Since my junior year, I have been asking myself (and been asked) a lot about what I shall do in the finance world. To a majority of local students I’ve met, finance involves numbers, and that’s it. The picture gradually became clearer as I had the chance to talk to more senior people and experienced…

The analysis of this deal includes 4 parts: (1) Legal structure, (2) Capital structure, (3) Sabeco valuation, and (4) Divestment strategy Sabeco’s perfomance 3 years after the transaction Revenue Sabeco’s revenue increased by 5.1% in 2018 and 5.4% in 2019, but there was a sharp decline of 26.2% in 2020. This decrease largely came from:…

The analysis of this deal includes 4 parts: (1) Legal structure, (2) Capital structure, (3) Sabeco valuation, and (4) Divestment strategy About ThaiBev Business overview In FY17, ThaiBev’s consolidated financial results are as below: Revenue: ฿189,997b, ~ US$6.2b; Net profit: ฿22,799b, ~ US$746m; EBITDA: ฿32,675b, ~ US$1x. ThaiBev has four main business lines: (1) Spirits,…