CONFIDENTIAL

HappyHour Co.
Leading producer of beer, spirits, and non-alchoholic beverages in singapore & Malaysia growing current
operations
Overview Key financials
 Asia based producer of beer, spirits, and non-alchoholic beverages. US$mm FY18A FY19A FY20E
 Its operations include manufacturing, distribution, and direct sales in Revenue 900 961 1,071
Singapore, Malaysia, and china.
Growth (%) - 7% 11%
 Recently expanded operations to china and combodia.
Beer 100 110 135
 Majority owner and co-founder Ms. Happy looking to exit with no close family
Spirits 75 85 105
to inherit the business.
 Key strengths: Non-alcoholic 50 55 60

 Largest beer and spirits company in Singapore & Malaysia. EBITDA 225 250 300

Margin(%) 25% 26% 28%

NPAT 135 153 193

Margin(%) 15% 16% 18%
Shareholders Indicative valuation

US$mm
2020E EBITDA 300
Growth(%) 20%
EV/EBITDA 10.0x-11.5x
Multiple
Valuation Range 3000-3500
Source: Notes on HappyHour co. v3

1
 CONFIDENTIAL

Overview of auction process and key workstreams

Date Event Key workstreams

Mar 9, 2020 Access to incentive bid documents Valuation
 Initial valuation analysis based on indicative bid documents

Structure and financing

9am Apr 9,2020 – 5pm Apr 13, Indicative bid q&a submission due  Begin financing discussion
Round 1: 2020 (HKT)
Indicative Bid
Phase Approvals
 Collect and confirm required approvals
5pm May 13, 2020 (HKT) Indicative bid due

Last May 2020 Start of final bid phase Site visit & management presentation
Release of process letter two  Organize site visit and presentation

Due Diligence
 Conduct due diligence based on new information conducted
 Organize Q&A Submissions
Round 2: Final
Bid Phase Last July 2020 Final bid Valuation
 Finalize valuation based on the financial forecasts