Stock B1FC34 BROWN-FORMAN CORPORATION
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Financials Brown-Forman Corporation Sao Paulo

Equities

B1FC34

BRB1FCBDR007

Distillers & Wineries

Market Closed - Sao Paulo
Other stock markets
 07:07:02 20/05/2024 pm IST 		5-day change 1st Jan Change
245.5 BRL -.--% Intraday chart for Brown-Forman Corporation -.--% -24.34%
06/06 TD Cowen Adjusts Price Target on Brown-Forman to $50 From $65 MT
06/06 UBS Adjusts Brown-Forman Price Target to $48 From $59, Maintains Neutral Rating MT

Valuation

Fiscal Period: April 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 25,255 28,814 35,681 31,453 31,327 20,699 - -
Enterprise Value (EV) 1 27,388 30,741 37,090 32,854 33,866 22,817 22,944 22,921
P/E ratio 30.8 x 36.2 x 40.6 x 38.8 x 39.9 x 22.4 x 23.8 x 21.6 x
Yield 1.22% 1.09% 0.93% 2.57% 1.21% 1.92% 2.04% 2.18%
Capitalization / Revenue 7.6 x 8.57 x 10.3 x 8 x 7.41 x 5.46 x 4.89 x 4.64 x
EV / Revenue 8.24 x 9.14 x 10.7 x 8.35 x 8.01 x 5.46 x 5.43 x 5.14 x
EV / EBITDA 22.8 x 26.4 x 29.6 x 25.6 x 28.1 x 16.8 x 17.4 x 15.9 x
EV / FCF 40.2 x 50.3 x 49.1 x 41.2 x 74.1 x 31.8 x 27.2 x 26.1 x
FCF Yield 2.49% 1.99% 2.04% 2.43% 1.35% 3.14% 3.68% 3.84%
Price to Book 15.4 x 15.1 x 14.1 x 11.8 x 9.57 x 6.27 x 5.43 x 4.95 x
Nbr of stocks (in thousands) 4,77,048 4,78,140 4,78,695 4,78,971 4,79,241 4,72,524 - -
Reference price 2 53.29 62.20 76.28 67.44 65.09 43.89 43.89 43.89
Announcement Date 05/06/19 09/06/20 09/06/21 08/06/22 07/06/23 05/06/24 - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: April 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 3,324 3,363 3,461 3,933 4,228 4,178 4,229 4,460
EBITDA 1 1,202 1,165 1,255 1,283 1,207 1,377 1,317 1,437
EBIT 1 1,144 1,091 1,166 1,204 1,127 1,414 1,223 1,332
Operating Margin 34.42% 32.44% 33.69% 30.61% 26.66% 33.84% 28.93% 29.87%
Earnings before Tax (EBT) 1 1,042 1,009 1,081 1,114 1,017 1,298 1,117 1,222
Net income 1 835 827 903 838 783 1,024 879.5 958
Net margin 25.12% 24.59% 26.09% 21.31% 18.52% 24.51% 20.8% 21.48%
EPS 2 1.730 1.720 1.880 1.740 1.630 2.140 1.847 2.030
Free Cash Flow 1 681 611 755 798 457 726.5 843.3 879.6
FCF margin 20.49% 18.17% 21.81% 20.29% 10.81% 17.11% 19.94% 19.72%
FCF Conversion (EBITDA) 56.66% 52.45% 60.16% 62.2% 37.86% 52.75% 64.05% 61.2%
FCF Conversion (Net income) 81.56% 73.88% 83.61% 95.23% 58.37% 76.99% 95.89% 91.82%
Dividend per Share 2 0.6480 0.6806 0.7076 1.736 0.7880 0.8425 0.8975 0.9566
Announcement Date 05/06/19 09/06/20 09/06/21 08/06/22 07/06/23 05/06/24 - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: April 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4
Net sales 1 994 1,037 996 1,007 1,094 1,081 1,046 1,038 1,107 1,069 964 1,005 1,095 1,097 1,014
EBITDA 1 343 368 267 363 332 193 319 348 359 398 300.5 332.8 365.5 340.4 281
EBIT 1 322 347 246 343 313 173 298 327 339 373 375 312.8 340.4 316.1 261.6
Operating Margin 32.39% 33.46% 24.7% 34.06% 28.61% 16% 28.49% 31.5% 30.62% 34.89% 38.9% 31.13% 31.09% 28.82% 25.8%
Earnings before Tax (EBT) 1 301 328 216 326 298 124 269 299 310 342 347 286.8 322.4 295 239.4
Net income 1 236 259 151 249 227 100 207 231 242 285 266 224.8 251.6 228.1 186.8
Net margin 23.74% 24.98% 15.16% 24.73% 20.75% 9.25% 19.79% 22.25% 21.86% 26.66% 27.59% 22.37% 22.97% 20.8% 18.43%
EPS 2 0.4900 0.5400 0.3100 0.5200 0.4700 0.2100 0.4300 0.4800 0.5000 0.6000 0.5600 0.4691 0.5281 0.4789 0.3817
Dividend per Share 2 0.1795 1.188 0.1885 0.1885 0.1885 0.2055 0.2055 0.2055 0.2055 0.2178 0.2184 0.2184 0.2217 0.2318 0.2325
Announcement Date 08/12/21 03/03/22 08/06/22 31/08/22 07/12/22 08/03/23 07/06/23 30/08/23 06/12/23 06/03/24 05/06/24 - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: April 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 2,133 1,927 1,409 1,401 2,539 2,419 2,246 2,223
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.775 x 1.654 x 1.123 x 1.092 x 2.104 x 1.756 x 1.706 x 1.546 x
Free Cash Flow 1 681 611 755 798 457 726 843 880
ROE (net income / shareholders' equity) 56.4% 45.7% 33.2% 31.1% 26.1% 27.9% 23.8% 23.3%
ROA (Net income/ Total Assets) 16.5% 15.2% 12.5% 13% 11.1% 11.8% 10.3% 10.6%
Assets 1 5,058 5,457 7,220 6,447 7,075 8,000 8,558 9,037
Book Value Per Share 2 3.450 4.130 5.420 5.720 6.800 7.000 8.080 8.870
Cash Flow per Share 2 1.660 1.510 1.700 1.950 1.330 2.290 1.930 2.360
Capex 1 119 113 62 138 183 233 212 221
Capex / Sales 3.58% 3.36% 1.79% 3.51% 4.33% 5.5% 5% 4.96%
Announcement Date 05/06/19 09/06/20 09/06/21 08/06/22 07/06/23 05/06/24 - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Brown-Forman Corporation

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
19
Last Close Price
43.89 USD
Average target price
51.65 USD
Spread / Average Target
+17.68%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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  5. Financials Brown-Forman Corporation