We Continue to Think Molson Coors’ Cost Savings Need Time to Materialize; Shares Fairly Valued
We reiterate our $91 fair value estimate for narrow-moat Molson Coors following its investor meeting, during which the firm reiterated several of its multiyear financial goals, including improving free cash flows, paying down debt, and delivering $550 million in cost savings by 2019, largely stemming from the MillerCoors acquisition (closed in October 2016). We remain comfortable with our long-term outlook, which forecasts sales growth averaging below 2% between 2018 and 2021 and operating margi...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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