reports
- Sonia Vora
Transferring Coverage of Wide-Moat Brown-Forman; $44 Fair Value Intact...
We are transferring coverage of Brown-Forman to a new analyst and reiterating our $44 fair value estimate, which implies forward fiscal 2017 price/earnings of 25 and enterprise value/adjusted EBITDA of 17. Our valuation reflects our forecast for 3.7% compound annual revenue growth (including excise taxes) over the next five years, coupled with roughly 4.3% operating margin growth (reaching 35% by fiscal 2021), given a positive shift in mix following the divestiture of Southern Comfort in 2016 an...
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