Long-Term Thesis Largely Intact for Brown-Forman Despite Soft Quarter, but Shares Remain Overvalued
We’re keeping our $43 fair value estimate for Brown-Forman following challenging first-quarter results. Underlying revenue growth slowed from the same period a year ago, as difficult comparisons, emerging market headwinds, and minimal positive price and mix impacts mitigated continued geographic expansion. We’re encouraged that the firm’s premium whiskeys again outperformed its mainstream offerings, helping to boost adjusted operating margins, but we expect the future for Brown’s core Jack Danie...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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