Compañía Cervecerías Unidas S.A.

CCU

Consumer DefensiveBeverages - AlcoholicNYSE

$11.82

Market Cap: $2.18B

Compañía Cervecerías Unidas S.A. (CCU) Valuation Summary

Updated Apr 28, 2026 22:22

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$38.33 – $227.26	$65.43	+484.2%
Growth Exit 10Y	$40.73 – $223.16	$67.24	+500.3%
EBITDA Exit 5Y	$32.31 – $66.73	$48.08	+329.3%
EBITDA Exit 10Y	$36.08 – $74.73	$52.58	+369.5%
▸ Trading Multiples
P/E	$8.43 – $23.06	$13.46	+20.2%
EV/EBITDA	$14.46 – $26.89	$18.85	+68.3%
EV/Revenue	$8.90 – $34.39	$11.81	+5.4%
▸ PEG
PEG Fair Value	$4.85 – $4.85	$4.85	-56.7%
▸ Earnings Power Value
Earnings Power Value	$22.03 – $37.26	$27.94	+149.5%
▸ Dividend Discount
Dividend Discount	$4.89 – $11.23	$6.61	-41.0%

Valuation History

DCF Analysis

Fair Value

$65.43

Market Price

$11.82

Upside / Downside

+453.5%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Compañía Cervecerías Unidas S.A.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 2.8% to 3.0% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 66, DPO 102, DIO 111). At a 6.7% WACC with mid-year discounting, the terminal value (81% of enterprise value) is derived from the Gordon Growth Model on Year 6 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $65.43 per share, suggesting CCU is undervalued by 453.5% at the current price of $11.82.

FCFF Present Value Calculation

WACC

6.70%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	489	502	517	532	548	561
(−) Net Interest	76	78	80	83	85	87
(+) D&A	160	160	154	164	169	173
EBITDA	725	740	751	778	801	821

(−) Tax	0	0	0	0	0	0
(−) CapEx	170	175	180	185	190	195
(−) ΔWC	-18	16	16	17	18	18
Free Cash Flow (FCFF)	573	550	555	576	593	608

Terminal Value						14,476
WACC / Discount Rate	6.7%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	554	499	472	459	443	10,467

Enterprise Value	12,895
Projection Period	2,428	18.8%
Terminal Value	10,467	81.2%

(−) Current Net Debt	807

Equity Value	12,088
(/) Outstanding Shares	185

Fair Price	$65.43

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
4.7%	$91	$106	$128	$163	$227
5.7%	$68	$76	$87	$101	$122
6.7%	$55	$59	$65	$73	$83
7.7%	$45	$48	$52	$57	$63
8.7%	$38	$41	$43	$46	$50

Current price: $11.82. Green = undervalued, Red = overvalued.

Fair Value

$67.24

Market Price

$11.82

Upside / Downside

+468.8%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Compañía Cervecerías Unidas S.A.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 2.8% to 3.0% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 66, DPO 102, DIO 111). At a 6.7% WACC with mid-year discounting, the terminal value (67% of enterprise value) is derived from the Gordon Growth Model on Year 11 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $67.24 per share, suggesting CCU is undervalued by 468.8% at the current price of $11.82.

FCFF Present Value Calculation

WACC

6.70%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	489	502	516	531	546	562	578	595	612	631	646
(−) Net Interest	76	78	80	82	85	87	90	92	95	98	100
(+) D&A	160	160	154	164	169	180	185	190	195	201	206
EBITDA	724	740	750	777	799	828	852	877	903	929	953

(−) Tax	0	0	0	0	0	0	0	0	0	0	0
(−) CapEx	170	175	179	185	190	195	201	207	213	219	225
(−) ΔWC	-18	15	16	16	17	18	18	19	20	21	21
Free Cash Flow (FCFF)	573	550	555	576	592	615	633	651	670	690	707

Terminal Value											16,828
WACC / Discount Rate	6.7%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	554	499	472	459	442	431	415	400	386	372	8,797

Enterprise Value	13,229
Projection Period	4,431	33.5%
Terminal Value	8,797	66.5%

(−) Current Net Debt	807

Equity Value	12,422
(/) Outstanding Shares	185

Fair Price	$67.24

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
4.7%	$97	$111	$132	$164	$223
5.7%	$73	$80	$89	$102	$121
6.7%	$58	$62	$67	$74	$82
7.7%	$48	$51	$54	$57	$62
8.7%	$41	$42	$44	$47	$50

Current price: $11.82. Green = undervalued, Red = overvalued.

Fair Value

$48.09

Market Price

$11.82

Upside / Downside

+306.8%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Compañía Cervecerías Unidas S.A.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 2.8% to 3.0% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 66, DPO 102, DIO 111). At a 6.7% WACC with mid-year discounting, the terminal value (75% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 12.2x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $48.08 per share, suggesting CCU is undervalued by 306.8% at the current price of $11.82.

FCFF Present Value Calculation

WACC

6.70%

3% – 20%

EV/EBITDA Exit Multiple

12.23x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	489	502	517	532	548	561
(−) Net Interest	76	78	80	83	85	87
(+) D&A	160	160	154	164	169	173
EBITDA	725	740	751	778	801	821

(−) Tax	0	0	0	0	0	—
(−) CapEx	170	175	180	185	190	—
(−) ΔWC	-18	16	16	17	18	—
Free Cash Flow (FCF)	573	550	555	576	593	—

Peers' EBITDA Multiple						12.2x
Terminal Value						10,046
WACC / Discount Rate	6.70%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	554	499	472	459	443	7,264

Enterprise Value	9,691
Projection Period	2,428	25.0%
Terminal Value	7,264	75.0%

(−) Current Net Debt	807
Equity Value	8,885
(÷) Outstanding Shares	185M
Fair Price	$48	+306.8%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	8.2x	10.2x	12.2x	14.2x	16.2x
4.7%	$38	$46	$53	$60	$67
5.7%	$37	$44	$50	$57	$64
6.7%	$35	$42	$48	$55	$61
7.7%	$34	$40	$46	$52	$58
8.7%	$32	$38	$44	$50	$56

Current price: $11.82. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$52.59

Market Price

$11.82

Upside / Downside

+344.9%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Compañía Cervecerías Unidas S.A.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 2.8% to 3.0% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 66, DPO 102, DIO 111). At a 6.7% WACC with mid-year discounting, the terminal value (58% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 12.2x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $52.58 per share, suggesting CCU is undervalued by 344.8% at the current price of $11.82.

FCFF Present Value Calculation

WACC

6.70%

3% – 20%

EV/EBITDA Exit Multiple

12.23x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	489	502	516	531	546	562	578	595	612	631	646
(−) Net Interest	76	78	80	82	85	87	90	92	95	98	100
(+) D&A	160	160	154	164	169	180	185	190	195	201	206
EBITDA	724	740	750	777	799	828	852	877	903	929	953

(−) Tax	0	0	0	0	0	0	0	0	0	0	—
(−) CapEx	170	175	179	185	190	195	201	207	213	219	—
(−) ΔWC	-18	15	16	16	17	18	18	19	20	21	—
Free Cash Flow (FCF)	573	550	555	576	592	615	633	651	670	690	—

Peers' EBITDA Multiple											12.2x
Terminal Value											11,651
WACC / Discount Rate	6.70%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	554	499	472	459	442	431	415	400	386	372	6,091

Enterprise Value	10,522
Projection Period	4,431	42.1%
Terminal Value	6,091	57.9%

(−) Current Net Debt	807
Equity Value	9,716
(÷) Outstanding Shares	185M
Fair Price	$53	+344.9%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	8.2x	10.2x	12.2x	14.2x	16.2x
4.7%	$49	$55	$62	$68	$75
5.7%	$45	$51	$57	$63	$69
6.7%	$42	$47	$53	$58	$63
7.7%	$39	$44	$49	$54	$58
8.7%	$36	$41	$45	$50	$54

Current price: $11.82. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$13.46

Market Price

$11.82

Upside / Downside

+13.9%

Verdict

Undervalued

Using the industry peer median P/E Multiples multiple (trailing + forward), Compañía Cervecerías Unidas S.A. (CCU) has a fair value of $13.46 based on 7 comparable companies in the Beverages - Alcoholic industry.

P/E Valuation — Beverages - Alcoholic

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
Compañía Cervecerías Unidas S.A.CCU	2,184	19.5x	—
National Beverage Corp.FIZZ	3,231	17.3x	18.2x
The Vita Coco Company, Inc.COCO	2,947	43.4x	33.4x
The Chefs' Warehouse, Inc.CHEF	2,620	38.2x	45.5x
The Boston Beer Company, Inc.SAM	2,604	24.1x	24.1x
Perdoceo Education CorporationPRDO	2,121	14.0x	16.0x
Flowers Foods, Inc.FLO	1,892	22.3x	10.7x
The Simply Good Foods CompanySMPL	1,248	13.5x	8.1x
Industry Median		22.3x	18.2x
(*) Profit after tax		111
Equity Value		2,487
(/) Outstanding shares		185
Fair Price		$13

Fair Value

$18.85

Market Price

$11.82

Upside / Downside

+59.5%

Verdict

Undervalued

Using the industry peer median EV/EBITDA multiple (trailing + forward), Compañía Cervecerías Unidas S.A. (CCU) has a fair value of $18.85 based on 8 comparable companies in the Beverages - Alcoholic industry.

EV/EBITDA Valuation — Beverages - Alcoholic

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
Compañía Cervecerías Unidas S.A.CCU	2,184	8.5x	—
National Beverage Corp.FIZZ	3,231	12.1x	12.3x
The Vita Coco Company, Inc.COCO	2,947	33.0x	28.9x
United Natural Foods, Inc.UNFI	2,928	12.7x	12.9x
The Chefs' Warehouse, Inc.CHEF	2,620	16.5x	18.1x
The Boston Beer Company, Inc.SAM	2,604	9.9x	10.5x
Perdoceo Education CorporationPRDO	2,121	7.9x	9.4x
Flowers Foods, Inc.FLO	1,892	12.3x	12.5x
The Simply Good Foods CompanySMPL	1,248	7.9x	8.4x
Industry Median		12.2x	12.4x
(*) EBITDA		351
= Enterprise Value		4,290
(-) Net Debt		807
Equity Value		3,483
(/) Outstanding shares		185
Fair Price		$19

Fair Value

$11.81

Market Price

$11.82

Upside / Downside

-0.1%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Compañía Cervecerías Unidas S.A. (CCU) has a fair value of $11.81 based on 8 comparable companies in the Beverages - Alcoholic industry.

EV/Revenue Valuation — Beverages - Alcoholic

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Compañía Cervecerías Unidas S.A.CCU	2,184	1.1x	—
National Beverage Corp.FIZZ	3,231	2.6x	2.6x
The Vita Coco Company, Inc.COCO	2,947	4.5x	4.0x
United Natural Foods, Inc.UNFI	2,928	0.2x	0.2x
The Chefs' Warehouse, Inc.CHEF	2,620	0.9x	1.0x
The Boston Beer Company, Inc.SAM	2,604	1.2x	1.2x
Perdoceo Education CorporationPRDO	2,121	2.5x	3.0x
Flowers Foods, Inc.FLO	1,892	0.8x	0.8x
The Simply Good Foods CompanySMPL	1,248	1.0x	1.1x
Industry Median		1.1x	1.1x
(*) Revenue		2,767
= Enterprise Value		2,989
(-) Net Debt		807
Equity Value		2,182
(/) Outstanding shares		185
Fair Price		$12

PEG Fair Value

Fair Value

$4.85

Market Price

$11.82

Upside / Downside

-59.0%

Verdict

Overvalued

Using the PEG framework with historical EPS growth of 8.0% plus 3.6% dividend yield, the company has a fair value of $4.85 based on TTM EPS (FY2025) of $0.61.

PEG Ratio

PEG ratio unavailable — requires positive earnings and growth data.

Fair Value Calculation

EPS Growth RateHistorical	-13.4%
Dividend Yield	+3.6%
Adjusted Growth (clamped 8–25%)Clamped	8.0%
Fair P/E	8.0x
TTM EPS (FY2025)	$0.61
Fair Value	$4.85

Growth Analysis

Forward Growth

No analyst estimates available.

Historical GrowthActive

Year	Net Income	EPS	YoY
FY2021	$199.2M	$1.08	—
FY2022	$118.2M	$0.64	-40.7%
FY2023	$105.7M	$0.57	-10.6%
FY2024	$160.9M	$0.87	+52.3%
FY2025	$111.4M	$0.61	-30.5%

4Y Historical EPS CAGR: -13.4%

Earnings Power Value

Fair Value

$27.94

Market Price

$11.82

Upside / Downside

+136.4%

Verdict

Undervalued

Using the Earnings Power Value framework with a WACC of 6.7% and normalized earnings of $400.0M, the company has a fair value of $27.94 per share. The EPV range is $22.03 – $37.26 based on WACC sensitivity (5.2% – 8.2%).

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	400	400	400
(/) WACC	8.2%	6.7%	5.2%
Enterprise Value	4,877	5,969	7,691
(-) Net debt	807	807	807
Equity Value	4,070	5,162	6,884
(/) Outstanding shares	185	185	185
Fair Price	$22.03	$27.94	$37.26

Dividend Discount Model

Fair Value

$6.61

Market Price

$11.82

Upside / Downside

-44.1%

Verdict

Overvalued

Using the Two-Stage Dividend Discount Model with a Cost of Equity of 8.1% and projected dividend growth of 0.0%, the fair value is $6.61 per share. The DDM range is $4.89 – $11.23 based on sensitivity analysis across Cost of Equity and growth rate assumptions.

Dividend Profile

Current DPS

$0.40

Dividend Yield

3.60%

Payout Ratio

66.9%

Dividend Coverage

1.50x

FCF Payout Ratio81.0%

DPS CAGR (4Y)-27.8%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2025	$0.40	66.9%	-9.0%
2024	$0.44	50.8%	+24.7%
2023	$0.35	62.1%	-58.6%
2022	$0.86	134.0%	-42.2%
2021	$1.48	137.6%	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2026	$0.40	0.0%	0.9251	$0.37
2027	$0.40	0.0%	0.8558	$0.34
2028	$0.40	0.0%	0.7917	$0.32
2029	$0.40	0.0%	0.7324	$0.30
2030	$0.40	0.0%	0.6775	$0.27
Terminal Value	$0.41 DPS	2.5%		$5.00

PV of Projected Dividends$1.61

PV of Terminal Value$5.00

Fair Value per Share$6.61

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	0.0%	0.0%	0.0%	1.0%	2.0%
6.1%	$10	$10	$10	$11	$11
7.1%	$8	$8	$8	$8	$9
8.1%	$7	$7	$7	$7	$7
9.1%	$6	$6	$6	$6	$6
10.1%	$5	$5	$5	$5	$5

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Compañía Cervecerías Unidas S.A. (CCU) Valuation Summary

Updated Apr 28, 2026 22:22

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$38.33 – $227.26	$65.43	+484.2%
Growth Exit 10Y	$40.73 – $223.16	$67.24	+500.3%
EBITDA Exit 5Y	$32.31 – $66.73	$48.08	+329.3%
EBITDA Exit 10Y	$36.08 – $74.73	$52.58	+369.5%
▸ Trading Multiples
P/E	$8.43 – $23.06	$13.46	+20.2%
EV/EBITDA	$14.46 – $26.89	$18.85	+68.3%
EV/Revenue	$8.90 – $34.39	$11.81	+5.4%
▸ PEG
PEG Fair Value	$4.85 – $4.85	$4.85	-56.7%
▸ Earnings Power Value
Earnings Power Value	$22.03 – $37.26	$27.94	+149.5%
▸ Dividend Discount
Dividend Discount	$4.89 – $11.23	$6.61	-41.0%

Valuation History

DCF Analysis

Fair Value

$65.43

Market Price

$11.82

Upside / Downside

+453.5%

Verdict

Undervalued

FCFF Present Value Calculation

WACC

6.70%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	489	502	517	532	548	561
(−) Net Interest	76	78	80	83	85	87
(+) D&A	160	160	154	164	169	173
EBITDA	725	740	751	778	801	821

(−) Tax	0	0	0	0	0	0
(−) CapEx	170	175	180	185	190	195
(−) ΔWC	-18	16	16	17	18	18
Free Cash Flow (FCFF)	573	550	555	576	593	608

Terminal Value						14,476
WACC / Discount Rate	6.7%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	554	499	472	459	443	10,467

Enterprise Value	12,895
Projection Period	2,428	18.8%
Terminal Value	10,467	81.2%

(−) Current Net Debt	807

Equity Value	12,088
(/) Outstanding Shares	185

Fair Price	$65.43

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
4.7%	$91	$106	$128	$163	$227
5.7%	$68	$76	$87	$101	$122
6.7%	$55	$59	$65	$73	$83
7.7%	$45	$48	$52	$57	$63
8.7%	$38	$41	$43	$46	$50

Current price: $11.82. Green = undervalued, Red = overvalued.

Fair Value

$67.24

Market Price

$11.82

Upside / Downside

+468.8%

Verdict

Undervalued

FCFF Present Value Calculation

WACC

6.70%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	489	502	516	531	546	562	578	595	612	631	646
(−) Net Interest	76	78	80	82	85	87	90	92	95	98	100
(+) D&A	160	160	154	164	169	180	185	190	195	201	206
EBITDA	724	740	750	777	799	828	852	877	903	929	953

(−) Tax	0	0	0	0	0	0	0	0	0	0	0
(−) CapEx	170	175	179	185	190	195	201	207	213	219	225
(−) ΔWC	-18	15	16	16	17	18	18	19	20	21	21
Free Cash Flow (FCFF)	573	550	555	576	592	615	633	651	670	690	707

Terminal Value											16,828
WACC / Discount Rate	6.7%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	554	499	472	459	442	431	415	400	386	372	8,797

Enterprise Value	13,229
Projection Period	4,431	33.5%
Terminal Value	8,797	66.5%

(−) Current Net Debt	807

Equity Value	12,422
(/) Outstanding Shares	185

Fair Price	$67.24

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
4.7%	$97	$111	$132	$164	$223
5.7%	$73	$80	$89	$102	$121
6.7%	$58	$62	$67	$74	$82
7.7%	$48	$51	$54	$57	$62
8.7%	$41	$42	$44	$47	$50

Current price: $11.82. Green = undervalued, Red = overvalued.

Fair Value

$48.09

Market Price

$11.82

Upside / Downside

+306.8%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Compañía Cervecerías Unidas S.A.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 2.8% to 3.0% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 66, DPO 102, DIO 111). At a 6.7% WACC with mid-year discounting, the terminal value (75% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 12.2x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $48.08 per share, suggesting CCU is undervalued by 306.8% at the current price of $11.82.

FCFF Present Value Calculation

WACC

6.70%

3% – 20%

EV/EBITDA Exit Multiple

12.23x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	489	502	517	532	548	561
(−) Net Interest	76	78	80	83	85	87
(+) D&A	160	160	154	164	169	173
EBITDA	725	740	751	778	801	821

(−) Tax	0	0	0	0	0	—
(−) CapEx	170	175	180	185	190	—
(−) ΔWC	-18	16	16	17	18	—
Free Cash Flow (FCF)	573	550	555	576	593	—

Peers' EBITDA Multiple						12.2x
Terminal Value						10,046
WACC / Discount Rate	6.70%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	554	499	472	459	443	7,264

Enterprise Value	9,691
Projection Period	2,428	25.0%
Terminal Value	7,264	75.0%

(−) Current Net Debt	807
Equity Value	8,885
(÷) Outstanding Shares	185M
Fair Price	$48	+306.8%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	8.2x	10.2x	12.2x	14.2x	16.2x
4.7%	$38	$46	$53	$60	$67
5.7%	$37	$44	$50	$57	$64
6.7%	$35	$42	$48	$55	$61
7.7%	$34	$40	$46	$52	$58
8.7%	$32	$38	$44	$50	$56

Current price: $11.82. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$52.59

Market Price

$11.82

Upside / Downside

+344.9%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Compañía Cervecerías Unidas S.A.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 2.8% to 3.0% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 66, DPO 102, DIO 111). At a 6.7% WACC with mid-year discounting, the terminal value (58% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 12.2x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $52.58 per share, suggesting CCU is undervalued by 344.8% at the current price of $11.82.

FCFF Present Value Calculation

WACC

6.70%

3% – 20%

EV/EBITDA Exit Multiple

12.23x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	489	502	516	531	546	562	578	595	612	631	646
(−) Net Interest	76	78	80	82	85	87	90	92	95	98	100
(+) D&A	160	160	154	164	169	180	185	190	195	201	206
EBITDA	724	740	750	777	799	828	852	877	903	929	953

(−) Tax	0	0	0	0	0	0	0	0	0	0	—
(−) CapEx	170	175	179	185	190	195	201	207	213	219	—
(−) ΔWC	-18	15	16	16	17	18	18	19	20	21	—
Free Cash Flow (FCF)	573	550	555	576	592	615	633	651	670	690	—

Peers' EBITDA Multiple											12.2x
Terminal Value											11,651
WACC / Discount Rate	6.70%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	554	499	472	459	442	431	415	400	386	372	6,091

Enterprise Value	10,522
Projection Period	4,431	42.1%
Terminal Value	6,091	57.9%

(−) Current Net Debt	807
Equity Value	9,716
(÷) Outstanding Shares	185M
Fair Price	$53	+344.9%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	8.2x	10.2x	12.2x	14.2x	16.2x
4.7%	$49	$55	$62	$68	$75
5.7%	$45	$51	$57	$63	$69
6.7%	$42	$47	$53	$58	$63
7.7%	$39	$44	$49	$54	$58
8.7%	$36	$41	$45	$50	$54

Current price: $11.82. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$13.46

Market Price

$11.82

Upside / Downside

+13.9%

Verdict

Undervalued

P/E Valuation — Beverages - Alcoholic

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
Compañía Cervecerías Unidas S.A.CCU	2,184	19.5x	—
National Beverage Corp.FIZZ	3,231	17.3x	18.2x
The Vita Coco Company, Inc.COCO	2,947	43.4x	33.4x
The Chefs' Warehouse, Inc.CHEF	2,620	38.2x	45.5x
The Boston Beer Company, Inc.SAM	2,604	24.1x	24.1x
Perdoceo Education CorporationPRDO	2,121	14.0x	16.0x
Flowers Foods, Inc.FLO	1,892	22.3x	10.7x
The Simply Good Foods CompanySMPL	1,248	13.5x	8.1x
Industry Median		22.3x	18.2x
(*) Profit after tax		111
Equity Value		2,487
(/) Outstanding shares		185
Fair Price		$13

Fair Value

$18.85

Market Price

$11.82

Upside / Downside

+59.5%

Verdict

Undervalued

EV/EBITDA Valuation — Beverages - Alcoholic

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
Compañía Cervecerías Unidas S.A.CCU	2,184	8.5x	—
National Beverage Corp.FIZZ	3,231	12.1x	12.3x
The Vita Coco Company, Inc.COCO	2,947	33.0x	28.9x
United Natural Foods, Inc.UNFI	2,928	12.7x	12.9x
The Chefs' Warehouse, Inc.CHEF	2,620	16.5x	18.1x
The Boston Beer Company, Inc.SAM	2,604	9.9x	10.5x
Perdoceo Education CorporationPRDO	2,121	7.9x	9.4x
Flowers Foods, Inc.FLO	1,892	12.3x	12.5x
The Simply Good Foods CompanySMPL	1,248	7.9x	8.4x
Industry Median		12.2x	12.4x
(*) EBITDA		351
= Enterprise Value		4,290
(-) Net Debt		807
Equity Value		3,483
(/) Outstanding shares		185
Fair Price		$19

Fair Value

$11.81

Market Price

$11.82

Upside / Downside

-0.1%

Verdict

Overvalued

EV/Revenue Valuation — Beverages - Alcoholic

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Compañía Cervecerías Unidas S.A.CCU	2,184	1.1x	—
National Beverage Corp.FIZZ	3,231	2.6x	2.6x
The Vita Coco Company, Inc.COCO	2,947	4.5x	4.0x
United Natural Foods, Inc.UNFI	2,928	0.2x	0.2x
The Chefs' Warehouse, Inc.CHEF	2,620	0.9x	1.0x
The Boston Beer Company, Inc.SAM	2,604	1.2x	1.2x
Perdoceo Education CorporationPRDO	2,121	2.5x	3.0x
Flowers Foods, Inc.FLO	1,892	0.8x	0.8x
The Simply Good Foods CompanySMPL	1,248	1.0x	1.1x
Industry Median		1.1x	1.1x
(*) Revenue		2,767
= Enterprise Value		2,989
(-) Net Debt		807
Equity Value		2,182
(/) Outstanding shares		185
Fair Price		$12

PEG Fair Value

Fair Value

$4.85

Market Price

$11.82

Upside / Downside

-59.0%

Verdict

Overvalued

Using the PEG framework with historical EPS growth of 8.0% plus 3.6% dividend yield, the company has a fair value of $4.85 based on TTM EPS (FY2025) of $0.61.

PEG Ratio

PEG ratio unavailable — requires positive earnings and growth data.

Fair Value Calculation

EPS Growth RateHistorical	-13.4%
Dividend Yield	+3.6%
Adjusted Growth (clamped 8–25%)Clamped	8.0%
Fair P/E	8.0x
TTM EPS (FY2025)	$0.61
Fair Value	$4.85

Growth Analysis

Forward Growth

No analyst estimates available.

Historical GrowthActive

Year	Net Income	EPS	YoY
FY2021	$199.2M	$1.08	—
FY2022	$118.2M	$0.64	-40.7%
FY2023	$105.7M	$0.57	-10.6%
FY2024	$160.9M	$0.87	+52.3%
FY2025	$111.4M	$0.61	-30.5%

4Y Historical EPS CAGR: -13.4%

Earnings Power Value

Fair Value

$27.94

Market Price

$11.82

Upside / Downside

+136.4%

Verdict

Undervalued

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	400	400	400
(/) WACC	8.2%	6.7%	5.2%
Enterprise Value	4,877	5,969	7,691
(-) Net debt	807	807	807
Equity Value	4,070	5,162	6,884
(/) Outstanding shares	185	185	185
Fair Price	$22.03	$27.94	$37.26

Dividend Discount Model

Fair Value

$6.61

Market Price

$11.82

Upside / Downside

-44.1%

Verdict

Overvalued

Dividend Profile

Current DPS

$0.40

Dividend Yield

3.60%

Payout Ratio

66.9%

Dividend Coverage

1.50x

FCF Payout Ratio81.0%

DPS CAGR (4Y)-27.8%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2025	$0.40	66.9%	-9.0%
2024	$0.44	50.8%	+24.7%
2023	$0.35	62.1%	-58.6%
2022	$0.86	134.0%	-42.2%
2021	$1.48	137.6%	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2026	$0.40	0.0%	0.9251	$0.37
2027	$0.40	0.0%	0.8558	$0.34
2028	$0.40	0.0%	0.7917	$0.32
2029	$0.40	0.0%	0.7324	$0.30
2030	$0.40	0.0%	0.6775	$0.27
Terminal Value	$0.41 DPS	2.5%		$5.00

PV of Projected Dividends$1.61

PV of Terminal Value$5.00

Fair Value per Share$6.61

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	0.0%	0.0%	0.0%	1.0%	2.0%
6.1%	$10	$10	$10	$11	$11
7.1%	$8	$8	$8	$8	$9
8.1%	$7	$7	$7	$7	$7
9.1%	$6	$6	$6	$6	$6
10.1%	$5	$5	$5	$5	$5