Market Closed -
Börse Stuttgart
09:32:05 14/06/2024 BST
|
5-day change
|
1st Jan Change
|
6.36
EUR
|
+0.87%
|
|
-2.08%
|
+6.18%
|
Fiscal Period: December |
2019
|
2020
|
2021
|
2022
|
2023
|
2024
|
2025
|
2026
|
---|
Capitalization
1 |
66,128
|
115,222
|
109,195
|
120,722
|
84,276
|
87,769
|
-
|
-
|
Enterprise Value (EV)
1 |
51,119
|
97,501
|
94,892
|
103,142
|
65,044
|
68,242
|
64,771
|
63,608
|
P/E ratio
|
34.1
x
|
42
x
|
25.6
x
|
25
x
|
15.2
x
|
14
x
|
12.4
x
|
11.4
x
|
Yield
|
1.18%
|
1.1%
|
1.85%
|
-
|
4.2%
|
4.24%
|
4.73%
|
5.08%
|
Capitalization / Revenue
|
2.36
x
|
4.15
x
|
3.62
x
|
3.75
x
|
2.48
x
|
2.49
x
|
2.38
x
|
2.27
x
|
EV / Revenue
|
1.83
x
|
3.51
x
|
3.15
x
|
3.21
x
|
1.92
x
|
1.93
x
|
1.75
x
|
1.65
x
|
EV / EBITDA
|
13.4
x
|
22.3
x
|
17.1
x
|
17
x
|
9.47
x
|
9.75
x
|
8.38
x
|
7.54
x
|
EV / FCF
|
17.9
x
|
26.5
x
|
21.4
x
|
32.8
x
|
34.6
x
|
18
x
|
13.5
x
|
11.9
x
|
FCF Yield
|
5.6%
|
3.77%
|
4.68%
|
3.05%
|
2.89%
|
5.55%
|
7.42%
|
8.44%
|
Price to Book
|
3.3
x
|
4.52
x
|
3.53
x
|
3.64
x
|
2.37
x
|
2.29
x
|
2.11
x
|
1.94
x
|
Nbr of stocks (in thousands)
|
1,350,983
|
1,364,183
|
1,364,355
|
1,364,233
|
1,364,197
|
1,364,197
|
-
|
-
|
Reference price
2 |
46.78
|
68.34
|
59.48
|
68.09
|
47.63
|
50.11
|
50.11
|
50.11
|
Announcement Date
|
29/03/20
|
05/03/21
|
28/03/22
|
22/03/23
|
26/03/24
|
-
|
-
|
-
|
Fiscal Period: December |
2019
|
2020
|
2021
|
2022
|
2023
|
2024
|
2025
|
2026
|
---|
Net sales
1 |
27,984
|
27,760
|
30,167
|
32,172
|
33,937
|
35,273
|
36,946
|
38,652
|
EBITDA
1 |
3,813
|
4,373
|
5,546
|
6,078
|
6,865
|
7,003
|
7,732
|
8,434
|
EBIT
1 |
2,698
|
3,250
|
4,455
|
5,001
|
5,737
|
6,036
|
6,868
|
7,559
|
Operating Margin
|
9.64%
|
11.71%
|
14.77%
|
15.54%
|
16.9%
|
17.11%
|
18.59%
|
19.56%
|
Earnings before Tax (EBT)
1 |
2,727
|
3,240
|
4,479
|
5,006
|
5,746
|
6,658
|
7,534
|
8,257
|
Net income
1 |
1,852
|
2,201
|
3,155
|
3,711
|
4,268
|
4,934
|
5,570
|
6,108
|
Net margin
|
6.62%
|
7.93%
|
10.46%
|
11.53%
|
12.58%
|
13.99%
|
15.08%
|
15.8%
|
EPS
2 |
1.371
|
1.627
|
2.324
|
2.728
|
3.132
|
3.582
|
4.050
|
4.414
|
Free Cash Flow
1 |
2,861
|
3,679
|
4,441
|
3,141
|
1,882
|
3,787
|
4,804
|
5,365
|
FCF margin
|
10.22%
|
13.25%
|
14.72%
|
9.76%
|
5.55%
|
10.74%
|
13%
|
13.88%
|
FCF Conversion (EBITDA)
|
75.05%
|
84.13%
|
80.08%
|
51.67%
|
27.42%
|
54.08%
|
62.14%
|
63.62%
|
FCF Conversion (Net income)
|
154.49%
|
167.11%
|
140.75%
|
84.64%
|
44.1%
|
76.74%
|
86.25%
|
87.84%
|
Dividend per Share
2 |
0.5500
|
0.7500
|
1.100
|
-
|
2.000
|
2.122
|
2.371
|
2.548
|
Announcement Date
|
29/03/20
|
05/03/21
|
28/03/22
|
22/03/23
|
26/03/24
|
-
|
-
|
-
|
Fiscal Period: December |
2019 S2
|
2020 S1
|
2020 S2
|
2021 S1
|
2021 Q4
|
2021 S2
|
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 Q2
|
---|
Net sales
1 |
11,433
|
15,679
|
12,081
|
18,291
|
3,395
|
11,876
|
10,065
|
19,273
|
9,837
|
3,062
|
12,899
|
10,706
|
10,886
|
21,592
|
9,386
|
2,958
|
12,345
|
10,150
|
10,983
|
20,891
|
10,223
|
3,216
|
13,084
|
-
|
-
|
EBITDA
|
-
|
-
|
-
|
-
|
-
|
-
|
2,148
|
-
|
1,778
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
EBIT
1 |
-
|
-
|
-
|
3,281
|
-458.4
|
1,173
|
2,323
|
3,845
|
1,885
|
-729.5
|
1,156
|
1,961
|
2,641
|
4,602
|
1,987
|
-852.8
|
1,135
|
2,156
|
2,568
|
4,397
|
2,052
|
-1,123
|
916.9
|
-
|
-
|
Operating Margin
|
-
|
-
|
-
|
17.94%
|
-13.5%
|
9.88%
|
23.08%
|
19.95%
|
19.16%
|
-23.83%
|
8.96%
|
18.32%
|
24.26%
|
21.31%
|
21.17%
|
-28.82%
|
9.19%
|
21.24%
|
23.38%
|
21.05%
|
20.07%
|
-34.92%
|
7.01%
|
-
|
-
|
Earnings before Tax (EBT)
1 |
-
|
-
|
-
|
-
|
-456.5
|
-
|
2,324
|
3,845
|
1,893
|
-732
|
1,161
|
-
|
2,640
|
4,604
|
1,991
|
-848.9
|
1,142
|
-
|
2,894
|
5,052
|
-
|
-
|
1,528
|
-
|
-
|
Net income
1 |
-
|
1,855
|
-
|
-
|
-455.3
|
-
|
1,726
|
2,852
|
1,415
|
-556.4
|
858.5
|
-
|
1,974
|
3,426
|
1,482
|
-639.9
|
842.2
|
1,597
|
2,159
|
3,774
|
1,685
|
-622
|
1,092
|
-
|
-
|
Net margin
|
-
|
11.83%
|
-
|
-
|
-13.41%
|
-
|
17.15%
|
14.8%
|
14.38%
|
-18.17%
|
6.66%
|
-
|
18.14%
|
15.87%
|
15.79%
|
-21.63%
|
6.82%
|
15.74%
|
19.65%
|
18.07%
|
16.48%
|
-19.34%
|
8.35%
|
-
|
-
|
EPS
2 |
0.1640
|
1.373
|
0.2540
|
1.780
|
-0.3370
|
0.5440
|
1.270
|
-
|
1.040
|
-0.4100
|
0.6290
|
-
|
1.449
|
2.515
|
1.088
|
-0.4700
|
0.6170
|
1.172
|
2.273
|
2.780
|
1.309
|
-1.160
|
0.8700
|
-
|
-
|
Dividend per Share
2 |
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
0.5570
|
-
|
0.5570
|
0.5570
|
-
|
0.6153
|
0.6153
|
Announcement Date
|
29/03/20
|
30/08/20
|
05/03/21
|
25/08/21
|
28/03/22
|
28/03/22
|
25/08/22
|
25/08/22
|
26/10/22
|
22/03/23
|
22/03/23
|
24/04/23
|
27/08/23
|
27/08/23
|
27/10/23
|
26/03/24
|
26/03/24
|
29/04/24
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Fiscal Period: December |
2019
|
2020
|
2021
|
2022
|
2023
|
2024
|
2025
|
2026
|
---|
Net Debt
1 |
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Net Cash position
1 |
15,009
|
17,722
|
14,303
|
17,580
|
19,232
|
19,526
|
22,997
|
24,160
|
Leverage (Debt/EBITDA)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Free Cash Flow
1 |
2,861
|
3,679
|
4,441
|
3,141
|
1,882
|
3,787
|
4,804
|
5,365
|
ROE (net income / shareholders' equity)
|
9.97%
|
11.1%
|
14.5%
|
15.3%
|
16.1%
|
16.8%
|
17.4%
|
17.6%
|
ROA (Net income/ Total Assets)
|
5.19%
|
5.59%
|
7.17%
|
7.66%
|
8.57%
|
9.55%
|
10.1%
|
10.5%
|
Assets
1 |
35,693
|
39,415
|
44,039
|
48,437
|
49,784
|
51,693
|
55,202
|
58,173
|
Book Value Per Share
2 |
14.20
|
15.10
|
16.90
|
18.70
|
20.10
|
21.90
|
23.80
|
25.80
|
Cash Flow per Share
2 |
2.970
|
3.660
|
4.450
|
3.590
|
2.040
|
4.580
|
4.620
|
5.320
|
Capex
1 |
1,155
|
1,275
|
1,602
|
1,738
|
895
|
1,553
|
1,347
|
1,371
|
Capex / Sales
|
4.13%
|
4.59%
|
5.31%
|
5.4%
|
2.64%
|
4.4%
|
3.65%
|
3.55%
|
Announcement Date
|
29/03/20
|
05/03/21
|
28/03/22
|
22/03/23
|
26/03/24
|
-
|
-
|
-
|
Last Close Price
50.11
CNY Average target price
67.56
CNY Spread / Average Target +34.82% Consensus |
1st Jan change
|
Capi.
|
---|
| -5.07% | 120B | | +3.15% | 57.16B | | +4.86% | 46.23B | | -18.14% | 32.99B | | -0.07% | 23.16B | | +10.79% | 18.6B | | +5.90% | 17.93B | | -36.87% | 15.58B | | -10.82% | 12.67B |
Other Brewers
|