1. W O R L DW I D E B R E W I N G
Illustrative DCF analysis for Happy Hour Co
Summary financials and cash flow
Net present value based on perpetuity growth method
Sensitising firm value ($m) and implied offer price to WACC and TGR
Source: Company Business Plan (January 2020); Equity research; J.P. Morgan analysis
Management estimates J.P. Morgan outside-in extrapolation
1
Adjust for non-cash exceptionals
Capex
Acquisition
Tax
Interest
Working Capital
Dividend
Other