Molson Coors continues to benefit from its purchase of SABMiller’s stake of MillerCoors. At the same time the company is grappling with slowed beer sales as some COVID-19 challenges remain.
MOLSON COORS CANADA INC.(Toronto symbols TPX.A and TPX.B) took its current form in 2005 when Canadian brewer Molson merged with U.S.-based Adolph Coors. Canadian investors received shares of Molson Coors Canada, which are equivalent to shares of Molson Coors Beverage Co. (New York symbol TAP). The company is the world’s fifth-largest brewer. Its main brands include Molson Canadian (Canada), Coors Light (the U.S.) and Carling (the U.K.).
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Big acquisition spurred sales, earnings
In October 2016, the company acquired the remaining 58% of its MillerCoors brewing joint venture from SABMiller for $12 billion . (Back in 2008, the two firms agreed to combine their U.S. brewing operations.) Note-all amounts except share prices and market cap in U.S. dollars.
With 100% of that business, Molson Coors saw its overall sales for 2016 rise to $4.9 billion; in 2017, they more than doubled to $11.0 billion. Thanks to the higher sales and savings from eliminating overlapping operations, earnings improved to $4.42 a share (or $954.6 million) in 2016, and rose again in 2017 to $4.47 a share (or $968.6 million).
The company continues to cut costs following its acquisition of SABMiller’s MillerCoors stake.
More savings on tap for Molson
Due to slowing beer consumption, the company is now expanding its portfolio with other beverages. It recently partnered with Coca-Cola Co. (New York symbol KO) to launch Topo Chico Hard Seltzer in the U.S. In September 2021, Molson launched Five Trail Whiskey in Colorado and plans to expand into four other states in 2022.
As well, its Truss CBD USA joint venture with cannabis producer HEXO Corp. (Toronto symbol HEXO) has now launched Veryvell CBD beverages in Colorado and online in 17 states. Cannabidiol (CBD) is the non-psychoactive compound extracted from marijuana.
Molson B shares trade near 12 times the projected 2022 earnings of $4.11 U.S. a share. However, the Omicron variant of COVID-19 has led to new lockdowns in some regions. Rising transportation and packaging costs could also slow earnings growth.
Molson Coors is a hold.
Will Molson’s new venture to create a non-alcoholic cannabis-infused drink succeed in offsetting slower alcohol sales?
This article was originally published in 2007 and is regularly updated.
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