Financial Planning

Projection of Financial Statements

ASSUMPTIONS:

Revenues:
The growth rate of the industry's sales will be 20% for this year
The growth rate of the industry's sales will be 10% for the next year
The growth rate of the industry's sales will be 5.5% for the 2023 and 3.5% onwards
Market share will remain flat over the years
Gross margin and EBITDA margin will be the average of the last four years

Tax:
The forecasted tax rate will be a tax rate average of the last years of operation

Current Assets:
The componentes of the CCC will be an average between the 2018 and 2019 cycle.

Fixed Assets:
The investment in fixed capital as a percentage of sales will remain constant in the coming years.
It is assumed that new investments will have a useful file of 11 years.
The investment in fixed assets will be financed with own resources.

Financial Debt and Net Worth:

The company´s debt is based entirely on financial leases. We are going to proyect the debt based on the 2018 and 2019 a

Estimations

In order to proyect dividends we are going to assume a flat proyection of the 2019 dividend paid. In 2021 it will represen
75%. Afterwards it will be the 2019 dividend flat. We are also asumming stock is maintained the long run.

Valuation
In the perpetual growth DCF method we´ve used a FCFF growth of 7% in order to account for inflation and the recuperati
Forward Multiples we´ve used the median 2021 ratios.
t based on the 2018 and 2019 average Debt / EBITDA ratio.

nd paid. In 2021 it will represent 50% of the dividend paid and in 2022
ed the long run.

for inflation and the recuperation from the Covid pandemic. In the
 Financial Planning
Projected Revenues

1 Revenues Estimation

Industry Revenues
PEN 000s (unless otherwise noted) 2017 2018 2019 2020

Total Industry Revenues 5,214,963 5,543,230 6,035,505 4,561,041

Var. Sales (comparables)

Company Revenues
PEN 000s (unless otherwise noted) 2017 2018 2019 2020E

Market share 96.30% 96.40% 94.60% 94.60%

Total Revenues 5,022,009 5,343,674 5,709,588 4,314,745
 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E

5,473,249 6,020,574 6,351,706 6,574,016 6,804,106 7,042,250 7,288,729 7,543,834 7,807,868

20.00% 10.00% 5.50% 3.50% 3.50% 3.50% 3.50% 3.50% 3.50%

2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E

94.60% 94.60% 94.60% 94.60% 94.60% 94.60% 94.60% 94.60% 94.60%

5,177,694 5,695,463 6,008,714 6,219,019 6,436,685 6,661,968 6,895,137 7,136,467 7,386,244
OK
 Effective Tax
CAPM 12.40% Rate 31%
Risk Free rate (Rf) 1.56% D/E 0.6%
Targeted Levered Beta 0.87 Mkt Cap (M) 12,488
     Target D/E Ratio: 0.6% Debt (M) 70.487
     Target Effective Tax rate: 31%
     Unlevered Beta (Bu): 0.87 Stock Shares (M)
         Comparables D/E Ratio: 2.27% BACKUAC1 8
         Comparables Tax Rate: 18.53% BACKUBC1 2
         Comporabales Levered Beta: 0.89 BACKUSI1 570
Market Risk Premium (MRP) 6.43%
Country Risk Premium (CRP) 5.22%
         Sovereign yield spread: 1.32%
            Equities (r) st.dev: 33.98% Cost of Debt

            Bonds (r) st.dev: 8.59% Entidad Tasa

BBVA 6.16%
WACC 12.37% BCP 6.10%
   CAPM 12.40% Scotiabank 6.70%
   Equity / (Debt + Equity) 99.4% Interbank 6.45%
   Cost of Debt 7.00% Relsa Perú 8.00%
   Debt / (Debt + Equity) 0.6% BBVA 6.45%
BCP 7.40%
Scotiabank 7.40%
Total
 Damodaran Base
D/(D+E) 0.6% Industry Name
E/(D+E) 99.4% Beverage (Alcoholic)

MRP

Price Mkt Cap CRP

237.49 1806
213 431
1,800 10251

Participación en
Monto el total Cost of
3,395.00 5.54% Debt
1,427.00 2.33% 7.00%
6,796.00 11.10%
944.00 1.54%
4,114.00 6.72%
15,868.00 25.91%
15,036.00 24.55%
13,665.00 22.31%
61,245.00
 Effective
Number of firms Beta  D/E Ratio Tax rate Unlevered beta Cash/Firm value
126 0.9 2.27% 18.53% 0.89 3.22%

6.43% (Avg. S&P500 - Avg. T Bond)

1.32%
33.98%
8.59%
Unlevered beta corrected for cash HiLo Risk Standard deviation of equity
0.92 0.3779 2656%
 Average Beta over time
Standard deviation in operating income (last 10 years) 2018 2019 2020
31.46% 0.74 1.05 1.06
age Beta over time
Average (2018-21)
0.94
 Financial Planning
Projected Net Working Capital

2 NWK Estimation

Assumptions 2017 2018 2019

AR (CxC) (DOS o días de venta) 21.19 14.52 12.52

Inventory (Inventarios) (DSI o días de CV) 66.47 71.35 71.74
AP (CxP) (DPO o días de compras) - 307.50 345.78
CCC (222) (262)

NWK Accounts 2017 2018 2019

+ Receivable Accounts (Sale's days) 295,589 215,493 198,501

+ Inventories (COGS) 213,926 231,786 257,126
- Payable Accounts (783,534) (1,014,222) (1,263,698)
Non-Cash / Non-Debt WK (274,019) (566,943) (808,071)

Change in NC / ND - NWK (Increase/ Decrease) (292,924) (241,128)

 2020 2021E 2022E 2023E 2024E 2025E 2026E 2027E

9.75 16.07
95.61 70
418.41 327
(313) (241)

2020 2021E 2022E 2023E 2024E 2025E 2026E 2027E

116,837 231,187 254,306 268,293 277,683 287,402 297,461 307,872

293,804 226,233 248,857 262,544 271,733 281,244 291,087 301,275
(1,328,398) (804,151) (812,408) (919,883) (945,575) (975,342) (1,009,479) (1,044,811)
(917,757) (346,731) (309,245) (389,047) (396,159) (406,697) (420,931) (435,664)

(109,686) 571,026 37,486 (79,802) (7,112) (10,538) (14,234) (14,733)

 2028E 2029E

2028E 2029E

318,647 329,800
311,820 322,734
(1,081,379) (1,119,227)
(450,912) (466,694)

(15,248) (15,782)
 Financial Planning
Projected Net Fixed Assets

3 Fixed Assets Estimation

(D&A Investments up to now) 2017 2018 2019 2020

D&A
Buildings 19,224 18,994 26,746 21,650
Machinery & Equipment 103,563 103,548 109,461 109,577
Furniture 30,856 28,662 27,779 50,832
Vehicles 22,071 20,784 20,958 20,139
Computer equipment 2,700 3,199 6,075 2,496
Returnable boxes and containers 74,964 75,407 77,952 77,254
Various equipment 10,638 10,122 11,189 11,657
Intagible assets 157,927 3,345 15,161 24,182
D&A Flow 421,943 264,061 295,321 317,787

Acum D&A
Buildings 230,236 249,230 275,976 297,626
Machinery & Equipment 1,017,468 1,121,016 1,230,477 1,340,054
Furniture 273,888 302,550 330,329 381,161
Vehicles 142,942 163,726 184,684 204,823
Computer equipment 11,677 14,876 20,951 23,447
Returnable boxes and containers 537,089 612,496 690,448 767,702
Various equipment 154,787 164,909 176,098 187,755
Intagible assets 448,156 466,667 481,828 506,010
Acum D&A 2,816,243 3,095,470 3,390,791 3,708,578

Fixed Assets B.Balance Acum. Dep. Rate

Land 193,783 - 0.0%
Buildings 922,769 297,626 2.3%
Machinery & Equipment 2,104,575 1,340,054 5.1%
Furniture 468,764 381,161 7.4%
Vehicles 324,108 204,823 6.5%
Computer equipment 27,812 23,447 13.0%
Returnable boxes and containers 1,061,108 767,702 7.2%
Various equipment 262,311 187,755 4.2%
Intagible assets 1,002,283 506,010 2.4%
Work in progress 60,260 -
Total 6,427,773 3,708,578

Net Fixed Assets as of 2020 2,719,195

Net Fixed Assets (including D&A of New Investments) 2017 2018 2019 2020

Beginning Net Fixed Assets 3,119,818 2,895,977 2,842,947 2,813,847

Capex 198,102 211,031 266,221 223,135
D&A (421,943) (264,061) (295,321) (317,787)
Total Net Fixed Assets 2,895,977 2,842,947 2,813,847 2,719,195

Capex (as % of Sales) 3.9% 3.9% 4.7% 5.2%

Vida útil de las inversiones (capex)

D&A New investments (capex)

 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E

21,654 21,654 21,654 21,654 21,654 21,654 21,654 21,654

106,537 106,537 106,537 106,537 106,537 106,537 106,537 18,760
34,532 34,532 18,539 0 0 0 0 0
20,988 20,988 20,988 20,988 20,988 14,345 0 0
3,618 748 0 0 0 0 0 0
76,394 76,394 76,394 64,223 0 0 0 0
10,902 10,902 10,902 10,902 10,902 10,902 9,147 0
24,182 24,182 24,182 24,182 24,182 24,182 24,182 24,182
298,806 295,936 279,195 248,486 184,262 177,619 161,520 64,596

319,280 340,933 362,587 384,240 405,894 427,547 449,201 470,854

1,446,591 1,553,129 1,659,666 1,766,203 1,872,740 1,979,278 2,085,815 2,104,575
415,693 450,226 468,764 468,764 468,764 468,764 468,764 468,764
225,811 246,799 267,787 288,775 309,763 324,108 324,108 324,108
27,065 27,812 27,812 27,812 27,812 27,812 27,812 27,812
844,096 920,491 996,885 1,061,108 1,061,108 1,061,108 1,061,108 1,061,108
198,657 209,558 220,460 231,361 242,263 253,164 262,311 262,311
530,192 554,374 578,556 602,738 626,920 651,102 675,284 699,466
4,007,384 4,303,321 4,582,516 4,831,001 5,015,263 5,192,883 5,354,402 5,418,998

Useful life

35
15
6
8
4
8
8
6
 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E

2,719,195 2,649,864 2,585,607 2,529,157 2,488,664 2,497,126 2,496,428 2,495,474

229,475 252,423 266,306 275,627 285,274 295,259 305,593 316,288
(298,806) (316,680) (322,756) (316,120) (276,812) (295,956) (306,547) (237,247)
2,649,864 2,585,607 2,529,157 2,488,664 2,497,126 2,496,428 2,495,474 2,574,515

4.4%
11

20,744 43,561 67,634 92,550 118,337 145,027 172,651

20,744
2021E 20,744 20,744 20,744 20,744 20,744 20,744 20,744
2022E 22,818 22,818 22,818 22,818 22,818 22,818
2023E 24,073 24,073 24,073 24,073 24,073
2024E 24,915 24,915 24,915 24,915
2025E 25,787 25,787 25,787
2026E 26,690 26,690
2027E 27,624
2028E
2029E
2029E

21,654
0
0
0
0
0
0
24,182
45,836

492,508
2,104,575
468,764
324,108
27,812
1,061,108
262,311
723,648
5,464,834
 2029E

2,574,515
327,358
(247,078)
2,654,795

201,242

20,744
22,818
24,073
24,915
25,787
26,690
27,624
28,591
 Financial Planning
Projected Financial Debt

4 Financial Debt Estimation

Financial Debt (PEN 000s) 2017 2018 2019 2020

Financial Leases (ST) 28,587 23,400 27,333 17,846
Financial Leases (LT) 93,716 63,369 63,369 52,641
Total Debt 122,303 86,769 90,702 70,487

Total Debt / EBITDA 5.28% 2.98% 2.90% 3.37%

Financial Income 10,560 26,580 52,162 21,611

Financial Expenses (24,988) (19,355) (19,861) (18,765)
Net Exchange Rate difference 4,258 (8,945) 11,416 (19,084)
Net Financial Expenses (10170) (1720) 43,717 (16238)
2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E

78,836 86,719 91,489 94,691 98,005 101,435 104,986 108,660

2.94%

19,584
(20,742)
(3,089)
(4247) (4247) (4247) (4247) (4247) (4247) (4247) (4247)
2029E

112,463

(4247)
 Financial Planning
Projected Financial Statements

5 Financial Planning

Income Statement
PEN 000s (unless otherwise noted) 2017 2018 2019 2020 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E

Total Revenues 5,022,009 5,343,674 5,709,588 4,314,745 5,177,694 5,695,463 6,008,714 6,219,019 6,436,685 6,661,968 6,895,137 7,136,467 7,386,244
COGS (1,158,662) (1,169,519) (1,290,325) (1,106,281) (1,165,965) (1,282,561) (1,353,102) (1,400,461) (1,449,477) (1,500,209) (1,552,716) (1,607,061) (1,663,308)
Gross Profit 3,863,347 4,174,155 4,419,263 3,208,464 4,011,729 4,412,902 4,655,612 4,818,558 4,987,208 5,161,760 5,342,421 5,529,406 5,722,935
Operational Expenses (1,547,658) (1,265,591) (1,286,227) (1,117,628) (1,329,440) (1,462,384) (1,542,816) (1,596,814) (1,652,703) (1,710,547) (1,770,416) (1,832,381) (1,896,514)
EBITDA 2,315,689 2,908,564 3,133,036 2,090,836 2,682,289 2,950,518 3,112,796 3,221,744 3,334,505 3,451,213 3,572,005 3,697,025 3,826,421
D&A (282,643) (279,228) (295,321) (317,787) (298,806) (316,680) (322,756) (316,120) (276,812) (295,956) (306,547) (237,247) (247,078)
EBIT 2,033,046 2,629,336 2,837,715 1,773,049 2,383,482 2,633,838 2,790,040 2,905,624 3,057,693 3,155,256 3,265,458 3,459,778 3,579,343
Net Financial Expense (10,170) (1,720) 43,717 (16,238) (4,247) (4,247) (4,247) (4,247) (4,247) (4,247) (4,247) (4,247) (4,247)
EBT (Utilidad antes de impuestos) 2,022,876 2,627,616 2,881,432 1,756,811 2,379,235 2,629,590 2,785,792 2,901,377 3,053,446 3,151,009 3,261,211 3,455,531 3,575,096
Taxes 30.5% (632,595) (786,826) (869,961) (545,989) (724,941) (801,223) (848,817) (884,035) (930,370) (960,097) (993,675) (1,052,883) (1,089,314)
Net Income (Utilidad Neta) 1,390,281 1,840,790 2,011,471 1,210,822 1,654,294 1,828,367 1,936,975 2,017,342 2,123,076 2,190,912 2,267,536 2,402,648 2,485,782

Gross Profit Margin (% sales) 76.9% 78.1% 77.4% 74.4% 77.5% *We could use average o last margin.
EBITDA Margin ( % sales) 46.1% 54.4% 54.9% 48.5% 51.8%

Purchases 1,187,379 1,315,665 1,142,959 1,202,643 1,214,991 1,375,726 1,414,148 1,458,666 1,509,719 1,562,559 1,617,249 1,673,853
Financial Expenses (16238) (4247) (4247) (4247) (4247) (4247) (4247) (4247) (4247) (4247)
Balance Sheet
PEN 000s (unless otherwise noted) 2017 2018 2019 2020 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E
Assets
Cash 1,337,171 708,030 561,469 532,231 718,435 1,075,485 1,145,518 1,205,704 1,326,207 1,527,518 1,806,329 2,140,895 2,558,019
Accounts Receivable 295,589 215,493 198,501 116,837 231,187 254,306 268,293 277,683 287,402 297,461 307,872 318,647 329,800
Inventory 213,926 231,786 257,126 293,804 226,233 248,857 262,544 271,733 281,244 291,087 301,275 311,820 322,734
Current Assets 1,846,686 1,155,309 1,017,096 942,872 1,175,855 1,578,647 1,676,355 1,755,120 1,894,852 2,116,066 2,415,476 2,771,362 3,210,552
Net Fixed Assets 2,895,977 2,842,947 2,813,847 2,719,195 2,649,864 2,585,607 2,529,157 2,488,664 2,497,126 2,496,428 2,495,474 2,574,515 2,654,795
Fixed Assets 2,895,977 2,842,947 2,813,847 2,719,195 2,649,864 2,585,607 2,529,157 2,488,664 2,497,126 2,496,428 2,495,474 2,574,515 2,654,795

TOTAL ASSETS 4,742,663 3,998,256 3,830,943 3,662,067 3,825,719 4,164,255 4,205,512 4,243,784 4,391,978 4,612,495 4,910,950 5,345,877 5,865,347

Liabilities and Equity

Accounts Payable 783,534 1,014,222 1,263,698 1,328,398 804,151 812,408 919,883 945,575 975,342 1,009,479 1,044,811 1,081,379 1,119,227
Financial Obligations 122,303 86,769 90,702 70,487 78,836 86,719 91,489 94,691 98,005 101,435 104,986 108,660 112,463
Total Liabilities 905,837 1,100,991 1,354,400 1,398,885 882,987 899,127 1,011,372 1,040,266 1,073,347 1,110,914 1,149,796 1,190,039 1,231,690
Capital 780,722 780,722 780,722 780,722 780,722 780,722 780,722 780,722 780,722 780,722 780,722 780,722 780,722 `
Retained Earnings 264,364 501,316 482,728 1,202,396 1,202,396 3,030,763 4,967,739 6,985,080 9,108,156 11,299,068 13,566,604 15,969,252 18,455,034
Total Net Equity 1,045,086 1,282,038 1,263,450 1,983,118 1,983,118 3,811,485 5,748,461 7,765,802 9,888,878 12,079,790 14,347,326 16,749,974 19,235,756

TOTAL LIABILITIES + EQUITY 1,950,923 2,383,029 2,617,850 3,382,003 2,866,105 4,710,612 6,759,833 8,806,068 10,962,225 13,190,704 15,497,122 17,940,013 20,467,446

Sannity Check -280,064 -959,615 546,358 2,554,321 4,562,284 6,570,247 8,578,210 10,586,173 12,594,136 14,602,099
Cash Flow (Indirect Method)
PEN 000s (unless otherwise noted) 2017 2018 2019 2020 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E

Begining Balance n.a. 1,337,171 708,030 561,469 561,469 718,435 1,075,485 1,145,518 1,205,704 1,326,207 1,527,518 1,806,329 2,140,895

Cash Flow From Operating activities:

Net Income 1,654,294 1,828,367 1,936,975 2,017,342 2,123,076 2,190,912 2,267,536 2,402,648 2,485,782
+ D&A 298,806 316,680 322,756 316,120 276,812 295,956 306,547 237,247 247,078
+ Increase in deferred taxes
- Increases in Net Working Capital (571,026) (37,486) 79,802 7,112 10,538 14,234 14,733 15,248 15,782
Cash Flow from Operations (CFO) 1,382,074 2,107,562 2,339,534 2,340,573 2,410,426 2,501,103 2,588,816 2,655,143 2,748,642

Cash Flow from Investing activities:

Investment in assets (-) Cash received on asset sales (229,475) (252,423) (266,306) (275,627) (285,274) (295,259) (305,593) (316,288) (327,358)
Cash Flow from Investing (CFI) (229,475) (252,423) (266,306) (275,627) (285,274) (295,259) (305,593) (316,288) (327,358)

Cash Flow from Financing activities:

Change in Debt 8,349 7,884 4,770 3,202 3,314 3,430 3,550 3,674 3,803
Change in common stock
Cash dividends paid (509,011) (2,254,193) (2,007,963) (550,295) (1,003,982) (1,505,972) (2,007,963) (2,007,963) (2,007,963) (2,007,963) (2,007,963) (2,007,963) (2,007,963)
Cash Flow from Financing (CFF) (995,633) (1,498,089) (2,003,193) (2,004,761) (2,004,649) (2,004,533) (2,004,413) (2,004,289) (2,004,160)

Net Change in Cash 156,966 357,050 70,034 60,186 120,503 201,312 278,810 334,566 417,123

Ending Balance 1,337,171 708,030 561,469 561,469 718,435 1,075,485 1,145,518 1,205,704 1,326,207 1,527,518 1,806,329 2,140,895 2,558,019
 Valuation
DCF Valuation

6 Estimación del Free Cash Flow (FCFF - UFCF y FCFE - LFCF) Planning Horizon

Unlevered Free Cash Flow = Free Cash Flow to the Firm (FCFF) 1 2 3 4 5 6 7 8 9
PEN 000s (unless otherwise noted) 2017 2018 2019 2020 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E
Unlevered Free Cash Flows from the Planning Horizon
EBIT*(1-T) 1,680,355 1,856,856 1,966,978 2,048,465 2,155,674 2,224,456 2,302,148 2,439,144 2,523,437
+ Depreciation and Amortization (D&A) 298,806 316,680 322,756 316,120 276,812 295,956 306,547 237,247 247,078
- Capital Expenditures (Capex) (229,475) (252,423) (266,306) (275,627) (285,274) (295,259) (305,593) (316,288) (327,358)
- Increases in Net Working Capital (571,026) (37,486) 79,802 7,112 10,538 14,234 14,733 15,248 15,782

Unlevered Free Cash Flow (Planning Horizon) 1,178,660 1,883,627 2,103,230 2,096,070 2,157,749 2,239,388 2,317,835 2,375,351 2,458,938

7 Terminal Value Calculation

PEN 000s (unless otherwise noted) 2017 2018 2019 2020 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E

Perpetual Growth method

Exit Unlevered Cash Flow: 2,458,938
Terminal Value at t10 49,039,737
FCFF Perpetual growth: 7.00% Crecimiento de Largo Plazo: PBI
Potencial + Inflación de Largo Plazo.

Exit Multiple method

Exit EBITDA: EBITDA 3,826,421
Terminal Value at t10 EV 46,422,141
Exit Multiple: EV/EBITDA 12.13x
Mútiplo de largo plazo: promedio de
Terminus (Perpetual Growth method)
los últimos 5 a 10 años.
Perpetual Growth method Exit Multiple method

8 Present Value Calculations (as if EoP 2020) Present Value Calculations (as if EoP 2020)
PEN 000s (unless otherwise noted) PEN 000s (unless otherwise noted) N° Shares
0 Current Market Price
Discount Rate: WACC 12.37% Discount Rate: WACC 12.37% Premium (A)
N° Shares (Converted)
Cash Flows 10,476,045 37.9% Cash Flows 10,476,045 39.2% Premium (B)
Terminal Value (Perpetual Growth method) 17,173,657 62.1% Terminal Value (Exit Multiple method) 16,256,978 60.8% N° Shares (Converted)
Enterprise Value (EV) 27,649,702 Enterprise Value (EV) 26,733,023 Premium (Investment)
N° Shares (Converted)
Less: Net Debt -461,744 Less: Net Debt -461,744
Nominal Value per Share
Equity Value (EqV) 27,187,958 Equity Value (EqV) 26,271,279 Percentage

Share A Value (PEN) 203.71 10.11% Share A Value (PEN) 196.84 6.40%
Shares B Value (PEN) 201.94 Shares B Value (PEN) 195.13 6.40%
Investment Share Value (PEN) 19.82 Investment Share Value (PEN) 19.15 6.40%

9 Sensitivity Analysis Example:

Perpetual Growth method Exit Multiple method

Value per share (US$) Perpetual growth rate (g) Value per share (US$) Exit Multiple
19.82 3.50% 3.75% 4.00% 4.25% 4.50% 19.15 11.63x 11.88x 12.13x 12.38x 12.63x
11.87% 11.87%
12.12% 12.12%
WACC

WACC

12.37% 12.37%
12.62% 12.62%
12.87% 12.87%

Análisis de Football Field:

La ponderación (70% DCF: Ambos métodos para
DCF y 30%
Common Sharemúltiplos)
Common Investment generar un contraste.
Recommendation es discrecional
A al
Share B Stock Múltiplos: Los de mayor
alumno importancia son los 2019,
DCF (Perpetual & Exit Multiple) 70% 200.27 198.54 19.49
seguidos de los 2020. Los TTM
Multiples (Forward Multiples) 30% 202.28 201.54 20.00 son mútiplos pasados por lo
Target Price 200.87 199.44 19.64 que no se incluyen dentro del
Upside 8.58% 8.75% 9.11% criterio de decisión del
inversionista (sirven de
referencia).
Transaction Comps: Caso de
máximo upside dado que se
paga regularmente una prima
de control en dichas
transacciones.
ANR: Analyst Recomendation
de Bloomberg.
Last 52 weeks: últimas 52
semanas de cotizaciones.
 Datos que provienen de RV -> Valuation Comps -> Comp Sheet y/o EQRV
Comparable Analysis

EV / EBITDA EV / EBITDA EV / EBITDA P / E "TTM" P / E 2021 TV / EBITDA -> Datos que provienen de
TTM 2021 2022 Transac Comps MA Advanced Search.
Pueden ser de 8 a 12
Comparables Market Cap (PEN MM) Transaction Comps Total Value (US
transacciones de Considerar el mismo sector /
As of 31/12/2020 PEN MM As of 31/12/2018 PEN
manera tentativa (esMM subsector que el indicado en
RV.
AMBEV SA 54.58 10.19x 12.12x 11.15x 21.40x 23.62x Transaction 1 posible que sean más17.231
o 14.04x
menos).
BECLE SAB DE CV 9.60 19.58x 24.47x 22.25x 33.04x 35.64x Transaction 2 2.200 10.05x
VINA CONCHA Y TORO SA 1.30 7.36x 7.82x 7.72x 11.26x 11.11x Transaction 3 0.931 10.80x
CIA CERVECERIAS UNIDAS SA 3.89 7.93x 8.67x 8.16x 22.21x 20.68x Transaction 4 0.830 25.61x
FOMENTO ECONOMICO MEXICA-UBD 27.55 12.05x 9.61x 8.77x N.A. 25.37x Transaction 5 0.507 7.99x
ARCA CONTINENTAL SAB DE CV 10.42 6.77x 7.66x 7.11x 20.28x 16.58x Transaction 6 0.155 5.26x
EMBOTELLADORA ANDINA-A PREF 2.04 6.42x 5.73x 5.46x 12.33x 10.93x Transaction 7 0.031 16.94x
COCA-COLA FEMSA SAB DE CV 11.14 7.33x 7.24x 6.85x 19.99x 17.53x Transaction 8 0.016 2.04x
ORGANIZACION CULTIBA SAB CV 0.42 12.59x N.A. N.A. 10.36x N.A. Transaction 9 0.011 1.75x
Transaction 10 0.009 16.94x
Transaction 11 0.008 1.28x

First Quartile 7.3x 7.6x 7.0x 12.1x 15.2x First Quartile 3.7x
Second Quartile (Median) 7.9x 8.2x 7.9x 20.1x 19.1x Second Quartile (Median) 10.1x
Third Quartile 12.1x 10.2x 9.4x 21.6x 24.1x Third Quartile 15.5x
Fourth Quartile 19.6x 24.5x 22.3x 33.0x 35.6x Fourth Quartile 25.6x
Simple Mean 10.0x 10.4x 9.7x 18.9x 20.2x Simple Mean 10.2x
Weighted Avg. 10.6x 11.4x 10.5x 16.9x 23.3x Weighted Avg. 13.7x

Investment
2020 2021E 2022E Shares A Shares B
Bloomberg FLDS Shares
EBITDA 2,090,836 2,682,289 2,950,518 Datos que provienen de proyecciones de N° Shares 76,046,495 2,025,707 569,514,715
analistas -> FLDS en Bloomberg
EPS (A) 8.97 12.25 13.54 Percentage 56.32% 1.50% 42.18%
EPS (B) 9.86 12.25 13.54 Total Shares 133,466,925 134,631,304 1,371,743,395
EPS (Investment) 0.90 1.23 1.35