You are planning to invest in the Alcohol industry. You have to choose between the two prominent companies in the Philippines.

You can download their 2019 Annual Financial Statements by clicking the links below:

EMPERADOR LINK:

https://www.emperadorbrandy.com/images/investor/EMP%20SEC%20Form%2017-A%20for%20the%20period%20ended%2031%20December%202019.pdf

SAN MIGUEL LINK:

https://www.pds.com.ph/wp-content/uploads/2020/06/Disclosure-No.-1743-2020-Amended-Definitive-Information-Statement-for-Annual-Stockholders-Meeting-on-June-18-2020-Record-Date-on-May-20-2020.pdf

SAN MIGUEL EMPERADOR BREWERY BRANDY FCFE 1 20,000,000.00 15,000,000.00 CONSTANT 6.50% 6.50% GROWTH RATE WACC 15% 11.50% CURRENT 35,000,000,000.00 30,000,000,000.00 VALUE OF PPEPEER AVERAGE: EV/SALES 2.5x EV/ EBITDA 5.5x EV/EBIT 8.5x EV/FCF 4.5x P/E 11x P/BV 17x