Relaunching Coverage of Tsingtao With Narrow Moat Rating, Stable Trend, and FVE of HKD 27.5
We are relaunching coverage of Tsingtao with a fair value estimate of HKD 27.5 per share and narrow moat and stable moat trend ratings. Our fair value estimate implies an enterprise value/adjusted EBITDA ratio of 11.7 times, and it is based on a discounted cash flow analysis, with a weighted average cost of capital of 8.3%.Tsingtao has already built the strongest brand, Tsingtao Beer, among all domestic breweries. The strong brand image enables the company to gain price premium and economic pro...
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