Molson Coors’ Domestic Volumes Remain Soft in 1Q; Shares Fairly Valued
Narrow-moat Molson Coors’ first-quarter results came in mostly in line with our expectations. Although net income from continuing operations slipped over 20% from last year’s pro-forma value, we think the firm will be able to extract further cost savings over the next few quarters and remains on track to meet our expectation of revenue above $11 billion and high-single-digit net margin for the year (versus pro-forma net margin below 3% last year). We’re maintaining our $87 fair value estimate, w...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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