Beruflich Dokumente
Kultur Dokumente
1,990
Gross Sales
Less excise taxes
1,991
1,992
1,993
1,994
21,222
-2,300
32,302
-2,845
53,343
-5,165
85,758
-8,607
128,077
-13,244
Net Sales
18,922
29,457
48,178
77,151
114,833
-8,109
-13,039
-22,028
-35,481
-52,851
Gross profit
10,813
16,418
26,150
41,670
61,982
-8,981
-1,817
-10,798
-12,105
-2,247
-14,352
-21,075
-3,306
-24,381
-32,669
-4,105
-36,774
-46,303
-6,793
-53,096
15
2,066
1,769
4,896
8,886
276
23
-124
-2
199
291
2,089
1,645
4,894
9,085
-130
-859
-691
-2,040
-3,765
161
1,230
954
2,854
5,320
0.29
18,268
Statistical Data
1,990
1,991
1,992
1,993
Barrels sold
121
174
294
156
169
164
162
161
65
69
87
110
138
291
427
44%
554
69%
701
62%
832
50%
Employess
Net sales per employee
% Growth in barrel sales
475
1,994
714
Balance Sheet
1,993
1,994
ASSETS
8,827
8,112
3,706
216
512
7,801
10,060
7,755
501
1,105
21,373
27,222
579
1,864
238
605
3,539
410
24,054
31,776
Accounts payable
Accrued expenses
Current maturities of long-term debt
Total current liabilities
2,917
10,233
50
9,270
13,906
50
13,200
23,226
2,000
8,854
1,950
6,600
24,054
31,776
1,991
1,992
1,993
1,994
Working capital
Equipment, leasehold improvements
6,304
6,053
6,169
8,173
1,864
3,996
3,539
33.3%
20.5%
12.8%
10.6%
2.4%
3.5%
3.1%
Total assets
Total debt
Total partners / stockholders equity
11,270
2,200
5,907
11,981
2,150
5,954
15,780
2,100
6,434
24,054
2,050
8,854
31,776
2,000
6,600
1,994
1,995
1,996
1,997
1,998
3,996
3,539
10,909
4,262
14,727
5,753
19,881
7,767
25,845
10,097
7.0%
2.7%
7.0%
2.7%
7.0%
2.7%
7.0%
2.7%
7.0%
2.7%
Working capital
Equipment, leasehold improvements
Working capital / Net Sales
Equipment,/ Net Sales
3 Q data
9/30/94
Vertical Analysis
9/30/95
90,098
-9,478
121,895
-12,990
80,620
108,905
-37,546
-52,615
43,074
56,290
-31,734
-4,316
-36,050
-43,408
-5,455
-48,863
7,024
7,427
85
834
7,109
8,261
-3,360
-3,556
3,749
4,705
1,990
Gross Sales
Less excise taxes
Net Sales
100%
-43%
Gross profit
57%
-47%
-10%
-57%
0%
1%
2%
-1%
1%
0.26
18,273
DCF Valuation
9/30/94
510
688
158
158
124
174
650
626
35%
9/30/94
1,994
9/30/95
9/30/95
1,552
15,073
8,485
907
1,703
15,073
8,485
907
1,703
27,720
26,168
Barrels Sold
Net Sales/Barell
714
161
50%
Net Sales
COGS
Gross Profit
Adv., promotional, selling expenses
General & administrative expenses
EBIT
Taxes 42%
NOPAT
D&A
CAPEX
602
3,963
1,113
602
3,963
1,113
33,398
31,846
Incremental Capex
Change in WC
FCFF
Discount Factor
PV
114,833
-52,851
61,982
-46,303
-6,793
8,886
-3732.12
5,154
6,539
11,680
50
6,539
11,680
50
18,269
18,269
1,900
13,229
12,848
729
33,398
31,846
9/30/94
9/30/95
9,451
7,899
11.7%
7.3%
33,398
2,000
11,351
31,846
1,950
13,229
1999
2000
2,001
32,306
12,621
37,152
14,514
39,010
15,240
7.0%
2.7%
7.0%
2.7%
7.0%
2.7%
Average
PV CF 1995 end
Terminal Value
Firm value
Long Term Debt
Equity Value
share value
24441.96339
122656.0273
147097.9907
-1950
145147.9907
7.566885135
31776
10685.33333
0.125
3972
1,182
EVA PV
Terminal Value
NPV
7.0% Total Firm Value
2.7% Debt
Equity Value
Share Price
85749.08313
142,702
1950
140,752
7.101153332
1,991
1,992
1,993
1,994
9/30/94
9/30/95
100%
100%
100%
100%
100%
100%
-44%
-46%
-46%
-46%
-47%
-48%
56%
54%
54%
54%
53%
52%
-41%
-8%
-49%
-44%
-7%
-51%
-42%
-5%
-48%
-40%
-6%
-46%
-39%
-5%
-45%
-40%
-5%
-45%
7%
4%
6%
8%
9%
7%
0%
0%
0%
0%
0%
1%
7%
3%
6%
8%
9%
8%
-3%
-1%
-3%
-3%
-4%
-3%
4%
2%
4%
5%
5%
4%
1995
1996
1997
963.9 1301.265 1756.708
161
161
161
1998
2283.72
161
1999
2000
2854.65 3282.848
161
161
2001
3446.99
161
35%
35%
35%
30%
25%
15%
5%
-723
-6,913
-6,813
-13,000
-1,492
-2,014
-2,330
-2,524
-1,893
-726
-3,818
-5,154
-5,964
-6,461
-4,846
-1,858
-9,660
4,509
6,885
9,989
15,081
20,328
89%
79%
70%
62%
55%
49%
-8586.76 3562.318 4835.549 6235.727 8368.596 10026.54
Average
-46%
-42%
-6%
-48%
1%
122656
42461.33
56,953
58,966
61,296
63,821
65,714
66,439
14491.54 2013.584 2330.004 2524.171 1893.129 725.6993 -66439.5
0.125
0.125
0.125
0.125
0.125
0.125
0.125
5307.667 7119.11 7370.808 7662.058 7977.58 8214.221 8304.933
14
65
2,328
4,946
7,783
9,910
10,726
57.96743 1839.382 3473.897 4858.649 5499.247 5290.395
64729.54
Debt
Equity
D/V
E/V
Kd (semi-annual)
Kd (annual)
Tax Rate
Beta Levered
30 year govt treasury bond rate
Market Risk Premium
Ke
Levered Beta Annheuser
Beta Unlevered
1950
29517
0.06
0.94
11.50%
11.83%
42%
0.94
6.26%
7.00%
12.87%
1
0.910
Assumption
Book value of debt=market value of debt
WACC
(damodaran)
12.50%
Pete's
Transaction Comps
Using Pete's P/E
EPS 1994
EPS 1995 Annualized
Share Price 1994
Share Price 1995
Average Share Price
IPO Price
Pete's 1st day close
Issue Price Pete's
1st day growth
100
0.29
0.34
29.12
34.33
31.73
22.62
25.25
18
40.28%
Anheuser-Busch
Miller Brewing
Coors
Strohs
G. Heileman
Pabst
Total Capacity
(Million Barrels)
1994 Volume
(Million Barrels)
Free Capacity
(Million Barrels)
Capacity Utilization
(%)
94.9
46.4
25.0
17.9
13.2
10.5
88.2
45.2
20.2
11.9
8.3
6.6
6.7
1.2
4.8
6.0
4.9
3.9
93%
97%
81%
66%
63%
63%
Annheuser-Busch
Miller Brewing
Coors
Subtotal
2nd Tier
Imports
1991
(000's Barrels)
1992
(000's Barrels)
1993
(000's Barrels)
1994
(000's Barrels)
86,499
43,500
19,300
86,037
43,556
19,550
86,846
42,145
20,000
87,306
44,024
20,000
88,159
45,200
20,200
149,299
149,143
148,991
151,330
153,559
Strohs
G. Heileman
Pabst
Genesee
Latrobe
Falstaff/Pearl/Genesee
Pittsburg
All Others
16,200
10,914
6,700
2,200
713
850
700
1,871
14,800
9,377
6,600
2,220
803
800
700
2,554
14,000
9,133
6,900
2,150
882
900
670
3,907
12,610
8,940
7,000
2,000
1,035
800
575
2,582
11,850
8,315
6,630
1,800
1,060
700
470
1,473
Subtotal
All Imports
40,148
8,922
37,854
8,031
38,542
8,409
35,542
9,348
32,298
10,602
121
9
24
566
174
15
34
737
294
29
50
817
475
69
74
1,092
714
180
94
1,642
720
199,089
960
195,988
1,190
197,132
1,710
197,930
2,630
199,089
Craft Brewers
Boston Beer
Pete's Brewing
Redhook
All Others
Subtotal
Total
Exhibit 3 Stock Price Data For Pete's Brewing Company and Redhook Ale Brewery
Pete's Brewing Company
Offering Price
Date of Offering
Number of Shares Offered
Fully Diluted Average Shares
1 st Day Close
Low Trade as of 11/20/95
High Trade as of 11/20/95
Stock Price Close on 11/20/95
PIE Ratio on 11/20/95
PIB Ratio on 11/20/95
$18
7-Nov-95
3,000,000
8,460,000
$25.25
$23,314
$26.25
$24.75
100
129
7.02%
5.35%
6.26%
Exhibit 4 Financial Summary of Pete' Brewing Company and Redhook Ale Brewery
Pete's Brewing Company
Year Ended
31-Dec-93
31-Dec-94
9 Months Ending
30-Sep-95
Year Ended
31-Dec-93
31-Dec-94
Return on Equity
Profit Before Taxes/Net Sales (a)
x Net Sales/Average Assets
x Average Assets/Average Equity (b)
= Return on Equity (pre-tax)
1.07%
5.70
6.74
41.11%
1.67%
6.83
6.21
70.83%
3.50%
4.44
6.24
96.97%
`
0.77
1.50
31.97%
22.20%
0.55
1.29
15.62%
Margins
Gross ProfiVNet Sales
SGA/Net Sales
Operating ProfiVNet Sales
Interest Expense/Net Sales
Inventory Turnover
Avg Collection Period (c)
Avg Accts Pay Period (c) (d)
46.85%
45.50%
1.36%
0.30%
4.99
11.90
58.50
45.20%
43.20%
1.96%
0.30%
10.69
11.20
43.70
49.65%
42.80%
3.85%
0.40%
6.54
39.40
41.90
46.34%
17.42%
28.92%
1.38%
23.62
29.60
78.60
41.82%
18.76%
23.06%
0.87%
15.02
28.00
85.02
12,236
69
3,118
400
N/A
N/A
30,837
180
5,918
1,040
N/A
N/A
41,988
246
12,983
1,987
76
56
11 ,484
74
20,044
15,000
N/A
N/A
14,929
94
34,689
26,059
N/A
N/A
ok Ale Brewery
Boston Beer
9 Months Ending
30-Sep-95
Year Ended
31-Dec-93 31-Dec-94
18.00%
0.30
1.19
6.44%
3.70%
3.87
2.61
37.34%
4.63%
4.11
3.61
68.85%
34.35%
17.59%
16.76%
N/A
10.32
32.90
99.10
54.01%
-48%
6%
53.98%
-46%
8%
17,929
111
84,553
74,372
138
16
-9.5739342 -9.2227554
38.3777268 31.9759999
Exhibit 5 Excerpts from the Boston Beer Companys Offering Prospectus (cont.)
Summary Financial Data (in thousands, except per share, per barrel and employees data)
$18,922
10,813
15
291
161
$29,457
16,418
2,066
2,089
1,230
$48,178
26,150
1,769
1,645
954
1993
$77,151
41,670
4,896
4,894
2,854
$114,833
61,982
8,886
9,085
5,320
$0.29
$81,620
44,074
8,024
8,109
4,749
18,268
121
$156
65
$291
174
$169
69
$427
294
$164
87
$554
475
$162
110
$701
714
$161
138
$832
1995
$108,905
56,290
7,427
8,261
4,702
$0.26
18,273
510
$160
124
$658
688
$158
174
$626
6,304
11,270
2,200
5,907
6,053
11,981
2,150
5,954
6,169
15,780
2,100
6,434
8,173
24,054
2,050
8,854
3,996
31,776
2,000
6,600
As Adjusted (4)
9,143
35,151
2,000
11,351
9,451
33,398
1,950
13,229
Exhibit 5 Excerpts from the Boston Beer Companys Offering Prospectus (cont.)
Balance Sheets December 31, 1993 and 1994 and September 30, 1995
(in thousands)
December 31,
1993
Assets
Cash and cash equivalents
Accounts receivable
Inventory
Prepaid expenses
Other current assets
Total current assets
Restricted investments
Equipment and leasehold improvements,
net
Other assets
Total assets
1994
September 30,
1995
Pro forma
September 30,
1995
(Note C)
$8,827
8,112
3,706
216
512
21,373
579
$7,801
10,060
7,755
501
1,105
27,222
605
$1,552
15,073
8,485
907
1,703
27,270
602
(Unaudited)
---$15,073
8,485
907
1,703
26,168
602
1,864
238
$24,054
3,539
410
$31,776
3,963
1,113
$33,398
3,963
1,113
$31,846
2,917
10,233
50
13,200
2,000
9,270
13,906
50
23,226
1,950
6,539
11,680
50
18,269
1,900
6,539
11,680
50
18,269
12,848
8,854
$24,054
6,600
$31,776
13,229
$33,398
729
$31,846
Exhibit 5 Excerpts from the Boston Beer Companys Offering Prospectus (cont.)
Statements of Income
For the years ended December 31, 1992, 1993 and 1994 and the nine months ended September 30,
1994 (Unaudited) and 1995 (Unaudited)
(in thousands except for share data)
For the Years Ended
December 31,
1992
1993
Sales
Less excise taxes
Net sales
Cost of goods sold
Gross profit
Advertising, promotional and selling
expenses
General and administrative expenses
Total operating expenses
Operating income
Other income (expense):
Interest income
Interest expense
Other, net
Total other income
Net income
Pro forma data (Unaudited):
Income before pro forma income taxes
Pro forma net income tax expense
Pro forma net income
$
$
53,343
5,165
48,178
22,028
26,150
85,758
8,607
77,151
35,481
41,670
1994
$
128,077
13,244
114,833
52,851
61,982
91,098
9,478
81,620
37,546
44,074
(Unaudited)
121,895
12,990
108,905
51,615
56,290
21,075
3,306
24,381
1,769
32,669
4,105
36,774
4,896
46,303
6,793
53,096
8,886
31 ,734
4,316
36,050
8,024
43,408
5,455
48,863
7,427
221
(243)
(102)
(124)
1,645
230
(239)
7
(2)
4,896
429
(233)
3
199
9,085
269
(177)
(7)
85
8,109
203
(173)
804
834
8,261
1,645
691
954
$
$
0.29
$ 18,267,705
4,894
2,040
2,854
9,085
3,765
5,320
$
$
$
8,109
3,360
4,749
$
$
$
8,261
3,559
4,702
0.26
$ 18,272,741
Exhibit 5 Excerpts from the Boston Beer Companys Offering Prospectus (cont.)
Statements of Partners Equity for the years ended December 31, 1992, 1993 and 1994 and the
nine months ended September 30, 1995
(in thousands)
Unearned
General
160
Limited
5,794
Total Partners
Compensation
$
Equity
5,954
407
1,238
330
1,645
330
(367)
200
(1,126)
6,236
(1,493)
6,436
1,208
3,686
4,894
(605)
803
(1,871)
8,051
(2,476)
8,854
2,242
6,843
280
9,085
280
(2,813)
232
(8,806)
6,368
(11,619)
6,600
2,039
6,222
4,352
141
(1,364)
907
(4,191)
12,892
8,261
3,734
---189
(618)
(141)
189
(570)
(5,555)
13,229
Exhibit 5 Excerpts from the Boston Beer Companys Offering Prospectus (cont.)
Statements of Cash Flow, for the years ended December 31, 1992, 1993 and 1994 and the nine
months ended September 30, 1994 (Unaudited) and 1995 (Unaudited)
(in thousands)
1992
Cash flows from operating activities
Net income
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
(Gain) loss on disposal of fixed asset
Stock option compensation expense
Changes in assets and liabilities:
Accounts receivable
Inventory
Prepaid expenses
Other current assets
Other assets
Accounts payable
Accrued expenses
Total adjustments
Net cash provided by (used for) operating activities
1,645
4,894
9,085
8,109
8,261
341
69
330
476
(3)
---
925
21
280
525
21
---
1,086
(19)
188
(1,393)
(919)
(135)
(308)
28
908
2,361
1,282
2,927
(3,689)
(1,847)
2
3
(34)
728
5,079
715
5,609
(1,948)
(4,049)
(285)
(593)
(172)
6,353
3,673
4,205
13,290
(7,217)
(1,255)
(393)
(190)
(178)
5,129
3,520
(38)
8,071
(5,013)
(730)
(406)
(598)
(703)
(2,731)
1,508
(7,418)
843
(749)
12
(18)
--(755)
(893)
--(209)
297
(865)
(2,621)
--(1,171)
1,145
(2,647)
(1,830)
--(815)
799
(1,846)
(1,535)
45
(612)
615
(1,487)
(50)
----(1,493)
(1,543)
(50)
----(2,477)
(2,527)
(50)
----(11,669)
(11,669)
(50)
----(5,610)
(5,666)
(50)
700
(700)
(5,555)
(5,605)
629
5,921
$6,556
2,277
6,550
8,827
(1,026)
8,827
7,801
565
8,827
9,392
(6,249)
7,801
$1,552
247
242
236
236
230
Exhibit 9
Boston Beer Company, Proposed Share Offering
990,000
990,000
1,550,379
1,550,379
1,443,836
12,534,385
20,300,000
4,200,000
Outstanding
Shares after
IPO
4,107,355
15,074,764
4,107,355
19,182,119