Budweiser Brewing Company APAC Limited

DB:4BB Stock Report

Market Cap: €11.8b

Budweiser Brewing Company APAC Valuation

Is 4BB undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 4BB when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 4BB (€0.86) is trading below our estimate of fair value (€3.37)

Significantly Below Fair Value: 4BB is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 4BB?

Key metric: As 4BB is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 4BB. This is calculated by dividing 4BB's market cap by their current earnings.
What is 4BB's PE Ratio?
PE Ratio17.4x
EarningsUS$719.00m
Market CapUS$12.49b

Price to Earnings Ratio vs Peers

How does 4BB's PE Ratio compare to its peers?

The above table shows the PE ratio for 4BB vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average16.6x
KUL Kulmbacher Brauerei Aktien-Gesellschaft
23.6xn/a€139.8m
TAP Molson Coors Beverage
13.5x3.6%US$12.6b
168 Tsingtao Brewery
14.2x7.4%HK$85.1b
291 China Resources Beer (Holdings)
15.2x10.3%HK$83.4b
4BB Budweiser Brewing Company APAC
17.4x14.3%€97.2b

Price-To-Earnings vs Peers: 4BB is expensive based on its Price-To-Earnings Ratio (17.4x) compared to the peer average (16.5x).

Price to Earnings Ratio vs Industry

How does 4BB's PE Ratio compare vs other companies in the European Beverage Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
4BB 17.4xIndustry Avg. 17.0xNo. of Companies6PE01020304050+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 4BB is expensive based on its Price-To-Earnings Ratio (17.4x) compared to the European Beverage industry average (17.1x).

Price to Earnings Ratio vs Fair Ratio

What is 4BB's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

4BB PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio17.4x
Fair PE Ratio25.5x

Price-To-Earnings vs Fair Ratio: 4BB is good value based on its Price-To-Earnings Ratio (17.4x) compared to the estimated Fair Price-To-Earnings Ratio (25.5x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 4BB forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€0.85
€1.44
+68.4%
25.9%€2.41€0.97n/a27
Nov ’25€0.91
€1.43
+57.6%
24.1%€2.35€0.95n/a27
Oct ’25€1.14
€1.51
+32.3%
22.2%€2.30€1.01n/a27
Sep ’25€1.06
€1.54
+45.7%
21.8%€2.32€1.02n/a27
Aug ’25€1.07
€1.63
+52.4%
20.9%€2.35€1.03n/a27
Jul ’25€1.04
€1.80
+73.2%
18.6%€2.38€1.10n/a27
Jun ’25€1.12
€1.90
+69.9%
20.3%€3.15€1.30n/a27
May ’25€1.26
€2.05
+62.5%
19.7%€3.20€1.32n/a27
Apr ’25€1.32
€2.03
+54.1%
18.1%€3.15€1.36n/a27
Mar ’25€1.45
€2.14
+47.3%
18.9%€3.15€1.36n/a27
Feb ’25€1.42
€2.35
+65.2%
16.4%€3.14€1.35n/a26
Jan ’25€1.60
€2.55
+59.3%
14.5%€3.17€1.64n/a26
Dec ’24€1.53
€2.57
+68.3%
14.5%€3.18€1.65n/a26
Nov ’24€1.90
€2.73
+43.8%
12.7%€3.39€2.04€0.9126
Oct ’24€1.80
€2.94
+63.4%
12.1%€3.68€2.25€1.1426
Sep ’24€1.84
€2.92
+58.9%
12.4%€3.59€2.20€1.0627
Aug ’24€2.10
€3.13
+48.9%
7.8%€3.54€2.44€1.0727
Jul ’24€2.32
€3.20
+38.0%
7.4%€3.68€2.46€1.0427
Jun ’24€2.24
€3.31
+48.0%
7.7%€3.74€2.50€1.1227
May ’24€2.54
€3.29
+29.4%
7.6%€3.67€2.45€1.2626
Apr ’24€2.72
€3.31
+21.6%
7.7%€3.70€2.47€1.3226
Mar ’24€2.90
€3.31
+14.2%
11.4%€3.86€2.40€1.4526
Feb ’24€2.76
€3.16
+14.6%
12.2%€3.77€2.32€1.4226
Jan ’24€2.84
€3.17
+11.6%
13.1%€3.90€2.18€1.6027
Dec ’23€2.70
€3.08
+14.2%
14.7%€3.85€2.20€1.5326
Nov ’23€2.30
€3.25
+41.2%
15.3%€4.08€2.35€1.9026

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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