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Fairness Opinion Detail

BREW FOOpen source

Craft Brew Alliance, Inc. to Anheuser-Busch InBev SA/NV

Beverages/Nov 2019/Goldman Sachs

Deal Information

Target
Craft Brew Alliance, Inc.
Acquiror
Anheuser-Busch InBev SA/NV
Sector
Beverages
Target Type
Public
Acquiror Type
Strategic
Advisors
Goldman Sachs

Transaction Metrics

Enterprise Value
$360M
EV / LTM Sales
EV / LTM EBITDA
21.9x
EV / Fwd EBITDA

Advisor Transaction Comparables

Comparable transactions cited by the advisor, excluding the subject transaction.

Advisor: Goldman Sachs

EV/LTM EBITDA selected range: 8.8x - 31.5x

13 comps
Jan 2019Fuller, Smith & Turner P.L.C. Beer BusinessAsahi Group Holdings, Ltd.--23.6x-
Dec 2016Anheuser-Busch InBev SA/NV (CEE Brands)Asahi Group Holdings, Ltd.--14.8x-
Nov 2015Ballast Point Brewing & Spirits, Inc.Constellation Brands, Inc.--31.5x-
Nov 2015MillerCoors LLC (58% stake)Molson Coors Brewing Company--11.5x-
Nov 2015SABMiller plcAnheuser-Busch InBev SA/NV--18.9x-
Jan 2014Oriental Brewery Co. Ltd.Anheuser-Busch InBev SA/NV--11.6x-
Jul 2013Oy Hartwall AbRoyal Unibrew A/S--8.8x-
Jun 2012Grupo Modelo, S.A.B. de C.V. (49.7% stake)Anheuser-Busch InBev SA/NV--12.9x-
Sep 2011Foster's Group Pty. Ltd.SABMiller plc--14.5x-
Jul 2008Anheuser-Busch Cos. Inc.InBev N.V./S.A.--12.4x-
Jan 2008Scottish & Newcastle Limited / Baltic Beverages Holding ABCarlsberg A/S--12.2x-
Jan 2008Scottish & Newcastle Limited AssetsHeineken N.V.--12.9x-
Nov 2007Royal Grolsch N.V.SABMiller plc--14.4x-
Mean-15.4x-
Median-12.9x-

DCF Assumptions

Discount rate and terminal value assumptions the advisor selected for its discounted cash flow analysis.

Goldman Sachs

Open
WACC
6.0% – 7.0%
Terminal method
Perpetuity growth
Terminal assumption
2.0% – 2.5%
Forecast basis
projections (CBA management projections, unlevered free cash flow)
Forecast period
January 1, 2020 to December 31, 2024
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