Gurktaler AG (GAGS.VI)

Industry: Beverages - Alcoholic Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
600573.SS	38	FuJian YanJing Hui	86	34.04	27.75	15.86	13.66	7.27	16.63
WBR.TO	39	Waterloo Brewing L	76	151.60	190.97	14.70	12.68	51.47	53.41
000752.SZ	40	Tibet Development	63	19.94	19.94	6.25	6.25	2.24	6.35
JAGAJITIND.BO	41	Jagatjit Industrie	51	-	-	91.49	107.28	-	-
DLTA.JK	42	PT Delta Djakarta	39	11.27	11.65	4.58	4.43	5.91	6.69
000929.SZ	43	Lanzhou Huanghe En	35	-	-	-	-	-	-
600238.SS	44	HaiNan Yedao (Grou	26	-	-	-	-	364.71	-
GAGS.VI	45	Gurktaler AG	9	6.23	6.23	-	-	12.47	-
IPST	46	Heritage Distillin	8	1.05	1.05	0.83	0.83	-	-
IBG	47	Innovation Beverag	5	-	-	-	-	-	-
ALEFRM.CO	48	Alefarm Brewing A/	3	-	-	-	-	-	-
SBEV-WT	49	Splash Beverage Gr	1	-	-	-	-	-	-
HYTN.CN	50	HYTN Innovations I	1	-	-	-	-	-	-
WINSOMBR.BO	51	Winsome Breweries	0	576.67	576.67	76.76	76.76	-	-
SILVOAK.BO	52	Silver Oak (India)	0	-	-	218.68	218.68	-	-
BEE.AX	53	Broo Limited	0	-	-	-	-	-	-

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	15.60	15.80	10.48	9.46	6.59	6.69
Full Range Median Multiple	26.99	23.84	15.28	13.17	7.27	11.66
Industry Multiple	132.43	138.00	53.64	55.07	86.32	20.77
Market Implied Multiple	9.96	9.96	-	-	20.24	-
Company (GAGS.VI) Multiple	6.23	6.23	-	-	12.47	-
(*) Net Income / EBITDA / Revenue	3	3	-1	-1	2	-1
Winsorized Enterprise Value	N/A	N/A	-5	-5	10	-6
Full Range Median Enterprise Value	N/A	N/A	-8	-7	11	-10
(-) Net Debt	-1	-1	-1	-1	-1	-1
Winsorized Equity Value	51	51	-5	-4	11	-5
Full Range Median Equity Value	88	77	-7	-6	12	-9
(/) Shares Outstanding	2	2	2	2	2	2
Winsorized Fair Value	$25.06	$25.36	$-2.28	$-2.02	$5.46	$-2.38
Full Range Median Fair Value	$43.34	$38.28	$-3.50	$-2.96	$5.99	$-4.44
Current Price	$16.00	$16.00	$16.00	$16.00	$16.00	$16.00
Upside / Downside	56.60%	58.53%	-114.26%	-112.65%	-65.85%	-114.91%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$17.54	$17.76	$-1.60	$-1.42	$3.82	$-1.67
Buy / Don't Buy	BUY	BUY	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy