Molson Coors' acquisition of MillerCoors supports its narrow moat, but volume growth to remain muted
We don’t plan major changes our $86 fair value estimate for narrow-moat Molson Coors. The company continues to face a challenging U.S. beer environment, which will be further highlighted now that the firm has completed its acquisition of its joint venture MillerCoors (we estimate that the U.S. will make up roughly two thirds of revenue and more than 70% of operating profit). We’re encouraged that operating profitability in this segment ticked up during the quarter, in line with our expectations,...Molson Coors Brewing is a holding company. Through its subsidiaries, the company is a brewer and has a portfolio of brands, including Blue Moon, Coors Banquet, Coors Light, Miller Lite, Staropramen, Carling, Molson Canadian and other brands, as well as craft and specialty beers such as Creemore Springs, Cobra, Doom Bar, Henry's Hard and Leinenkugel's. The company's segments include: MillerCoors LLC operating in the U.S.; Molson Coors Canada operating in Canada; Molson Coors Europe operating in Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, the Republic of Ireland, Romania, Serbia, the U.K. and various other European countries; and Molson Coors International operating in various other countries.
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