Public Comps and Valuation Multiples for Alcohol

Company	Market Cap	Enterprise Value	LTM Revenue	EV/LTM Revenue	EV/LTM EBITDA
LVMH	$284B	$311B	$94B	3.3x	11.2x
Kweichow Moutai	$231B	$224B	$26B	8.7x	12.9x
AB InBev	$156B	$218B	$62B	3.5x	9.7x
Heineken	$49B	$65B	$35B	1.9x	8.3x
Diageo	$47B	$69B	$20B	3.5x	10.8x
Ambev	$47B	$43B	$18B	2.4x	7.4x
Wuliangye	$42B	$23B	$7B	3.3x	9.5x
Backus	$34B	$34B	-	-	-
Constellation Brands	$23B	$33B	$9.1B	3.6x	9.8x
Heineken Holding	$22B	$39B	$35B	1.1x	-
Xinghuacun Fenjiu	$21B	$19B	$5.6B	3.4x	7.9x
Carlsberg	$20B	$29B	$14B	2.1x	9.7x
Pernod Ricard	$19B	$32B	$11B	2.9x	9.8x
Luzhou Laojiao	$18B	$14B	$3.6B	3.9x	6.9x
Asahi Group	$14B	$23B	$19B	1.3x	9.3x
Kirin Holdings	$14B	$19B	$16B	1.2x	9.0x
Eastroc Beverage	$13B	$11B	$3.4B	3.2x	11.7x
Brown-Forman	$12B	$14B	$3.9B	3.6x	11.9x
Budweiser APAC	$11B	$8.4B	$5.9B	1.4x	5.3x
United Spirits	$10B	$9.8B	$1.4B	7.1x	39.5x
China Resources Beer	$9.8B	$8.8B	$5.7B	1.6x	6.7x
Tsingtao Brewery	$9.3B	$5.9B	$4.8B	1.2x	5.8x
ThaiBev	$8.9B	$15B	$10B	1.4x	8.9x
Jiangsu Yanghe Distillery	$8.8B	$5.6B	$2.6B	2.1x	10.0x
Molson Coors Canada	$8.1B	$14B	-	-	-
Campari Group	$7.8B		$3.5B
Molson Coors	$7.7B		$11B
Anhui Gujing Distillery	$5.9B		$2.7B
Radico Khaitan	$5.7B		$662M
Yanjing Brewery	$5B		$2.3B
Sapporo Holdings	$5B		$3.2B
Jiangsu King's Luck	$4.7B		$1.5B
Endeavour Group	$4.3B		$8.5B
Anhui Yingjia Distillery	$4B		$922M
Emperador	$3.9B		-
United Breweries	$3.7B		$1B
Royal Unibrew	$3.5B		$2.4B
ZJLD Group	$3.3B		$573M
Chongqing Brewery	$3.1B		$2.2B
Becle	$3B		$2.4B
Remy Cointreau	$2.8B		$1.1B
Treasury Wine Estates	$2.7B		$1.8B
Anadolu Efes	$2.6B		$6.3B
SABECO	$2.3B		$1B
Compañía de Cervecerías Unidas	$2.1B		$3.4B
Boston Beer	$1.9B		$2B
Anhui Kouzi Distillery	$1.7B		$570M
Nigerian Breweries	$1.7B		$1.2B
International Breweries	$1.6B		$506M
East African Breweries	$1.5B		$1.1B
Tilaknagar Industries	$1.1B		$311M
Cerveceria San Juan	$1.1B		-
Tuborg	$867M		-
Olvi	$775M		$830M
Hitejinro	$702M		$1.7B
Concha y Toro	$685M		$1.1B
Oeneo	$651M		$318M
Societe des Boissons du Maroc	$646M		$345M
Laurent-Perrier	$579M		$355M
Guinness Nigeria	$522M		$453M
C&C Group	$493M		$1.8B
Marston's	$476M		$1.2B
Malteries Franco-Belges	$474M		-
Marie Brizard Wine & Spirits	$376M		$201M
Viva Wine Group	$354M		$637M
SNDL	$334M		$674M
Ottakringer Getraenke	$304M		-
Anora Group	$284M		$757M
Andrew Peller	$272M		$281M
Delegat Group	$254M		$216M
Zwack Unicum	$243M		-
Kopparberg Bryggeri	$207M		-
Lanson-BCC	$203M		$269M
Italian Wine Brands	$198M		$457M
Nfiniti	$191M		-
Hawesko Holding	$182M		$722M
Purcari Wineries	$179M		-
Brewery Haacht	$177M		-
VSPT Wine Group	$173M		-
Masi Agricola	$169M		$75M
Santa Rita	$168M		-
KEO	$150M		-
Vranken-Pommery Monopole	$137M		$309M
Kulmbacher Brauerei	$135M		-
Sula Vineyards	$131M		$60M
Schloss Wachenheim	$123M		$533M
Ambra	$121M		$243M
Shepherd Neame	$95M		$224M
Advini	$79M		$329M
Harboes Bryggeri	$71M		-
Lark Distilling	$67M		$13M
Naked Wines	$66M		$264M
Riojanas	$58M		-
HLB Global	$46M		-
Gurktaler	$38M		-
Berentzen-Gruppe	$35M		$247M
Nokian Panimo	$30M		$15M
Prilepska Pivarnica	$28M		-
Viña Emiliana	$21M		-
Foley Wines	$18M		-
High Coast Distillery	$17M		-
Aktienbrauerei Kaufbeuren	$16M		-
Australian Vintage	$15M		-
PARK & Bellheimer	$14M		-
Herno Gin	$14M		-
Bermas	$11M		-
Lombard et Medot	$8M		-
BHB Brauholding Bayern	$8M		$20M
Compagnia Dei Caraibi	$6M		-
Global Hydrogen	$6M		-
Sektkellerei J Oppmann	$5M		-
Alefarm Brewing	$5M		-
IBC Polska F&P	$4M		-
Umida Group	$4M		-
Browar Czarnkow	$3M		-
Italian Food & Beverage	$2M		-
SETO Holdings	$2M		-
Innovation Beverage Group	$2M		-
Arctic Blue Beverages	$1M		-
Lomsko Pivo	$235K		-
Olgeroin Egill	-		-

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