Financials Brown-Forman Corporation

Equities

BF.B

US1156372096

Distillers & Wineries

Market Closed - Nyse Other stock markets 01:30:02 21/09/2024 am IST			5-day change	1st Jan Change
46.37 ^USD	-2.91%		-0.19%	-18.79%

17/09	Brown-Forman Corporation Presents at TD Cowen's 2nd Annual Sip, Snack & Scrub Summit 2024, Sep-17-2024 11:00 AM
06/09	Bernstein Adjusts Price Target on Brown-Forman to $61 From $64, Maintains Outperform Rating	MT

Projected Income Statement: Brown-Forman Corporation

Fiscal Period: April	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	3,363	3,461	3,933	4,228	4,178	4,150	4,335	4,567
Change	-	2.91%	13.64%	7.5%	-1.18%	-0.67%	4.46%	5.34%
EBITDA ¹	1,165	1,255	1,283	1,207	1,493	1,282	1,370	1,459
Change	-	7.73%	2.23%	-5.92%	23.7%	-14.15%	6.86%	6.52%
EBIT ¹	1,091	1,166	1,204	1,127	1,414	1,197	1,271	1,361
Change	-	6.87%	3.26%	-6.4%	25.47%	-15.31%	6.16%	7.1%
Interest Paid ¹	-77	-79	-77	-81	-113	-114.2	-111.5	-124
Earnings before Tax (EBT) ¹	1,009	1,081	1,114	1,017	1,298	1,089	1,146	1,254
Change	-	7.14%	3.05%	-8.71%	27.63%	-16.08%	5.23%	9.38%
Net income ¹	827	903	838	783	1,024	853.9	918.1	984.6
Change	-	9.19%	-7.2%	-6.56%	30.78%	-16.62%	7.52%	7.24%
Announcement Date	09/06/20	09/06/21	08/06/22	07/06/23	05/06/24	-	-	-

¹USD in Million

Estimates

Fiscal Period: April	2020 Q2	2020 Q3	2020 Q4	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
Net sales ¹	989	899	709	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	1,075	1,097	1,009	984.2	1,112	1,132	1,041	1,040
Change	-	-9.1%	-21.13%	6.21%	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%	13.04%	2.09%	-8.03%	-2.48%	12.98%	1.76%	-7.99%	-0.15%
EBITDA ¹	370	323	206	279	350	300	190	308	343	368	267	363	332	193	319	348	359	398	388	303	350.1	347.7	286.5	300.1	362.4	352.6	314.6	322.6
Change	-	-12.7%	-36.22%	35.44%	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%	15.53%	-0.69%	-17.61%	4.75%	20.76%	-2.7%	-10.77%	2.55%
EBIT ¹	352	304	187	387	330	281	168	289	322	347	246	343	313	173	298	327	339	373	375	281	329.4	326.6	261.4	282.7	345.8	337.4	282.1	286.3
Change	-	-13.64%	-38.49%	106.95%	-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%	17.22%	-0.86%	-19.94%	8.13%	22.34%	-2.43%	-16.4%	1.5%
Charge d'intérêts ¹	-20	-19	-19	-20	-19	-21	-19	-20	-19	-19	-19	-17	-32	-22	-27	-20	-29	-30	-27	-28	-28.25	-28.5	-27.5	-27	-27	-26	-26	-
Earnings before Tax (EBT) ¹	331	284	166	366	309	259	147	269	301	328	216	326	298	124	269	299	310	342	347	253	308.8	306	229.1	254.2	322.4	312.6	244.6	-
Change	-	-14.2%	-41.55%	120.48%	-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%	22.08%	-0.91%	-25.13%	10.94%	26.85%	-3.05%	-21.77%	-100%
Net income ¹	282	231	128	324	240	219	120	192	236	259	151	249	227	100	207	231	242	285	266	195	234.4	235.7	185.4	195.7	246	244.2	203.9	210.4
Change	-	-18.09%	-44.59%	153.12%	-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%	20.18%	0.58%	-21.36%	5.57%	25.7%	-0.72%	-16.52%	3.19%
Announcement Date	05/12/19	04/03/20	09/06/20	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	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Brown-Forman Corporation

Fiscal Period: April	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	1,927	1,409	1,401	2,539	2,654	2,420	2,309	2,255
Change	-	-26.88%	-0.57%	81.23%	4.53%	-8.82%	-4.59%	-2.34%
Announcement Date	09/06/20	09/06/21	08/06/22	07/06/23	05/06/24	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Brown-Forman Corporation

Fiscal Period: April	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	113	62	138	183	228	205.7	210.8	195.8
Change	-	-45.13%	122.58%	32.61%	24.59%	-9.79%	2.47%	-7.1%
Free Cash Flow (FCF) ¹	611	755	798	457	419	762	779.5	709
Change	-	23.57%	5.7%	-42.73%	-8.32%	81.86%	2.29%	-9.04%
Announcement Date	09/06/20	09/06/21	08/06/22	07/06/23	05/06/24	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Brown-Forman Corporation

Fiscal Period: April	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	34.64%	36.26%	32.62%	28.55%	35.73%	30.88%	31.59%	31.95%
EBIT Margin (%)	32.44%	33.69%	30.61%	26.66%	33.84%	28.85%	29.32%	29.81%
EBT Margin (%)	30%	31.23%	28.32%	24.05%	31.07%	26.25%	26.44%	27.45%
Net margin (%)	24.59%	26.09%	21.31%	18.52%	24.51%	20.57%	21.18%	21.56%
FCF margin (%)	18.17%	21.81%	20.29%	10.81%	10.03%	18.36%	17.98%	15.52%
FCF / Net Income (%)	73.88%	83.61%	95.23%	58.37%	40.92%	89.24%	84.9%	72.01%
Profitability
ROA	15.15%	12.51%	13%	11.07%	12.85%	10.2%	10.43%	10.77%
ROE	45.67%	33.19%	31.08%	26.08%	30.18%	23.36%	23.14%	23.15%
Financial Health
Leverage (Debt/EBITDA)	1.65x	1.12x	1.09x	2.1x	1.78x	1.89x	1.69x	1.55x
Debt / Free cash flow	3.15x	1.87x	1.76x	5.56x	6.33x	3.18x	2.96x	3.18x
Capital Intensity
CAPEX / Current Assets (%)	3.36%	1.79%	3.51%	4.33%	5.46%	4.96%	4.86%	4.29%
CAPEX / EBITDA (%)	9.7%	4.94%	10.76%	15.16%	15.27%	16.05%	15.39%	13.42%
CAPEX / FCF (%)	18.49%	8.21%	17.29%	40.04%	54.42%	26.99%	27.04%	27.62%
Items per share
Cash flow per share ¹	1.507	1.7	1.948	1.332	1.356	2.055	2.037	2.185
Change	-	12.79%	14.59%	-31.61%	1.79%	51.55%	-0.87%	7.27%
Dividend per Share ¹	0.6806	0.7076	1.736	0.788	0.8466	0.8965	0.9532	1.023
Change	-	3.97%	145.34%	-54.61%	7.44%	5.89%	6.33%	7.35%
Book Value Per Share ¹	4.13	5.42	5.715	6.802	7.37	7.914	8.629	9.402
Change	-	31.23%	5.45%	19.01%	8.35%	7.38%	9.03%	8.97%
EPS ¹	1.72	1.88	1.74	1.63	2.14	1.806	1.954	2.141
Change	-	9.3%	-7.45%	-6.32%	31.29%	-15.59%	8.15%	9.6%
Nbr of stocks (in thousands)	4,78,140	4,78,695	4,78,971	4,79,241	4,72,524	4,72,661	4,72,661	4,72,661
Announcement Date	09/06/20	09/06/21	08/06/22	07/06/23	05/06/24	-	-	-