MOLSON COORS BREWING CO. $76(New York symbol TAP; Aggressive Growth Portfolio, Consumer sector; Shares outstanding: 193.0 million; Market cap: $14.7 billion; Price-to-sales ratio: 3.4; Dividend yield: 2.2%; TSINetwork Rating: Average; www.molsoncoors.com) reported that its worldwide beer volumes fell 1.3% in 2014. Its revenue also declined 1.4%, to $4.1 billion from $4.2 billion in 2013. If you disregard unfavourable currency exchange rates, revenue gained 0.3%.
The company continues to improve its efficiency. As a result, its earnings rose 5.7%, to $768.5 million from $727.1 million. Per-share earnings gained 4.6%, to $4.13 from $3.95, on more shares outstanding.
Molson Coors’ improving earnings let it cut its long-term debt to $2.3 billion (or 15% of its market cap) from $3.2 billion at the end of 2013. The company has also raised its dividend by 10.8%. The new annual rate of $1.64 yields 2.2%.
In addition, Molson Coors plans to buy back up to $1.0 billion worth of its shares over the next four years. However, its 2015 earnings will likely fall to $3.97 a share because of the U.S. dollar’s negative impact on its overseas operations. The stock trades at 19.1 times that forecast.
L BRANDS INC. $92(New York symbol LB; Aggressive Growth Portfolio, Consumer sector; Shares outstanding: 292.7 million; Market cap: $26.9 billion; Price-to-sales ratio: 2.4; Dividend yield: 2.2%; TSINetwork Rating: Average; www.lb.com) reported that its same-store sales rose 6% in its 2015 fourth quarter, which ended January 31, 2015, thanks to gains at Victoria’s Secret (up 10%) and Bath & Body Works (up 6%).
The retailer has also increased its dividend by 47.1%. The new annual rate of $2.00 a share yields 2.2%. It is also paying a special dividend of $2.00 a share. However, the stock trades at a high 25.9 times L Brands’likely fiscal 2016 earnings of $3.55 a share.
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