Harvard Business Review

APRIL 27, 2012

Now the largest beer company in the world, AB InBev reported a double digit EBITDA growth rate and almost 30% growth in earnings per share. In 2004, the European beer company Interbrew, itself a product of several mergers, acquired a majority stake in AmBev, creating InBev. Anheuser's EBITDA in 2007, prior to its acquisition, was 23%.

EBITDA 10

EBITDA Globalization Depreciation Open-book 10

Harvard Business Review

SEPTEMBER 27, 2012

Within three years, ALL's Brazilian rail operations had increased revenues by 50% and tripled EBITDA. And of course, complex models demand huge volumes of data, are susceptible to computational errors, and hinge on assumptions about unknowable variables such as disruptive technologies that, if wrong, can throw off the results.

Strategy 8

Strategy Proposal Guidelines Net Present Value 8

Harvard Business Review

OCTOBER 2, 2012

The company agreed to be acquired by Expedia/IAC in 2004 for $210 million in cash , a huge win for all, particularly given their amazing capital efficiency: they had only raised $4 million in venture capital. and EBITDA margins are 47%. market cap is 6x revenue and 13x EBITDA, so not insane multiples on a comparable basis.

EBITDA 8

EBITDA Engineering Travel Business Model 8

Harvard Business Review

SEPTEMBER 26, 2011

Corporate development groups may have to accept that EBITDA multiple valuations may not be appropriate when buying a category creator. Consider how category creation has helped drive revenue increases in the U.S. coffee sector. According to the USDA, U.S. per capita coffee consumption has nearly halved from 41.2 Yet total U.S.

B2C 12

B2C Strategy B2B Waterman 12