Financials Budweiser Brewing Company APAC Limited

Equities

1876

KYG1674K1013

Brewers

Market Closed - Hong Kong S.E. Other stock markets 09:08:20 26/04/2024 BST			5-day change	1st Jan Change
10.94 ^HKD	+2.05%		+8.96%	-25.17%

04-08	Wall Street, US Economy Outlook Lifts Asian Stock Markets	MT
04-08	Jefferies Adjusts Budweiser Brewing Co APAC’s Price Target to HK$21.20 From HK$21.70, Keeps at Buy	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	44,634	43,655	34,680	41,558	24,745	18,425	-	-
Enterprise Value (EV) ¹	43,995	42,609	32,849	39,324	21,935	15,204	14,674	13,909
P/E ratio	49.8 x	84.9 x	36.5 x	45.6 x	29.2 x	17.5 x	15.2 x	13.9 x
Yield	0.78%	0.86%	1.15%	1.2%	2.83%	3.69%	4.06%	4.79%
Capitalization / Revenue	6.82 x	7.81 x	5.11 x	6.42 x	3.61 x	2.54 x	2.38 x	2.25 x
EV / Revenue	6.72 x	7.63 x	4.84 x	6.07 x	3.2 x	2.09 x	1.89 x	1.7 x
EV / EBITDA	20.7 x	26.9 x	15.4 x	20.4 x	10.8 x	6.96 x	6.09 x	5.41 x
EV / FCF	57.3 x	53.7 x	25.3 x	36.3 x	16.7 x	11.6 x	10.5 x	7.92 x
FCF Yield	1.75%	1.86%	3.95%	2.75%	5.99%	8.66%	9.56%	12.6%
Price to Book	4.55 x	4.09 x	3.15 x	3.86 x	2.29 x	1.67 x	1.6 x	1.56 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	1.397	1.397	1.397
Announcement Date	26/02/20	24/02/21	23/02/22	01/03/23	28/02/24	-	-	-

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	7,264	7,750	8,180
EBITDA ¹	2,121	1,584	2,139	1,932	2,023	2,184	2,410	2,572
EBIT ¹	1,466	937	1,427	1,261	1,369	1,536	1,733	1,893
Operating Margin	22.4%	16.77%	21.02%	19.47%	19.97%	21.14%	22.36%	23.14%
Earnings before Tax (EBT) ¹	1,367	908	1,413	1,283	1,327	1,567	1,775	1,951
Net income ¹	898	514	950	913	852	1,060	1,212	1,322
Net margin	13.72%	9.2%	14%	14.09%	12.43%	14.59%	15.63%	16.16%
EPS ²	0.0678	0.0389	0.0719	0.0690	0.0642	0.0800	0.0919	0.1003
Free Cash Flow ¹	768	793	1,297	1,083	1,313	1,316	1,402	1,757
FCF margin	11.73%	14.19%	19.11%	16.72%	19.15%	18.12%	18.1%	21.48%
FCF Conversion (EBITDA)	36.21%	50.06%	60.64%	56.06%	64.9%	60.26%	58.19%	68.32%
FCF Conversion (Net income)	85.52%	154.28%	136.53%	118.62%	154.11%	124.2%	115.74%	132.96%
Dividend per Share ²	0.0263	0.0283	0.0302	0.0378	0.0529	0.0515	0.0568	0.0670
Announcement Date	26/02/20	24/02/21	23/02/22	01/03/23	28/02/24	-	-	-

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	1,627	2,022	-	2,039	1,377	-	-	-	-
EBITDA ¹	694	623	361	570	569	-	593	200	793	580	593	1,173	584	266	-	577	657.5	-	668.5	295.5	-	-	-	-
EBIT ¹	383	450	182	394	397	791	429	41	470	418	432	850	417	102	519	412.2	483.1	-	500.4	119.3	-	-	-	-
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%	25.33%	23.89%	-	24.54%	8.66%	-	-	-	-
Earnings before Tax (EBT) ¹	-	461	176	393	413	806	440	37	477	420	443	863	431	33	464	422	507	-	513	116	-	-	-	-
Net income ¹	185	348	99	302	323	625	300	-12	288	297	278	575	300	-23	277	281.8	317.4	-	327.8	118.5	-	-	-	-
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%	17.32%	15.7%	-	16.07%	8.61%	-	-	-	-
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	0.0200	0.0210	0.0400	0.0260	0.0160	0.0400	-	0.0600	0.0300
Dividend per Share ²	-	-	0.0302	-	-	-	-	0.0378	-	-	-	-	-	0.0529	0.0529	0.0152	0.0152	-	0.0152	0.0152	-	0.0168	-	-
Announcement Date	29/07/20	27/10/21	23/02/22	04/05/22	27/07/22	27/07/22	26/10/22	01/03/23	01/03/23	03/05/23	02/08/23	02/08/23	30/10/23	28/02/24	28/02/24	-	-	-	-	-	-	-	-	-

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	3,221	3,751	4,516
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	768	793	1,297	1,083	1,313	1,316	1,402	1,757
ROE (net income / shareholders' equity)	8.98%	5.01%	8.76%	8.39%	7.91%	9.57%	10.4%	11%
ROA (Net income/ Total Assets)	5.76%	3.26%	5.79%	5.6%	5.29%	6.46%	6.97%	7.34%
Assets ¹	15,585	15,749	16,407	16,311	16,115	16,416	17,385	18,007
Book Value Per Share ²	0.7400	0.8100	0.8300	0.8100	0.8200	0.8400	0.8800	0.9000
Cash Flow per Share ²	0.1200	0.1000	0.1400	0.1200	0.1400	0.1400	0.1500	0.1700
Capex ¹	611	508	606	494	498	532	553	552
Capex / Sales	9.33%	9.09%	8.93%	7.63%	7.26%	7.33%	7.14%	6.75%
Announcement Date	26/02/20	24/02/21	23/02/22	01/03/23	28/02/24	-	-	-

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

Ratings for Budweiser Brewing Company APAC Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1.397 USD

Average target price

2.161 USD

Spread / Average Target

+54.65%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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