The craft beer revolution continues, but we expect heightened competition to slow growth rates.
Amid the current challenging environment for defensive names, we see several opportunities for long-term investment in wide-moat companies at reasonable discounts.
This brewer offers bond investors good value for their money, with its structural competitive advantages that provide a strong financial foundation for the long term.
Consumer defensive firms look to offset muted growth by beefing up their competitive positioning, and select opportunities for investors remain.
But the Sam Adams maker isn't alone in its quest to serve the market.
We see continued margin pressures, emerging-market opportunities, spin-off acquisition targets, plus some pockets of value in the sector.
These stocks have sustainable competitive advantages but are selling well above our fair value estimates.
We examine the holdings of the famed conglomerate.