China Resources Beer Holdings Co Ltd Relative Valuation - China Resources Beer Holdings Co Ltd

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Price: 25.38 HKD -2.38% Market Closed

Market Cap: HK$82.3B

	China Resources Beer Holdings Co Ltd HKEX:291	HK

Multiples-Based Value

The Multiples-Based Value of one China Resources Beer Holdings Co Ltd stock under the Base Case scenario is 27.36 HKD. Compared to the current market price of 25.38 HKD, China Resources Beer Holdings Co Ltd is Undervalued by 7%.

Multiples-Based Value is the estimated value of a stock based on various valuation multiples like P/E and EV/EBIT ratios. It offers a quick snapshot of a stock's valuation in relation to its peers and historical norms.

What is Relative Valuation?

How is Multiples-Based Value calculated?

Multiples-Based Value

Base Case

Undervaluation 7%

Multiples-Based Value

Price

Worst Case

Base Case

Best Case

Valuation Multiples

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Multiples Across Competitors

All Multiples

P/S

P/E

EV/EBITDA

EV/EBIT

Forward Multiples

		Market Cap	P/S	P/E	EV/EBITDA	EV/EBIT
HK	China Resources Beer Holdings Co Ltd HKEX:291	82.3B HKD	1.9	21.6	9.1	9.1
BE	Anheuser Busch Inbev SA XETRA:1NBA	116.7B EUR	2.3	20	9.2	12.5
BE	Anheuser-Busch Inbev SA MIL:ABI	114B EUR	2.2	28	9.8	13.4
BR	Ambev SA BOVESPA:ABEV3	234.4B BRL	2.6	14.9	7.3	9.5
NL	Heineken NV AEX:HEIA	37B EUR	1.3	19.7	7.8	13.4
NL	Heineken Holding NV AEX:HEIO	17B EUR	0.6	18	4.6	7.7
DK	Carlsberg A/S CSE:CARL B	104.5B DKK	1.2	17.7	8.7	12.5
JP	Asahi Group Holdings Ltd TSE:2502	2.3T JPY	0.8	15	7.7	12.9
JP	Kirin Holdings Co Ltd TSE:2503	2T JPY	0.8	13.6	8.7	12.9
CN	Tsingtao Brewery Co Ltd SSE:600600	85.5B CNY	2.6	18.5	11.7	11.7
HK	Budweiser Brewing Company APAC Ltd HKEX:1876	94.7B HKD	2.1	24.8	6	9.8

			Revenue Growth	P/S to Growth
HK	China Resources Beer Holdings Co Ltd HKEX:291	Average P/S: 1.7 1.9	8%	0.2
BE	Anheuser Busch Inbev SA XETRA:1NBA	2.3	5%	0.5
BE	Anheuser-Busch Inbev SA MIL:ABI	2.2	6%	0.4
BR	Ambev SA BOVESPA:ABEV3	2.6	6%	0.4
NL	Heineken NV AEX:HEIA	1.3	5%	0.3
NL	Heineken Holding NV AEX:HEIO	0.6	7%	0.1
DK	Carlsberg A/S CSE:CARL B	1.2	4%	0.3
JP	Asahi Group Holdings Ltd TSE:2502	0.8	3%	0.3
JP	Kirin Holdings Co Ltd TSE:2503	0.8	2%	0.4
CN	Tsingtao Brewery Co Ltd SSE:600600	2.6	3%	0.9
HK	Budweiser Brewing Company APAC Ltd HKEX:1876	2.1	4%	0.5

			Earnings Growth	PEG
HK	China Resources Beer Holdings Co Ltd HKEX:291	Average P/E: 19.2 21.6	30%	0.7
BE	Anheuser Busch Inbev SA XETRA:1NBA	20	12%	1.7
BE	Anheuser-Busch Inbev SA MIL:ABI	28	17%	1.6
BR	Ambev SA BOVESPA:ABEV3	14.9	6%	2.5
NL	Heineken NV AEX:HEIA	19.7	23%	0.9
NL	Heineken Holding NV AEX:HEIO	18	30%	0.6
DK	Carlsberg A/S CSE:CARL B	17.7	20%	0.9
JP	Asahi Group Holdings Ltd TSE:2502	15	7%	2.1
JP	Kirin Holdings Co Ltd TSE:2503	13.6	9%	1.5
CN	Tsingtao Brewery Co Ltd SSE:600600	18.5	7%	2.6
HK	Budweiser Brewing Company APAC Ltd HKEX:1876	24.8	16%	1.5

			EBITDA Growth	EV/EBITDA to Growth
HK	China Resources Beer Holdings Co Ltd HKEX:291	Average EV/EBITDA: 8.2 9.1	21%	0.4
BE	Anheuser Busch Inbev SA XETRA:1NBA	9.2	6%	1.5
BE	Anheuser-Busch Inbev SA MIL:ABI	9.8	9%	1.1
BR	Ambev SA BOVESPA:ABEV3	7.3	6%	1.2
NL	Heineken NV AEX:HEIA	7.8	7%	1.1
NL	Heineken Holding NV AEX:HEIO	4.6	N/A	N/A
DK	Carlsberg A/S CSE:CARL B	8.7	7%	1.2
JP	Asahi Group Holdings Ltd TSE:2502	7.7	6%	1.3
JP	Kirin Holdings Co Ltd TSE:2503	8.7	6%	1.5
CN	Tsingtao Brewery Co Ltd SSE:600600	11.7	16%	0.7
HK	Budweiser Brewing Company APAC Ltd HKEX:1876	6	6%	1

			EBIT Growth	EV/EBIT to Growth
HK	China Resources Beer Holdings Co Ltd HKEX:291	Average EV/EBIT: 11.4 9.1	14%	0.7
BE	Anheuser Busch Inbev SA XETRA:1NBA	12.5	8%	1.6
BE	Anheuser-Busch Inbev SA MIL:ABI	13.4	11%	1.2
BR	Ambev SA BOVESPA:ABEV3	9.5	6%	1.6
NL	Heineken NV AEX:HEIA	13.4	12%	1.1
NL	Heineken Holding NV AEX:HEIO	7.7	14%	0.6
DK	Carlsberg A/S CSE:CARL B	12.5	9%	1.4
JP	Asahi Group Holdings Ltd TSE:2502	12.9	N/A	N/A
JP	Kirin Holdings Co Ltd TSE:2503	12.9	N/A	N/A
CN	Tsingtao Brewery Co Ltd SSE:600600	11.7	9%	1.3
HK	Budweiser Brewing Company APAC Ltd HKEX:1876	9.8	7%	1.4

China Resources Beer Holdings Co Ltd
HKEX:291

Multiples-Based Value

Valuation Multiples

Multiples Across Competitors

Competitors Multiples
China Resources Beer Holdings Co Ltd Competitors

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China Resources Beer Holdings Co Ltd HKEX:291

Multiples-Based Value

Valuation Multiples

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Competitors Multiples China Resources Beer Holdings Co Ltd Competitors

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Stocks

China Resources Beer Holdings Co Ltd
HKEX:291

Competitors Multiples
China Resources Beer Holdings Co Ltd Competitors