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Molson Coors Beverage Co TAP

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Morningstar’s Analysis

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Molson Coors Overcomes Raft of Challenges in Q1; Rest of 2021 To Be Strong; Shares Still Attractive

Analyst Note

| Nicholas Johnson, CFA |

Investor expectations were undoubtedly tempered heading into no-moat Molson Coors’ first-quarter earnings print, as a backdrop of calamitous events pressured the stock in recent months. These included a nontrivial cybersecurity breach and the anomalous winter storm that disrupted much of its brewing infrastructure in Texas. Nevertheless, the results were generally in line with our expectations, and more importantly, laudable progress is being made against important commercial and operational initiatives. We plan to raise our fair value estimate to $64 from $60 to reflect time value as well modestly higher medium-term margins. As investors warm to the reality that the brewer is not a hopeless cause, shares are no longer obscenely cheap, but we still see solid upside from here.

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Company Profile

Business Description

Molson Coors is the fifth- largest beer producer globally, boasting top-two positioning in the U.S., Canada, and many Central European markets. It brews and markets a slew of company-owned brands including Blue Moon, Coors, Miller, Vizzy, and Staropramen. It also sells various partner brands in certain locales such as Topo Chico (licensed from Coca-Cola), Amstel and Dos Equis in Canada (through an exclusive import/license arrangement with Heineken) and Corona in Central Europe (through an agreement with Anheuser-Busch InBev). The firm's go-to-market approach differs by geography as well, primarily using independent distributors in the U.S., but deploying hybrid models in Canada and Europe.

NH353, P.O. Box 4030
Golden, CO, 80401
T +1 303 279-6565
Sector Consumer Defensive
Industry Beverages - Brewers
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type Distressed
Employees 17,000