Boston Beer Co Inc Class A

SAM: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$232.00	Zpmcy	Ydkrppty

Boston Beer Earnings: Volume and Margin Recovery Will Take Time as Seltzer Weakness Persists

Dan Su

Apr 28, 2023

We plan to lower narrow-moat Boston Beer’s $610 fair value estimate by a midteens rate after digesting first-quarter results (revenue down 5% to $410 million and net loss per share widening to $0.73 from $0.16) that suggest it might take longer than we previously anticipated for volume and margins to bottom out.

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