Do these 3 things before closing this tab:
1Repair Windows errors before they cause bigger problems2Scan for outdated or missing drivers - takes under a minute3Clear out junk files and repair common Windows errorsValue an Australian group that combines bottle shops and pubs with a sum-of-the-parts comparable-company analysis: value liquor retail, pub and hotel operations, drinks production, and property separately, then reconcile central costs, debt, lease liabilities, and non-operating assets to equity value. No single listed peer directly represents the whole combination, and current harmonised peer multiples are not established here, so this is a framework rather than a price target.
Why a sum-of-the-parts approach fits
A liquor retailer and pub operator combine businesses with different growth drivers, margins, capital needs, and property arrangements. Applying one headline multiple to the whole group can conceal those differences. Instead, identify the operating segments, select the closest available public comparables for each, and value each segment on a consistent basis.
As an Amazon Associate I earn from qualifying purchases.
Endeavour Group illustrates the scale and mix of one Australian combined business, but it is not a proxy for every pub and bottle-shop operator. Its FY26 annual report covers the 52 weeks ended 28 June 2026 and was authorised for issue on 24 August 2026. It reports A$12.212 billion in revenue from sale of goods and services, comprising 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. FY26 comparable sales growth was 0.5% for Dan Murphy’s and BWS combined and 4.4% for hotels. These figures describe operating scale and recent trading, not valuation inputs on their own. Endeavour Group FY26 annual report
Choose comparables by business segment
Historical Endeavour demerger materials said no directly comparable listed company existed for the combined group. They named Woolworths Group, Coles Group, and Metcash as retail references; Treasury Wine Estates and Australian Vintage for Pinnacle Drinks; and Redcape Hotel Group for Hotels. This 2021 peer map is a starting point for thinking about business differences, not a current endorsement or ready-made peer set. Endeavour demerger materials
#1 Best Overall
Liquor retail
Compare store-based retail economics: sales growth, gross margin, labour and occupancy costs, online penetration, store productivity, and capital intensity. Woolworths and Coles provide context from diversified supermarkets with liquor exposure; neither is a pure-play liquor retailer. Metcash is less direct because its wholesale operations affect its mix and economics.
Pubs and hotels
Look for operators with comparable venue types and operating models. Relevant measures include venue count, same-venue sales, the contribution from gaming versus food and beverage, accommodation exposure, margins, lease structure, and maintenance capital expenditure. Licensing and regulatory exposure can also vary by geography. Redcape is a historical listed hotel-operator reference, not proof of a current direct peer.
Rank #2
Drinks production and owned brands
If production or owned-brand exposure is material, assess it separately against beverage and wine businesses such as Treasury Wine Estates and Australian Vintage. Adjust for business scale and branded-product mix, and recognise that a retailer-owned drinks portfolio sold through the group’s own stores and venues has a different route to market from an independent producer.
Quick wins for a faster PC:
Scan for outdated or missing drivers - takes under a minuteDriver Scan →Repair Windows errors before they cause bigger problemsFix Now →Freehold property
Separate the economics of owning pub property from operating a pub. Grant Thornton’s 2021 Redcape expert-report peer descriptions characterized ALE Property Group as a freehold pub-property owner whose properties were leased to ALH. That historical example shows why a landlord’s rent and property economics should not be treated as equivalent to a pub operator’s venue earnings; it is not evidence of a current ALE listing or trading multiple. Grant Thornton Redcape expert report
Rank #3
- Used Book in Good Condition
Normalize earnings and enterprise value before comparing multiples
A multiple is only meaningful if the peer values and earnings denominators use compatible definitions. For every company, specify the reporting period and whether earnings are reported or adjusted, then explain any significant-item adjustments. Endeavour’s FY26 report presents results before significant items separately, illustrating why the treatment should be explicit rather than assumed. Endeavour Group FY26 annual report
Lease accounting is especially important when comparing a leasehold pub operator with a freehold operator or a property landlord. State whether lease liabilities are included in enterprise value and use an earnings measure that treats leases on the same basis. If the treatment cannot be made comparable, disclose the structural difference rather than presenting a single unqualified headline multiple.
Rank #4
- Align the financial period, currency, and earnings definition across peers.
- Identify significant items and explain the adjustments used to derive any adjusted EBITDA or EBIT.
- State how lease liabilities enter enterprise value and ensure the earnings denominator is consistent with that choice.
- Account for freehold property, maintenance and growth capital expenditure, and central costs in the analysis.
- Review differences in business mix, scale, growth, margins, ownership structure, geography, and regulation before relying on a peer median.
Bridge segment values to equity value
Once segment enterprise values have been estimated from appropriate comparable companies, reconcile them to the value attributable to shareholders. The bridge should identify central costs, net debt, lease liabilities, non-operating assets, and any property interest, without double-counting items already reflected in segment values. Keep a pub operator’s operating earnings distinct from any separately valued freehold interest.
Only present a sensitivity range after the peer multiples and earnings definitions have been independently verified. The available operating figures and historical peer references do not establish a current, harmonised set of trading multiples as at 4 October 2026, so they cannot support a defensible numerical valuation range by themselves.
Quick Recap
Best Value
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
