Brown-Forman Posts Impressive Results in 1Q, but Shares Still Not a Bargain
Wide-moat Brown-Forman began fiscal 2018 on a high note, with underlying net sales up 6% (about two thirds of which was driven by volume) and operating margin expanding 150 basis points to 33.7% (comparable with our forecast for the year). We plan to modestly increase our $46.50 fair value estimate for the firm to reflect stronger near-term sales due to subsiding foreign exchange headwinds as well as a slightly stronger bottom line thanks to the firm’s ongoing cost savings initiatives. However, ...Brown-Forman primarily manufactures, bottles, imports, exports, markets, and sells a range of alcoholic beverage brands. Co.'s principal brands include, among other, Jack Daniel's Tennessee Whiskey; Jack Daniel's Tennessee Honey; Jack Daniel's RTDs; Gentleman Jack Rare Tennessee Whiskey; Jack Daniel's Tennessee Fire; Jack Daniel's Single Barrel Collection; Jack Daniel's Winter Jack; Jack Daniel's Sinatra Select; Jack Daniel's No. 27 Gold Tennessee Whiskey; Jack Daniel's Tennessee Rye; Korbel California Champagnes; Korbel California Brandy; Woodford Reserve Kentucky Bourbon; Woodford Reserve Double Oaked; Woodford Reserve Kentucky Rye Whiskey; Finlandia Vodkas; and Slane Irish Whiskey.
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