Long-Term Outlook for Monster Intact After in Line 2Q Results; Shares Not a Bargain
We don't expect a significant change to our $48.50 fair value estimate for narrow-moat Monster Beverage after the firm posted second-quarter results that tracked in line with our full-year outlook. Net sales were up 12% (a touch above our 10%-11% annual expectation) and operating margin contracting 340 basis points to 35% (comparable to our estimate). These solid top line gains were fueled entirely by volume growth, as the firm continues to expand its distribution through the Coca-Cola bottling ...Monster Beverage is a holding company. Through its subsidiaries, the company develops, markets, sells and distributes energy drink beverages and concentrates for energy drink beverages. The company has the following operating and reportable segments: Monster Energy? Drinks segment, which is primarily comprised of the company's Monster Energy? drinks and Reign Total Body Fuel? energy drinks; Strategic Brands segment, which is comprised primarily of the various energy drink brands from The Coca-Cola Company, as well as its energy drinks; and Other segment, which is comprised of certain prod ucts sold by American Fruits and Flavors, LLC, a wholly-owned subsidiary, to independent third-party customers.
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