Last $75.93 USD
Change Today -2.10 / -2.69%
Volume 1.2M
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Company Description

Contact Info

1225 17th Street

Suite 3200

Denver, CO 80202

United States

Phone: 303-927-2337

Fax:

Food and Drug Administration; state alcohol regulatory agencies; and state and federal environmental agencies. Europe The majority of this segment’s sales are in the U.K., Czech Republic, Serbia, Croatia, Romania, Bulgaria and Hungary. The company’s portfolio includes beers that have the share in their respective countries, such as Carling in the U.K., Jelen in Serbia, Kamenitza in Bulgaria and Ozujsko in Croatia. The company brews and distributes Stella Artois, Beck's, Lowenbrau and Spaten under license agreements with ABI companies. Additionally, its Europe segment includes its consolidated joint venture arrangements for the production and distribution of Grolsch and Cobra brands in the U.K. and the Republic of Ireland and factored brand sales (beverage brands owned by other companies, but sold and delivered to retail by the company). In 2013, the company entered into agreements for the continued distribution of its products in the U.K. through 2023. Additionally, the company distributes the Modelo brands, including Corona, pursuant to a distribution agreement with Modelo. Brands sold in Europe include Carling, Ozujsko, Niksicko, Bergenbier, Branik, Sharp's Doom Bar, Borsodi, Ostravar, Noroc, Astika, Apatinsko and Blue Moon, as well as various smaller regional ale brands in the U.K., Ireland and Central Europe. The European business has licensing agreements with various other brewers through which it also brews or distributes the Hoegaarden, Leffe, Löwenweisse and Belle-Vue Kriek brands in certain Central European countries. In the U.K., the company sells the Grolsch brands through a joint venture with Royal Grolsch N.V. and the Cobra brands, through the Cobra Beer Partnership Ltd. joint venture. Additionally, to provide a line of beer and other beverages to its U.K. on-premise customers, the company sells factored brands, which are third-party beverage brands for which it provides distribution to retail, typically on a non-exclusive basis. Sales and Distribution: Most of the company’s beer in the U.K. is sold directly to retailers. It is also common in the U.K. for brewers to distribute beer, wine, spirits, and other products owned and produced by other companies to the on-premise channel (bars and restaurants). Manufacturing, Production and Packaging: Brewing Raw Materials: The company produced 37% of its total required malt from its malt-house in the U.K., using barley sourced through two suppliers Frontier and Gleadell, with commitments until 2016 and 2014, respectively. The company has also entered into long term contracts with two suppliers for an additional 50% of its required malt. Contract Manufacturing: The company has a contract brewing and kegging agreement with Heineken whereby it produces and packages the Foster's and Kronenbourg brands in the U.K. The company has a five year agreement to contract brew ales for Carlsberg Group (Carlsberg) which was entered into in 2011. Competition: In European countries where the company operates, its principal competitors are Heineken, SABMiller, Carlsberg, and ABI. Seasonality of Business: Weather conditions consisting of high temperatures and extended periods of warm weather favor increased consumption of the company’s products, while unseasonably cool or wet weather, especially during the summer months, adversely affects its sales volumes and net sales. Accordingly, the peak selling seasons typically occur during the summer and during the Christmas and New Year holiday season. MCI The objective of this segment is to grow and expand the company’s business and brand portfolio in markets, including emerging markets, outside the U.S., Canada, U.K. and Central Europe. The focus of MCI includes Asia, continental Europe (excluding Central Europe, as it is a part of the Europe segment), Mexico, Latin America, the Caribbean (excluding Puerto Rico, as it is a part of the U.S. segment) and Australia. The company also offers its product under Coors Gold brand name. Standalone Business: The company’s standalone operations are in the Asia region and are based in India, Japan and China. Its consolidated joint venture in India gives the company a 51%

 

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Industry Analysis

TAP

Industry Average

Valuation TAP Industry Range
Price/Earnings 25.3x
Price/Sales 3.3x
Price/Book 1.7x
Price/Cash Flow 20.4x
TEV/Sales 1.9x
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