Brown-Forman’s Growth Trajectory Remains Solid, Despite Near-Term Margin Pressure From Tariffs
We aren't anticipating a significant change to our $45 fair value estimate for Brown-Forman after reviewing third-quarter results, which included 4% underlying sales growth, driven by accelerating sales performance in the firm's super-premium American whiskey (up 24% year to date, and lapping 16% growth in the prior-year period) and tequila (up 13% year to date) portfolios. However, retaliatory tariffs on American whiskey in the EU, Mexico, Canada, Turkey, and China continue to weigh on both net...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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