This article adds to my initial articles outlining the business operations of Ambev (ABEV) and Compania Cervecerias Unidas (CCU) by valuing both companies based on recent acquisition multiples in the beer industry. Acquisition multiples can give us an idea of how industry executives value companies and can be used to value other companies in the industry. The theory behind using acquisition multiples to value a company is that industry participants do detailed valuation work to determine the value of the target. Within the beer industry, there are several transactions with available