COMP <GO>

BUD vs KOF // EV/EBITDA & P/E VALUATION

Anheuser-Busch Inbev SA Sponsored ADR (Belgium) (NYSE) VS. Coca Cola Femsa S.A.B. de C.V. American (NYSE) • 15-METRIC TALLY: BUD 3 — KOF 2

■ METRIC PARITY

LAST: $79.52 (-1.80%) • MKT CAP: $156.82B

valuation

21.0x

LAST: $115.50 (+0.23%) • MKT CAP: $194.12B

valuation

21.0x

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (BUD VS. KOF) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	BUD	KOF	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	9.90%	9.90%	0.00	TIE	/roic <GO>
EV/EBITDA & P/E Valuation ACTIVE	21.0x	21.0x	0.00	TIE	/valuation <GO>
Free Cash Flow Yield	2.21%	2.21%	0.00	TIE	/fcf-yield <GO>
Operating Margin	13.90%	13.90%	0.00	TIE	/operating-margins <GO>
Net Profit Margin	10.90%	10.90%	0.00	TIE	/net-margins <GO>
Revenue Growth (YoY)	4.40%	3.30%	+1.10	BUD	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	0.00%	0.00	TIE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	3.74	3.74	0.00	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	8/9	7/9	+1.00	BUD	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	48.1	54.2	-6.10	KOF	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	1.05	0.88	+0.17	BUD	/macro-sensitivity <GO>
Forward P/E Multiple	30.5x	30.5x	0.00	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$156.82B	$194.12B	-$37.29B	KOF	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	BUD REV	KOF REV	BUD GROSS %	KOF GROSS %	BUD FCF	KOF FCF
INSPECT INDIVIDUAL XBRL MODELS AT BUD FA <GO> AND KOF FA <GO>.

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

BUD // BETA 1.05

KOF // BETA 0.88