Constellation Brands, Inc. (STZ)

Industry: Beverages - Wineries & Distilleries 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
DGE.L	3	Diageo plc	54,294	6.52	6.17	5.16	4.60	7.24	4.91
RI.PA	4	Pernod Ricard S.A.	26,487	6.86	6.20	5.07	4.78	-	13.72
600519.SS	5	Kweichow Moutai Co	24,804	20.09	17.46	14.11	12.36	16.68	12.41
STCK.L	6	Stock Spirits Grou	16,256	0.36	0.13	0.02	0.01	0.02	0.01
EDV.AX	7	Endeavour Group Li	16,091	7.66	7.66	4.21	4.21	10.33	6.71
000858.SZ	8	Wuliangye Yibin Co	11,667	16.58	15.36	9.01	8.37	43.65	8.18
Y92.SI	9	Thai Beverage Publ	11,660	12.42	12.16	9.52	9.13	12.04	11.48
STZ	10	Constellation Bran	9,623	21.75	21.27	14.33	12.90	10.46	10.64
0ROY.L	11	Davide Campari-Mil	7,114	13.15	11.70	6.96	6.14	6.56	8.11
600809.SS	12	Shanxi Xinghuacun	5,333	19.25	14.27	13.59	10.18	14.53	10.14
000568.SZ	13	Luzhou Laojiao Co.	4,261	15.34	13.06	9.86	8.29	10.55	8.44
BF-A	14	Brown-Forman Corpo	3,889	15.89	16.31	12.53	12.73	12.30	14.60
TWE.AX	15	Treasury Wine Esta	3,829	11.83	11.83	6.06	3.65	5.47	5.94
000596.SZ	16	Anhui Gujing Disti	2,971	17.94	14.94	11.04	9.06	69.76	9.38
002304.SZ	17	Jiangsu Yanghe Bre	2,761	49.45	63.84	23.77	27.77	-	36.11
RCO.PA	18	Rémy Cointreau S.	2,558	7.24	6.43	4.96	4.59	10.37	5.29

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	12.42	11.83	6.96	6.14	10.37	8.18
Full Range Median Multiple	13.15	12.16	9.01	8.29	10.55	8.44
Industry Multiple	14.70	14.50	9.06	8.39	16.88	10.36
Market Implied Multiple	22.52	22.02	14.70	13.23	10.73	10.92
Company (STZ) Multiple	21.75	21.27	14.33	12.90	10.46	10.64
(*) Net Income / EBITDA / Revenue	1,223	1,250	2,552	2,834	3,496	3,436
Winsorized Enterprise Value	N/A	N/A	17,763	17,413	36,263	28,089
Full Range Median Enterprise Value	N/A	N/A	23,000	23,485	36,894	29,006
(-) Net Debt	9,969	9,969	9,969	9,969	9,969	9,969
Winsorized Equity Value	15,183	14,790	7,794	7,444	26,294	18,120
Full Range Median Equity Value	16,074	15,199	13,031	13,516	26,926	19,037
(/) Shares Outstanding	176	176	176	176	176	176
Winsorized Fair Value	$86.36	$84.12	$44.33	$42.34	$149.55	$103.06
Full Range Median Fair Value	$91.42	$86.45	$74.11	$76.87	$153.14	$108.28
Current Price	$156.64	$156.64	$156.64	$156.64	$156.64	$156.64
Upside / Downside	-44.87%	-46.30%	-71.70%	-72.97%	-4.53%	-34.21%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$60.45	$58.88	$31.03	$29.64	$104.69	$72.14
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy