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1Fix the driver behind crashes, sound loss and screen glitches2Repair Windows errors before they cause bigger problems3Scan for outdated or missing drivers - takes under a minuteValue an Australian pub and liquor retailer with a sum-of-the-parts comparable-company analysis: estimate the liquor retail, pub and hotel, drinks-production, and property components separately, then reconcile central costs, debt, lease liabilities, and non-operating assets to equity value. No single listed company is a direct match for a combined business such as Endeavour Group, and a current, harmonised peer-multiple set is not established here. The method below explains how to build a defensible valuation without presenting unsupported multiples or a price target.
Why a combined pub and liquor retailer needs a sum-of-the-parts valuation
Liquor stores, pubs and hotels, drinks production, and freehold property have different revenue drivers, margins, capital needs, and risk profiles. Applying one peer group and one headline multiple to the entire company can obscure those differences. Instead, identify the material business segments, select relevant public-company references for each, and value the operating components separately.
For each segment, estimate enterprise value from an appropriate peer comparison using consistently defined financial measures. Then reconcile the segment values to the group’s equity value. The reconciliation should account for central costs, net debt, lease liabilities, non-operating assets, and any property interest. A valuation is only as reliable as the segment definitions, peer fit, and accounting consistency behind it.
What Endeavour Group’s FY26 figures tell you—and what they do not
Endeavour Group provides a useful scale and business-mix example, not a proxy for every Australian pub or bottle-shop operator. Its FY26 annual report covers the 52 weeks ended 28 June 2026 and was authorised for issue on 24 August 2026. The report records A$12.212 billion in revenue from the sale of goods and services, including A$10.0 billion in retail sales and A$2.2 billion in hotel sales. As at 28 June 2026, the group had 288 Dan Murphy’s stores, 1,451 BWS stores, and 351 licensed hotel venues. In FY26, comparable store sales growth for Dan Murphy’s and BWS combined was 0.5%, while comparable hotel sales growth was 4.4%. Endeavour Group FY26 annual report
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These figures help describe operating scale, mix, and recent trading. They are not market valuation inputs and do not establish a trading multiple. The report also separates results before significant items from reported results, so any EBITDA or EBIT comparison should state the earnings period and adjustment policy. Endeavour Group FY26 annual report
How to select comparable companies for each segment
Begin with the economics of each operation, not a list of familiar company names. Endeavour’s 2021 demerger materials said there was no directly comparable listed company for the combined group. They identified Woolworths Group, Coles Group, and Metcash as references for the Retail business; Treasury Wine Estates and Australian Vintage for the Pinnacle Drinks business; and Redcape Hotel Group for Hotels. That is a historical starting point for peer logic, not a current endorsement or a complete present-day peer set. Endeavour Group demerger materials
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Liquor retail
Assess store-based retail economics, including comparable sales growth, gross margin, labour and occupancy costs, online penetration, store productivity, and capital intensity. Woolworths and Coles can provide broader retail context, but both are diversified supermarkets with liquor exposure rather than pure-play liquor retailers. Metcash is a less direct comparison because wholesale operations affect its business mix. Endeavour Group demerger materials
Pubs and hotels
Compare venue count and type, same-venue sales, gaming versus food-and-beverage contribution, accommodation exposure, margins, lease structure, maintenance capital expenditure, and licensing or regulatory geography. Redcape Hotel Group was a historical listed hotel-operator reference in the demerger materials. A pub operator should not be treated as equivalent to a mixed retailer just because both sell drinks. Endeavour Group demerger materials
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Drinks production and owned brands
If production or owned-brand exposure is material, analyse it separately against beverage or wine businesses such as Treasury Wine Estates and Australian Vintage. Adjust for differences in scale and branded-product mix, and remember that a retailer-owned portfolio can benefit from access to its own retail and hotel network—an advantage that may not apply to a standalone producer. Endeavour Group demerger materials
Freehold property
Separate the economics of owning pub real estate from operating the venues. A freehold landlord’s property and rental economics differ from those of a leasehold pub operator or an operator that owns its venues. A 2021 Grant Thornton expert report on Redcape described ALE Property Group as a freehold pub-property owner with properties leased to ALH. This is a historical illustration of the owner/operator distinction, not evidence of a current ALE listing or a current peer valuation. Grant Thornton expert report on Redcape
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How to make peer multiples comparable
Before calculating or comparing multiples, standardise what is being valued and what earnings measure is in the denominator. A peer’s headline EV/EBITDA can be misleading if enterprise value includes leases but EBITDA is treated on a different lease basis, or if one company’s EBITDA is adjusted for significant items while another’s is reported without adjustment.
- Enterprise value: State whether lease liabilities are included, and use the same convention across the peer set.
- Earnings: Identify the reporting period and whether the figure is reported or adjusted EBITDA or EBIT. Explain the adjustment policy, including the treatment of significant items.
- Business mix: Check how much of each peer’s earnings comes from the segment being compared; diversified retailers, wholesalers, producers, landlords, and venue operators are not interchangeable.
- Ownership and leases: Identify leasehold versus freehold operations and avoid applying a single unadjusted multiple across structurally different businesses.
- Other comparability factors: Compare growth, margins, scale, geography and regulation, maintenance and growth capital expenditure, and central-cost allocation.
Do not lead with a peer median before reviewing outliers and accounting differences. A sensitivity range is useful only after the peer multiples and earnings denominators have been independently verified on a consistent basis.
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How to bridge segment values to equity value
- Define the business perimeter: Map the retailer, hotel operator, drinks activities, and property interests, and decide which activities are material enough to value separately.
- Choose segment references: Select peers for the relevant economics, then document where their business mix or ownership model differs from the subject company.
- Normalise each comparison: Align the valuation date, reporting period, earnings definition, lease treatment, and treatment of significant items before comparing multiples.
- Estimate segment enterprise values: Apply the selected, verified peer evidence to each segment’s appropriately defined earnings. Do not substitute group-wide earnings for a segment denominator.
- Reconcile to equity value: Combine segment enterprise values and account for central costs, net debt, lease liabilities, non-operating assets, and property interests without double-counting items already reflected in a segment value.
- Show sensitivities only when supported: Explain which peer assumptions and earnings definitions drive the range; do not imply precision that the peer evidence cannot support.
What a current valuation can—and cannot—claim
The available operating baseline is current through Endeavour Group’s FY26 report, but the peer-selection references for the combined group and the ALE/ALH ownership example date from 2021. They help explain how to choose and separate peer groups; they do not establish current peer trading multiples. No current, harmonised multiple set is established here, so a numerical peer range or price target would require a same-date market snapshot and peer filings normalised for financial years, currencies, lease liabilities, adjusted EBITDA, and segment composition.
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