Stock 532478 UNITED BREWERIES LIMITED
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Financials United Breweries Limited

Equities

532478

INE686F01025

Brewers

Market Closed - Bombay S.E.
Other stock markets
 03:30:51 31/05/2024 pm IST 		5-day change 1st Jan Change
1,859 INR +0.95% Intraday chart for United Breweries Limited -0.61% +4.21%
27/05 Kingfisher Appoints Mohit Raina as Category Director for United Breweries CI
14/05 India's Radico Khaitan posts Q4 profit rise on strong premium liquor demand RE

Valuation

Fiscal Period: Marzo 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 3,68,885 2,42,645 3,28,285 3,93,646 3,76,751 4,91,608 - -
Enterprise Value (EV) 1 3,69,230 2,43,513 3,24,738 3,84,647 3,72,954 4,58,042 4,89,473 4,84,875
P/E ratio 65.5 x 56.7 x 290 x 108 x 124 x 112 x 74.1 x 54.5 x
Yield 0.18% 0.27% 0.04% 0.71% 0.53% 0.47% 0.75% 0.95%
Capitalization / Revenue 5.7 x 3.73 x 7.74 x 6.74 x 5.02 x 5.64 x 5.35 x 4.83 x
EV / Revenue 5.7 x 3.74 x 7.65 x 6.59 x 4.97 x 5.64 x 5.33 x 4.76 x
EV / EBITDA 32.4 x 27.8 x 85.2 x 55.2 x 60.5 x 65.8 x 46.7 x 35 x
EV / FCF 180 x 234 x 77.4 x 53 x -135 x 155 x 153 x 84.5 x
FCF Yield 0.55% 0.43% 1.29% 1.89% -0.74% 0.65% 0.65% 1.18%
Price to Book 11.6 x 6.89 x 9.16 x 10 x 9.5 x 12 x 10.9 x 9.6 x
Nbr of stocks (in thousands) 2,64,405 2,64,405 2,64,405 2,64,405 2,64,405 2,64,405 - -
Reference price 2 1,395 917.7 1,242 1,489 1,425 1,859 1,859 1,859
Announcement Date 20/05/19 24/06/20 27/04/21 26/04/22 04/05/23 07/05/24 - -
1INR in Million2INR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 64,754 65,092 42,431 58,384 74,999 81,227 91,916 1,01,797
EBITDA 1 11,384 8,758 3,811 6,966 6,162 6,962 10,474 13,873
EBIT 1 8,785 5,907 1,490 4,794 4,056 4,843 8,581 11,308
Operating Margin 13.57% 9.08% 3.51% 8.21% 5.41% 5.96% 9.34% 11.11%
Earnings before Tax (EBT) 1 8,793 5,689 1,694 4,944 4,173 5,511 8,893 12,128
Net income 1 5,629 4,277 1,132 3,655 3,040 4,100 6,623 9,171
Net margin 8.69% 6.57% 2.67% 6.26% 4.05% 5.05% 7.21% 9.01%
EPS 2 21.30 16.18 4.280 13.82 11.50 15.51 25.09 34.14
Free Cash Flow 1 2,049 1,039 4,196 7,261 -2,758 3,144 3,191 5,737
FCF margin 3.16% 1.6% 9.89% 12.44% -3.68% 3.91% 3.47% 5.64%
FCF Conversion (EBITDA) 18% 11.86% 110.12% 104.23% - 41.69% 30.47% 41.35%
FCF Conversion (Net income) 36.39% 24.29% 370.62% 198.67% - 71.02% 48.18% 62.56%
Dividend per Share 2 2.500 2.500 0.5000 10.50 7.500 8.760 14.00 17.74
Announcement Date 20/05/19 24/06/20 27/04/21 26/04/22 04/05/23 07/05/24 - -
1INR in Million2INR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 12,911 15,446 11,195 14,270 15,828 17,092 24,387 16,823 16,130 17,659 22,748 17,948 18,090 19,857
EBITDA 1 - - 955.9 1,654 1,742 2,615 2,661 2,194 770.4 536.3 2,230 1,991 1,920 1,812
EBIT 1 - - 403.5 1,097 - 2,082 - - - - 1,716 1,596 - -
Operating Margin - - 3.6% 7.69% - 12.18% - - - - 7.54% 8.89% - -
Earnings before Tax (EBT) 1 - - - - 1,236 2,188 2,181 1,806 51.4 134.8 1,805 1,586 1,698 1,294
Net income 1 1,268 971.4 308.9 803.8 907.9 1,634 1,621 1,340 -19.7 98.1 1,362 1,257 1,200 955.7
Net margin 9.82% 6.29% 2.76% 5.63% 5.74% 9.56% 6.65% 7.97% -0.12% 0.56% 5.99% 7% 6.63% 4.81%
EPS 2 4.800 3.670 1.170 3.040 3.430 6.180 - - - - 5.150 4.800 - -
Dividend per Share - 0.5000 - - - - - - - - - - - -
Announcement Date 28/01/21 27/04/21 28/07/21 27/10/21 28/01/22 26/04/22 27/07/22 20/10/22 09/02/23 04/05/23 28/07/23 - - -
1INR in Million2INR
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 346 868 - - - - - -
Net Cash position 1 - - 3,547 8,999 3,797 5,039 2,135 6,733
Leverage (Debt/EBITDA) 0.0304 x 0.0991 x - - - - - -
Free Cash Flow 1 2,049 1,039 4,196 7,261 -2,759 3,144 3,191 5,737
ROE (net income / shareholders' equity) 19.2% 12.8% 3.19% 9.72% 8.31% 11.1% 15.3% 18.8%
ROA (Net income/ Total Assets) - - - 6.19% 5.37% 6.55% 9.21% 12%
Assets 1 - - - 59,012 56,643 67,572 71,955 76,628
Book Value Per Share 2 120.0 133.0 135.0 149.0 150.0 154.0 170.0 194.0
Cash Flow per Share - - 23.50 - - - - -
Capex 1 4,379 4,039 2,007 1,736 1,563 3,019 3,282 3,138
Capex / Sales 6.76% 6.21% 4.73% 2.97% 2.08% 3.75% 3.57% 3.08%
Announcement Date 20/05/19 24/06/20 27/04/21 26/04/22 04/05/23 07/05/24 - -
1INR in Million2INR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for United Breweries Limited

Trading Rating
Investor Rating
ESG Refinitiv
D+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
14
Last Close Price
1,859 INR
Average target price
1,910 INR
Spread / Average Target
+2.70%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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