Constellation’s Solid Growth Continues in Second Quarter, but Market Remains Overly Optimistic
We will likely raise our $117 fair value estimate roughly 5% for narrow-moat Constellation Brands after solid second-quarter results and a near-term picture that looks a bit rosier than we had expected. That said, we caution that second-half results still look to slow given challenging comparisons and the lapping of the Ballast Point craft beer acquisition. Moreover, while Constellation’s productivity efforts and higher volumes have led to profit margin improvement ahead of our estimates for thi...Constellation Brands is an international beverage alcohol company. The company is a producer and marketer of beer, wine and spirits with operations in the U.S., Mexico, New Zealand, Italy and Canada. The company has two segments: Beer, in which the company is engaged in the U.S. beer market that includes the imported, craft, domestic super premium, and alternative beverage alcohol categories and it has the right to import, market and sell these Mexican beer brands in the U.S.; and Wine and Spirits, in which its wine portfolio is supported by grapes purchased from independent growers, primarily in the U.S., New Zealand and Chile, and vineyard holdings in the U.S., New Zealand and Italy.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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