We're now in a position to start looking at the information for Red Bull.

We've got all of our source information for our comparable companies and all of the ratios calculated, so we now need to do the same for Red Bull.

Red Bull's not a listed company, it's a privately held company, so therefore there's no market data, no share price, no market capitalization, and therefore no EV that can be calculated from the market capitalization.

That's basically the purpose of our valuation to get to an equivalent enterprise value for Red Bull.

So the first information that we can include is Red Bull's sales.

We're going to extract this from the Red Bull three statement model.

And you can see here on the Red Bull model tab, we have a full income statement that's been prepared.

The figure for December 21 is from the last financial statements, and then we have projected figures driven by the assumptions at the top of the tab flowing out to the right.

So we're simply going to link to that figure in F 43 of 6.5 billion.

And there we have it because all of the columns are alongside each other.

It's easy just to copyright and get the next two years.

We then do the same for ebitda.

We Link to the income statement model and we go to F 48, and that's got the last 12 months EBITDA figure copy to the right.

And then finally for ebit, and this time we go to row 51, which has got the EBIT figure 1.6 billion euros and copy to the right.

The final figures that we need to include are the margins and sales growth figures over on the right hand side that we have calculated for our comparable businesses.

Second starts in column aw with the EBITDA over sales figure, and we can simply take that from the numbers. We've already included the last 12 months EBITDA divided by last 12 months of sales, and that gives us a figure of 30%.

Similarly, if we're looking for revenue growth, we can again construct that from the figures we've already included.

So we will look to the 2022 sales of 6.9 billion, divide by the last 12 month sales takeaway one to give us a percentage rise, and we have 6.5 increase in sales.