI
Apr. 22 United Breweries Limited Announces Resignation of Radovan Sikorsky as Chief Financial Officer, Effective July 01, 2024 CI

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 368,885 242,645 328,285 393,646 376,751 540,854 - -
Enterprise Value (EV) 1 369,230 243,513 324,738 384,647 372,954 535,815 535,077 532,419
P/E ratio 65.5 x 56.7 x 290 x 108 x 124 x 123 x 77.1 x 60.1 x
Yield 0.18% 0.27% 0.04% 0.71% 0.53% 0.43% 0.63% 0.8%
Capitalization / Revenue 5.7 x 3.73 x 7.74 x 6.74 x 5.02 x 6.72 x 5.99 x 5.42 x
EV / Revenue 5.7 x 3.74 x 7.65 x 6.59 x 4.97 x 6.66 x 5.93 x 5.34 x
EV / EBITDA 32.4 x 27.8 x 85.2 x 55.2 x 60.5 x 71 x 47.2 x 38 x
EV / FCF 180 x 234 x 77.4 x 53 x -135 x 170 x 121 x 81.1 x
FCF Yield 0.55% 0.43% 1.29% 1.89% -0.74% 0.59% 0.82% 1.23%
Price to Book 11.6 x 6.89 x 9.16 x 10 x 9.5 x 13.3 x 12 x 10.7 x
Nbr of stocks (in thousands) 264,405 264,405 264,405 264,405 264,405 264,405 - -
Reference price 2 1,395 917.7 1,242 1,489 1,425 2,046 2,046 2,046
Announcement Date 5/20/19 6/24/20 4/27/21 4/26/22 5/4/23 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 64,754 65,092 42,431 58,384 74,999 80,425 90,262 99,772
EBITDA 1 11,384 8,758 3,811 6,966 6,162 7,542 11,333 14,003
EBIT 1 8,785 5,907 1,490 4,794 4,056 5,416 8,824 11,027
Operating Margin 13.57% 9.08% 3.51% 8.21% 5.41% 6.73% 9.78% 11.05%
Earnings before Tax (EBT) 1 8,793 5,689 1,694 4,944 4,173 5,939 9,419 12,184
Net income 1 5,629 4,277 1,132 3,655 3,040 4,427 7,144 9,218
Net margin 8.69% 6.57% 2.67% 6.26% 4.05% 5.5% 7.91% 9.24%
EPS 2 21.30 16.18 4.280 13.82 11.50 16.69 26.52 34.06
Free Cash Flow 1 2,049 1,039 4,196 7,261 -2,758 3,144 4,411 6,569
FCF margin 3.16% 1.6% 9.89% 12.44% -3.68% 3.91% 4.89% 6.58%
FCF Conversion (EBITDA) 18% 11.86% 110.12% 104.23% - 41.69% 38.92% 46.91%
FCF Conversion (Net income) 36.39% 24.29% 370.62% 198.67% - 71.02% 61.74% 71.26%
Dividend per Share 2 2.500 2.500 0.5000 10.50 7.500 8.760 12.98 16.40
Announcement Date 5/20/19 6/24/20 4/27/21 4/26/22 5/4/23 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 12,911 15,446 11,195 14,270 15,828 17,092 24,387 16,823 16,130 17,659 22,748 17,948 18,090 19,857
EBITDA 1 - - 955.9 1,654 1,742 2,615 2,661 2,194 770.4 536.3 2,230 1,991 1,920 1,812
EBIT 1 - - 403.5 1,097 - 2,082 - - - - 1,716 1,596 - -
Operating Margin - - 3.6% 7.69% - 12.18% - - - - 7.54% 8.89% - -
Earnings before Tax (EBT) 1 - - - - 1,236 2,188 2,181 1,806 51.4 134.8 1,805 1,586 1,698 1,294
Net income 1 1,268 971.4 308.9 803.8 907.9 1,634 1,621 1,340 -19.7 98.1 1,362 1,257 1,200 955.7
Net margin 9.82% 6.29% 2.76% 5.63% 5.74% 9.56% 6.65% 7.97% -0.12% 0.56% 5.99% 7% 6.63% 4.81%
EPS 2 4.800 3.670 1.170 3.040 3.430 6.180 - - - - 5.150 4.800 - -
Dividend per Share - 0.5000 - - - - - - - - - - - -
Announcement Date 1/28/21 4/27/21 7/28/21 10/27/21 1/28/22 4/26/22 7/27/22 10/20/22 2/9/23 5/4/23 7/28/23 - - -
1INR in Million2INR
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 346 868 - - - - - -
Net Cash position 1 - - 3,547 8,999 3,797 5,039 5,777 8,435
Leverage (Debt/EBITDA) 0.0304 x 0.0991 x - - - - - -
Free Cash Flow 1 2,049 1,039 4,196 7,261 -2,759 3,144 4,411 6,569
ROE (net income / shareholders' equity) 19.2% 12.8% 3.19% 9.72% 8.31% 11.1% 16.4% 18.8%
ROA (Net income/ Total Assets) - - - 6.19% 5.37% 6.55% 9.21% 12%
Assets 1 - - - 59,012 56,643 67,572 77,612 77,021
Book Value Per Share 2 120.0 133.0 135.0 149.0 150.0 154.0 170.0 191.0
Cash Flow per Share - - 23.50 - - - - -
Capex 1 4,379 4,039 2,007 1,736 1,563 3,019 3,146 3,155
Capex / Sales 6.76% 6.21% 4.73% 2.97% 2.08% 3.75% 3.49% 3.16%
Announcement Date 5/20/19 6/24/20 4/27/21 4/26/22 5/4/23 - - -
1INR in Million2INR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for United Breweries Limited

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
14
Last Close Price
2,046 INR
Average target price
1,805 INR
Spread / Average Target
-11.75%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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