Public Comps and Valuation Multiples for Alcohol

Company	Market Cap	Enterprise Value	LTM Revenue	EV/LTM Revenue	EV/LTM EBITDA
LVMH	$275B	$302B	$95B	3.2x	10.7x
Kweichow Moutai	$232B	$225B	$26B	8.7x	13.0x
AB InBev	$151B	$213B	$62B	3.4x	9.6x
Ambev	$48B	$45B	$18B	2.6x	7.8x
Wuliangye	$45B	$27B	$7B	3.9x	11.7x
Diageo	$44B	$65B	$20B	3.3x	10.2x
Heineken	$43B	$59B	$35B	1.7x	7.6x
Backus	$33B	$33B	-	-	-
Constellation Brands	$24B	$35B	$9B	3.8x	10.4x
Xinghuacun Fenjiu	$21B	$19B	$6B	3.4x	7.9x
Heineken Holding	$19B	$36B	$35B	1.0x	-
Luzhou Laojiao	$18B	$15B	$4B	4.0x	7.0x
Carlsberg	$18B	$28B	$14B	2.0x	9.2x
Pernod Ricard	$18B	$31B	$11B	2.8x	9.3x
Eastroc Beverage	$14B	$12B	$3B	3.6x	12.9x
Asahi Group	$14B	$22B	$19B	1.2x	8.5x
Kirin Holdings	$13B	$18B	$16B	1.2x	8.5x
Brown-Forman	$12B	$15B	$4B	3.7x	12.3x
Budweiser APAC	$12B	$9B	$6B	1.5x	5.7x
Tsingtao Brewery	$10B	$7B	$5B	1.5x	6.9x
China Resources Beer	$10B	$9B	$6B	1.5x	6.8x
United Spirits	$10B	$9B	$1B	6.7x	37.5x
Jiangsu Yanghe Distillery	$9B	$6B	$3B	2.3x	10.7x
ThaiBev	$9B	$14B	$10B	1.4x	8.7x
Molson Coors Canada	$8B	$14B	-	-	-
Campari Group	$8B	$10B	$4B	2.8x	10.9x
Molson Coors	$8B	$14B	$11B	1.2x	6.1x
Anhui Gujing Distillery	$6B	$4B	$3B	1.4x	4.9x
Radico Khaitan	$5B	$5B	$656M	7.6x	44.4x
Yanjing Brewery	$5B	$4B	$2B	1.7x	9.1x
Jiangsu King's Luck	$5B	$3B	$2B	2.3x	6.5x
Anhui Yingjia Distillery	$4B	$3B	$914M	3.6x	7.8x
Sapporo Holdings	$4B	$5B	$3B	1.6x	19.6x
Emperador	$4B	$5B	-	-	-
Endeavour Group	$4B	$7B	$9B	0.9x	6.9x
United Breweries	$4B	$4B	$998M	3.8x	41.1x
Chongqing Brewery	$3B	$3B	$2B	1.4x	5.6x
ZJLD Group	$3B	$3B	$562M	5.0x	16.3x
Royal Unibrew	$3B	$4B	$2B	1.6x	8.6x
Becle	$3B	$3B	$2B	1.4x	5.8x
Treasury Wine Estates	$3B	$4B	$2B	2.2x	8.5x
Anadolu Efes	$3B	$4B	$6B	0.7x	3.9x
Remy Cointreau	$3B	$3B	$1B	3.1x	13.8x
SABECO	$2B	$2B	$1B	1.5x	7.0x
Compañía de Cervecerías Unidas	$2B	$3B	$3B	0.8x	5.9x
Nigerian Breweries	$2B	$2B	$1B	1.5x	7.8x
Boston Beer	$2B	$2B	$2B	0.9x	7.4x
Anhui Kouzi Distillery	$2B	$2B	$573M	2.9x	9.4x
East African Breweries	$1B	$2B	$1B	1.5x	5.8x
International Breweries	$1B	$1B	$504M	2.8x	12.4x
Cerveceria San Juan	$1B		-
Tuborg	$948M		-
Olvi	$759M		$826M
Hitejinro	$721M		$2B
Societe des Boissons du Maroc	$703M		$345M
Concha y Toro	$676M		$1B
Oeneo	$662M		$319M
Laurent-Perrier	$616M		$356M
Guinness Nigeria	$588M		$437M
Malteries Franco-Belges	$483M		-
C&C Group	$466M		$2B
Marston's	$381M		$1B
SNDL	$380M		$680M
Marie Brizard Wine & Spirits	$348M		$202M
Ottakringer Getraenke	$306M		-
Viva Wine Group	$272M		$639M
Anora Group	$262M		$766M
Kopparberg Bryggeri	$257M		-
Zwack Unicum	$240M		-
Delegat Group	$217M		$206M
Lanson-BCC	$212M		$284M
Hawesko Holding	$207M		$726M
Italian Wine Brands	$201M		$459M
Nfiniti	$191M		-
Masi Agricola	$179M		$76M
Purcari Wineries	$177M		-
VSPT Wine Group	$173M		-
Brewery Haacht	$171M		-
Santa Rita	$168M		-
Kulmbacher Brauerei	$142M		-
Vranken-Pommery Monopole	$137M		$316M
Sula Vineyards	$137M		$60M
KEO	$131M		-
Schloss Wachenheim	$125M		$537M
Ambra	$124M		$250M
Shepherd Neame	$98M		$222M
Advini	$78M		$329M
Harboes Bryggeri	$72M		-
Lark Distilling	$66M		$13M
Naked Wines	$66M		$264M
HLB Global	$49M		-
Gurktaler	$38M		-
Berentzen-Gruppe	$36M		$260M
Nokian Panimo	$29M		$15M
Prilepska Pivarnica	$28M		-
Viña Emiliana	$21M		-
High Coast Distillery	$18M		-
Foley Wines	$17M		-
Australian Vintage	$15M		$165M
Herno Gin	$14M		-
PARK & Bellheimer	$14M		-
Bermas	$11M		-
Lombard et Medot	$9M		-
BHB Brauholding Bayern	$8M		$20M
Aktienbrauerei Kaufbeuren	$7M		-
Global Hydrogen	$6M		-
Riojanas	$6M		-
Sektkellerei J Oppmann	$6M		-
Alefarm Brewing	$5M		-
Compagnia Dei Caraibi	$5M		-
Umida Group	$4M		-
Browar Czarnkow	$3M		-
IBC Polska F&P	$2M		-
Italian Food & Beverage	$2M		-
SETO Holdings	$1M		-
Arctic Blue Beverages	$1M		-
Lomsko Pivo	$206K		-
Olgeroin Egill	-		-

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