Skip to Content

Molson Coors Beverage Co Shs -B- Non-Voting TAP

Rating as of

Morningstar’s Analysis

Currency in USD
Is it the right time to buy or sell?
Find out with Morningstar Premium
Is it the right time to buy or sell?
Find out with Morningstar Premium

1-Star Price


5-Star Price


Economic Moat


Capital Allocation


No-Moat Molson Coors Brews Up Stable Results Despite Supply Chain Disruption; Shares Undervalued

Jaime M. Katz, CFA Senior Equity Analyst

Analyst Note

| Jaime M. Katz, CFA |

No-moat Molson Coors released solid results for its third quarter, tracking largely in line with our full-year estimates for both revenue and gross margin. Given that our growth forecast for sales of 6% and EBITDA of 1% are within management’s reiterated outlook for a mid-single-digit sales increase and flat EBITDA growth, we do not plan to make any material changes to our $64 fair value estimate, outside of a slight adjustment to account for time value. Shares trade at a more than 30% discount to our fair value estimate, and we view the current price as an attractive entry point given the stabilization of the business.

Read Full Analysis

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 Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Slow Growth
Employees 17,000