Transferring Coverage of Narrow-Moat Molson Coors with a $91 FVE; Shares Fairly Valued
After transferring coverage of narrow-moat Molson Coors to a new analyst, we are slightly raising our fair value estimate to $91 per share from $87. Our updated outlook incorporates a tempered near-term top-line growth forecast, as we expect secular headwinds will continue to plague the domestic beer category (which in aggregate faced a 1% decline in 2015 and 2016), with MillerCoors volumes growing no more than 1% annually over our 10-year forecast. We also think the firm will be able to capture...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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