Financials Brown-Forman Corporation

Equities

BF.B

US1156372096

Distillers & Wineries

Market Closed - Nyse Other stock markets 01:30:02 14/06/2025 am IST			5-day change	1st Jan Change
26.44 ^USD	-3.11%		-5.94%	-30.38%

12/06	Truist Cuts Price Target on Brown-Forman to $25 From $35, Keeps Hold Rating	MT
10/06	First signs of stabilization for Brown-Forman

Projected Income Statement: Brown-Forman Corporation

Fiscal Period: April	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	3,461	3,933	4,228	4,178	3,975	3,848	3,945	4,088
Change	-	13.64%	7.5%	-1.18%	-4.86%	-3.2%	2.54%	3.62%
EBITDA ¹	1,255	1,283	1,207	1,493	-	1,195	1,247	1,303
Change	-	2.23%	-5.92%	23.7%	-	-	4.38%	4.51%
EBIT ¹	1,166	1,204	1,127	1,414	1,107	1,101	1,147	1,209
Change	-	3.26%	-6.4%	25.47%	-21.71%	-0.56%	4.19%	5.37%
Interest Paid ¹	-79	-77	-81	-113	-105	-97.93	-92.72	-100.4
Earnings before Tax (EBT) ¹	1,081	1,114	1,017	1,298	1,081	1,008	1,044	1,114
Change	-	3.05%	-8.71%	27.63%	-16.72%	-6.73%	3.51%	6.71%
Net income ¹	903	838	783	1,024	869	783.2	810.7	859.2
Change	-	-7.2%	-6.56%	30.78%	-15.14%	-9.88%	3.52%	5.98%
Announcement Date	09/06/21	08/06/22	07/06/23	05/06/24	05/06/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: April	2021 Q1	2021 Q2	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	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4
Net sales ¹	753	985	911	812	906	994	1,037	996	1,007	1,094	1,081	1,046	1,038	1,107	1,069	964	951	1,095	1,035	894	916.7	1,036	1,000	888	924.2	1,048	1,021	904.3
Change	-	30.81%	-7.51%	-10.87%	11.58%	9.71%	4.33%	-3.95%	1.1%	8.64%	-1.19%	-3.24%	-0.76%	6.65%	-3.43%	-9.82%	-1.35%	15.14%	-5.48%	-13.62%	2.54%	13.05%	-3.51%	-11.2%	4.07%	13.36%	-2.57%	-11.41%
EBITDA ¹	279	350	300	190	308	343	368	267	363	332	193	319	348	359	398	388	303	360	302	-	276.3	344.2	331.8	246.4	276.6	341.3	339.3	246.7
Change	-	25.45%	-14.29%	-36.67%	62.11%	11.36%	7.29%	-27.45%	35.96%	-8.54%	-41.87%	65.28%	9.09%	3.16%	10.86%	-2.51%	-21.91%	18.81%	-16.11%	-	-	24.58%	-3.58%	-25.75%	12.25%	23.41%	-0.58%	-27.29%
EBIT ¹	387	330	281	168	289	322	347	246	343	313	173	298	327	339	373	375	281	341	280	205	249.8	323.7	306.5	220	250.5	331.5	315	217.5
Change	-	-14.73%	-14.85%	-40.21%	72.02%	11.42%	7.76%	-29.11%	39.43%	-8.75%	-44.73%	72.25%	9.73%	3.67%	10.03%	0.54%	-25.07%	21.35%	-17.89%	-26.79%	21.87%	29.57%	-5.31%	-28.23%	13.86%	32.33%	-4.97%	-30.95%
Charge d'intérêts ¹	-20	-19	-21	-19	-20	-19	-19	-19	-17	-15	-22	-27	-20	-29	-30	-27	-28	-29	-26	-22	-24.42	-24.55	-24.02	-23.55	-23.93	-23.93	-23.93	-23.93
Earnings before Tax (EBT) ¹	366	309	259	147	269	301	328	216	326	298	124	269	299	310	342	347	253	313	332	183	224.6	298.3	282.9	197.1	225.7	306.7	290.2	192.7
Change	-	-15.57%	-16.18%	-43.24%	82.99%	11.9%	8.97%	-34.15%	50.93%	-8.59%	-58.39%	116.94%	11.15%	3.68%	10.32%	1.46%	-27.09%	23.72%	6.07%	-44.88%	22.76%	32.8%	-5.17%	-30.32%	14.47%	35.9%	-5.37%	-33.61%
Net income ¹	324	240	219	120	192	236	259	151	249	227	100	207	231	242	285	266	195	258	270	146	176.3	230.4	221.9	157	176.4	233.9	227.4	156
Change	-	-25.93%	-8.75%	-45.21%	60%	22.92%	9.75%	-41.7%	64.9%	-8.84%	-55.95%	107%	11.59%	4.76%	17.77%	-6.67%	-26.69%	32.31%	4.65%	-45.93%	20.78%	30.63%	-3.67%	-29.25%	12.38%	32.57%	-2.76%	-31.42%
Announcement Date	02/09/20	08/12/20	03/03/21	09/06/21	01/09/21	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	29/08/24	05/12/24	05/03/25	05/06/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Brown-Forman Corporation

Fiscal Period: April	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	1,409	1,401	2,539	2,654	2,289	1,924	1,801	1,762
Change	-	-0.57%	81.23%	4.53%	-13.75%	-15.95%	-6.39%	-2.17%
Announcement Date	09/06/21	08/06/22	07/06/23	05/06/24	05/06/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Brown-Forman Corporation

Fiscal Period: April	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	62	138	183	228	167	129.5	136.3	143.2
Change	-	122.58%	32.61%	24.59%	-26.75%	-22.44%	5.27%	5.01%
Free Cash Flow (FCF) ¹	755	798	457	419	431	800.9	732.9	792.6
Change	-	5.7%	-42.73%	-8.32%	2.86%	85.82%	-8.49%	8.14%
Announcement Date	09/06/21	08/06/22	07/06/23	05/06/24	05/06/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Brown-Forman Corporation

Fiscal Period: April	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	36.26%	32.62%	28.55%	35.73%	-	31.05%	31.61%	31.87%
EBIT Margin (%)	33.69%	30.61%	26.66%	33.84%	27.85%	28.61%	29.07%	29.56%
EBT Margin (%)	31.23%	28.32%	24.05%	31.07%	27.19%	26.2%	26.45%	27.24%
Net margin (%)	26.09%	21.31%	18.52%	24.51%	21.86%	20.35%	20.55%	21.01%
FCF margin (%)	21.81%	20.29%	10.81%	10.03%	10.84%	20.81%	18.58%	19.38%
FCF / Net Income (%)	83.61%	95.23%	58.37%	40.92%	49.6%	102.27%	90.4%	92.25%
Profitability
ROA	12.51%	13%	11.07%	12.85%	10.69%	9.43%	9.66%	10.05%
ROE	33.19%	31.08%	26.08%	30.18%	23.14%	19.4%	19.4%	20.06%
Financial Health
Leverage (Debt/EBITDA)	1.12x	1.09x	2.1x	1.78x	-	1.61x	1.44x	1.35x
Debt / Free cash flow	1.87x	1.76x	5.56x	6.33x	5.31x	2.4x	2.46x	2.22x
Capital Intensity
CAPEX / Current Assets (%)	1.79%	3.51%	4.33%	5.46%	4.2%	3.37%	3.46%	3.5%
CAPEX / EBITDA (%)	4.94%	10.76%	15.16%	15.27%	-	10.84%	10.93%	10.99%
CAPEX / FCF (%)	8.21%	17.29%	40.04%	54.42%	38.75%	16.17%	18.6%	18.07%
Items per share
Cash flow per share ¹	1.7	1.948	1.332	1.356	1.264	1.901	1.93	1.982
Change	-	14.59%	-31.61%	1.79%	-6.74%	50.32%	1.57%	2.68%
Dividend per Share ¹	0.7076	1.736	0.788	0.8466	0.8886	0.9356	0.9915	1.054
Change	-	145.34%	-54.61%	7.44%	4.96%	5.29%	5.97%	6.33%
Book Value Per Share ¹	5.42	5.715	6.802	7.37	8.443	9.06	9.697	10.3
Change	-	5.45%	19.01%	8.35%	14.56%	7.31%	7.03%	6.26%
EPS ¹	1.88	1.74	1.63	2.14	1.84	1.653	1.739	1.905
Change	-	-7.45%	-6.32%	31.29%	-14.02%	-10.17%	5.19%	9.59%
Nbr of stocks (in thousands)	4,78,695	4,78,971	4,79,241	4,72,524	4,72,669	4,72,753	4,72,753	4,72,753
Announcement Date	09/06/21	08/06/22	07/06/23	05/06/24	05/06/25	-	-	-