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    Task 2 Template

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    GauravVeeruSingh
    HappyHour Co. is a leading beer and spirits producer in Southeast Asia with operations in Singapore, Malaysia, and China. It generated $961 million in revenue in FY2019, up 7% from the previous year, with further growth expected to $1.071 billion in FY2020. The company's shareholders are reportedly looking to sell the business. An indicative valuation ranges from $3-3.5 billion based on a 10-11.5x multiple of the estimated $300 million EBITDA in FY2020. The sale will involve an initial round of indicative bids followed by a final bid phase with site visits and management presentations.

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    Task 2 Template

    Uploaded by

    GauravVeeruSingh
    36 views2 pages
    HappyHour Co. is a leading beer and spirits producer in Southeast Asia with operations in Singapore, Malaysia, and China. It generated $961 million in revenue in FY2019, up 7% from the previous year, with further growth expected to $1.071 billion in FY2020. The company's shareholders are reportedly looking to sell the business. An indicative valuation ranges from $3-3.5 billion based on a 10-11.5x multiple of the estimated $300 million EBITDA in FY2020. The sale will involve an initial round of indicative bids followed by a final bid phase with site visits and management presentations.

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    HappyHour Co. is a leading beer and spirits producer in Southeast Asia with operations in Singapore, Malaysia, and China. It generated $961 million in revenue in FY2019, up 7% from the previous year, with further growth expected to $1.071 billion in FY2020. The company's shareholders are reportedly looking to sell the business. An indicative valuation ranges from $3-3.5 billion based on a 10-11.5x multiple of the estimated $300 million EBITDA in FY2020. The sale will involve an initial round of indicative bids followed by a final bid phase with site visits and management presentations.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    36 views2 pages

    Task 2 Template

    Uploaded by

    GauravVeeruSingh
    HappyHour Co. is a leading beer and spirits producer in Southeast Asia with operations in Singapore, Malaysia, and China. It generated $961 million in revenue in FY2019, up 7% from the previous year, with further growth expected to $1.071 billion in FY2020. The company's shareholders are reportedly looking to sell the business. An indicative valuation ranges from $3-3.5 billion based on a 10-11.5x multiple of the estimated $300 million EBITDA in FY2020. The sale will involve an initial round of indicative bids followed by a final bid phase with site visits and management presentations.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 2

    CONFIDENTIAL

    HappyHour Co. Company Profile


    Leading producer and marketer of beer and spirits in Malaysia and Singapore with growing operations

    Overview Key financials


     Asia based Producer and marketer of beer, spirits and non alcoholic MMUSD$ FY18A FY19A FY20E
    beverages . Revenue 900 961 1071
    • Established in 1975 , HQ in Singapore Growth (%) - 7% 11%
    • Geographic Operations in Singapore, Malaysia, China
    Beer 100 110 135
    • Operations include manufacturing, distribution and direct sales.
    Spirits 75 85 105
     Recent Activity
    Non-Alcoholic beverages 50 55 60
     Happyhour Co. shareholders are rumoured to getting Exit and Retire
    225 250 300
    • Expanded to China EBITDA

    • New facilities planned for Cambodia Margin (%) 25% 26% 28%

    NPAT 135 153 193


    Shareholders
    Npat % 15% 16% 18%

    Indicative valuation
    US$MM
    Happy Family
    Hour Family 2020E EBITDA 300
    Co Family
    Growth (%) 20%

    EV/EBITDA Range 10.0x - 11.5x

    Valuation Range 3000 - 3500

    Source:Company website; Broker industry reports; News articles

    1
    CONFIDENTIAL

    Overview of auction process and key workstreams

    Date Event Key workstreams


    Mar 19, 2020 Access to Indicative Bid Documents Valuation
     Initial valuation analysis based on indicative bid documents
    Maintain Q&A log

    9am Apr 9, 2020 – 5pm Apr Indicative Bid Q&A Submission Due Structure and Financing
    Round 1:  Begin financing discussion
    Indicative Bid 13, 2020 (HKT)
    Phase
    Approvals
    5pm May 13, 2020 (HKT) Indicative Bid Due  Collect and Confirm Required approvals

    Late May 2020 Start of Final bid phase Site Visit and Management Presentation
    Release of process letter Two  Site visit and presentation
    Due Diligence
     Continue to conduct due diligence based on further information
    Provided in Data room
     Maintain Q&A Log
    Valuation
    Round 2: Final  Finalize valuation based on the financial forecast
    Bid Phase Late July 2020 Final Bids Due
    Financing
     Declaring Source of finance
    Approval
     Initiating application for Internal and Regulatory Approvals

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