Intrinsic value of Craft Brew Alliance - BREW

Previous Close

$18.30

  Intrinsic Value

$1.40

stock screener

  Rating & Target

str. sell

-92%

  Value-price divergence*

-85%

Previous close

$18.30

 
Intrinsic value

$1.40

 
Up/down potential

-92%

 
Rating

str. sell

 
Value-price divergence*

-85%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of BREW stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -0.49
  12.80
  12.02
  11.32
  10.69
  10.12
  9.61
  9.15
  8.73
  8.36
  8.02
  7.72
  7.45
  7.20
  6.98
  6.78
  6.61
  6.45
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
Revenue, $m
  203
  229
  257
  286
  316
  348
  381
  416
  453
  491
  530
  571
  613
  657
  703
  751
  801
  852
  906
  962
  1,020
  1,081
  1,144
  1,210
  1,279
  1,351
  1,426
  1,504
  1,587
  1,672
  1,762
Variable operating expenses, $m
 
  224
  251
  279
  309
  340
  373
  407
  442
  479
  517
  556
  597
  640
  685
  731
  780
  830
  882
  937
  993
  1,052
  1,114
  1,178
  1,245
  1,315
  1,388
  1,465
  1,545
  1,628
  1,716
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  202
  224
  251
  279
  309
  340
  373
  407
  442
  479
  517
  556
  597
  640
  685
  731
  780
  830
  882
  937
  993
  1,052
  1,114
  1,178
  1,245
  1,315
  1,388
  1,465
  1,545
  1,628
  1,716
Operating income, $m
  0
  5
  5
  6
  7
  8
  9
  10
  11
  12
  13
  15
  16
  17
  19
  20
  21
  23
  24
  25
  27
  29
  30
  32
  34
  36
  38
  40
  42
  44
  47
EBITDA, $m
  11
  15
  16
  18
  20
  22
  24
  27
  29
  31
  34
  37
  39
  42
  45
  48
  51
  55
  58
  62
  65
  69
  73
  78
  82
  87
  91
  96
  102
  107
  113
Interest expense (income), $m
  1
  1
  2
  2
  3
  3
  4
  4
  5
  5
  6
  6
  7
  8
  9
  9
  10
  11
  12
  13
  13
  14
  15
  16
  17
  19
  20
  21
  22
  24
  25
Earnings before tax, $m
  0
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
Tax expense, $m
  0
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
Net income, $m
  0
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  6
  7
  7
  7
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  200
  226
  253
  281
  311
  343
  376
  410
  446
  483
  522
  562
  604
  648
  693
  740
  789
  840
  893
  948
  1,005
  1,065
  1,127
  1,192
  1,260
  1,331
  1,405
  1,482
  1,563
  1,648
  1,736
Adjusted assets (=assets-cash), $m
  200
  226
  253
  281
  311
  343
  376
  410
  446
  483
  522
  562
  604
  648
  693
  740
  789
  840
  893
  948
  1,005
  1,065
  1,127
  1,192
  1,260
  1,331
  1,405
  1,482
  1,563
  1,648
  1,736
Revenue / Adjusted assets
  1.015
  1.013
  1.016
  1.018
  1.016
  1.015
  1.013
  1.015
  1.016
  1.017
  1.015
  1.016
  1.015
  1.014
  1.014
  1.015
  1.015
  1.014
  1.015
  1.015
  1.015
  1.015
  1.015
  1.015
  1.015
  1.015
  1.015
  1.015
  1.015
  1.015
  1.015
Average production assets, $m
  77
  86
  97
  108
  119
  131
  144
  157
  171
  185
  200
  215
  231
  248
  265
  283
  302
  321
  342
  363
  385
  407
  431
  456
  482
  509
  538
  567
  598
  630
  664
Working capital, $m
  13
  16
  18
  20
  22
  24
  26
  29
  31
  34
  37
  39
  42
  45
  49
  52
  55
  59
  63
  66
  70
  75
  79
  83
  88
  93
  98
  104
  109
  115
  122
Total debt, $m
  29
  39
  50
  62
  74
  86
  99
  113
  127
  142
  158
  174
  191
  208
  226
  245
  265
  285
  306
  328
  351
  375
  400
  426
  453
  481
  511
  542
  574
  608
  643
Total liabilities, $m
  81
  90
  101
  113
  125
  137
  150
  164
  178
  193
  209
  225
  242
  259
  277
  296
  316
  336
  357
  379
  402
  426
  451
  477
  504
  532
  562
  593
  625
  659
  694
Total equity, $m
  120
  135
  152
  169
  187
  206
  225
  246
  268
  290
  313
  337
  363
  389
  416
  444
  473
  504
  536
  569
  603
  639
  676
  715
  756
  799
  843
  889
  938
  989
  1,042
Total liabilities and equity, $m
  201
  225
  253
  282
  312
  343
  375
  410
  446
  483
  522
  562
  605
  648
  693
  740
  789
  840
  893
  948
  1,005
  1,065
  1,127
  1,192
  1,260
  1,331
  1,405
  1,482
  1,563
  1,648
  1,736
Debt-to-equity ratio
  0.242
  0.290
  0.330
  0.360
  0.390
  0.420
  0.440
  0.460
  0.480
  0.490
  0.500
  0.520
  0.530
  0.540
  0.540
  0.550
  0.560
  0.570
  0.570
  0.580
  0.580
  0.590
  0.590
  0.600
  0.600
  0.600
  0.610
  0.610
  0.610
  0.620
  0.620
Adjusted equity ratio
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  0
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  6
  7
  7
  7
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
Depreciation, amort., depletion, $m
  11
  10
  11
  12
  13
  14
  16
  17
  18
  20
  21
  22
  23
  25
  27
  28
  30
  32
  34
  36
  38
  41
  43
  46
  48
  51
  54
  57
  60
  63
  66
Funds from operations, $m
  2
  13
  14
  15
  17
  18
  20
  21
  23
  24
  26
  28
  30
  32
  34
  36
  38
  41
  43
  46
  48
  51
  54
  57
  60
  63
  67
  70
  74
  78
  82
Change in working capital, $m
  -5
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
Cash from operations, $m
  7
  11
  12
  13
  14
  16
  17
  19
  20
  22
  24
  25
  27
  29
  31
  33
  35
  37
  39
  42
  44
  47
  50
  52
  55
  58
  62
  65
  69
  72
  76
Maintenance CAPEX, $m
  0
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -16
  -17
  -18
  -20
  -22
  -23
  -25
  -27
  -28
  -30
  -32
  -34
  -36
  -38
  -41
  -43
  -46
  -48
  -51
  -54
  -57
  -60
  -63
New CAPEX, $m
  -16
  -10
  -10
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -34
Cash from investing activities, $m
  -17
  -18
  -19
  -21
  -23
  -24
  -26
  -27
  -30
  -31
  -33
  -35
  -38
  -40
  -42
  -45
  -47
  -49
  -52
  -55
  -58
  -61
  -65
  -68
  -72
  -75
  -79
  -84
  -88
  -92
  -97
Free cash flow, $m
  -10
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
Issuance/(repayment) of debt, $m
  9
  10
  11
  11
  12
  13
  13
  14
  14
  15
  16
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  32
  34
  35
Issuance/(repurchase) of shares, $m
  0
  13
  13
  14
  15
  15
  16
  17
  17
  18
  18
  18
  19
  19
  20
  21
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  33
  34
  36
  37
Cash from financing (excl. dividends), $m  
  9
  23
  24
  25
  27
  28
  29
  31
  31
  33
  34
  34
  36
  36
  38
  40
  41
  42
  44
  46
  48
  50
  52
  54
  56
  58
  61
  64
  66
  70
  72
Total cash flow (excl. dividends), $m
  0
  16
  17
  18
  19
  20
  21
  21
  22
  23
  24
  24
  25
  25
  26
  28
  29
  30
  31
  32
  34
  35
  37
  38
  40
  41
  43
  45
  47
  50
  52
Retained Cash Flow (-), $m
  -1
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -44
  -46
  -49
  -51
  -53
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
Discount rate, %
 
  4.80
  5.04
  5.29
  5.56
  5.83
  6.13
  6.43
  6.75
  7.09
  7.45
  7.82
  8.21
  8.62
  9.05
  9.50
  9.98
  10.48
  11.00
  11.55
  12.13
  12.74
  13.37
  14.04
  14.74
  15.48
  16.25
  17.07
  17.92
  18.82
  19.76
PV of cash for distribution, $m
 
  1
  1
  1
  1
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  96.5
  93.3
  90.4
  87.8
  85.3
  83.1
  81.1
  79.2
  77.4
  75.8
  74.3
  73.0
  71.7
  70.4
  69.2
  68.1
  67.1
  66.0
  65.0
  64.1
  63.2
  62.3
  61.4
  60.6
  59.8
  59.0
  58.2
  57.4
  56.7
  56.0

Craft Brew Alliance, Inc. brews and sells craft beers and ciders under the Kona, Widmer Brothers, Redhook, Omission, and Square Mile brand names in the United States. It operates in two segments, Beer Related Operations and Pubs Operations. The company markets its beers directly to consumers in draft, cans, and bottles at restaurants, bars, and liquor stores, as well as in cans and bottles at supermarkets, warehouse clubs, convenience stores, and drug stores. It also operates five pubs that offer dining and entertainment facilities, and sell apparel and other merchandise. The company was founded in 1981 and is headquartered in Portland, Oregon.

FINANCIAL RATIOS  of  Craft Brew Alliance (BREW)

Valuation Ratios
P/E Ratio 0
Price to Sales 1.7
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 50.4
Price to Free Cash Flow -39.2
Growth Rates
Sales Growth Rate -0.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 9.9%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 23.3%
Total Debt to Equity 24.2%
Interest Coverage 1
Management Effectiveness
Return On Assets 0.5%
Ret/ On Assets - 3 Yr. Avg. 1.3%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 1.3%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. 1.5%
Asset Turnover 1
Profitability Ratios
Gross Margin 29.6%
Gross Margin - 3 Yr. Avg. 29.8%
EBITDA Margin 5.9%
EBITDA Margin - 3 Yr. Avg. 6.9%
Operating Margin 0.5%
Oper. Margin - 3 Yr. Avg. 1.8%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 1.5%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0.8%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 30%
Payout Ratio 0%

BREW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BREW stock intrinsic value calculation we used $203 million for the last fiscal year's total revenue generated by Craft Brew Alliance. The default revenue input number comes from 2016 income statement of Craft Brew Alliance. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our BREW stock valuation model: a) initial revenue growth rate of 12.8% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.8%, whose default value for BREW is calculated based on our internal credit rating of Craft Brew Alliance, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Craft Brew Alliance.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of BREW stock the variable cost ratio is equal to 98%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for BREW stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.1% for Craft Brew Alliance.

Corporate tax rate of 27% is the nominal tax rate for Craft Brew Alliance. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the BREW stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for BREW are equal to 37.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Craft Brew Alliance operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for BREW is equal to 6.9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $120 million for Craft Brew Alliance - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 19.063 million for Craft Brew Alliance is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Craft Brew Alliance at the current share price and the inputted number of shares is $0.3 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ Craft Brew Alliance posts 2Q profit   [02:34AM  Associated Press]
▶ Investing In Food Entrepreneurs? Don't Overpay   [Jul-27-17 10:06AM  Forbes]
▶ Top 4 Beer Stocks for 2017   [08:16AM  Investopedia]
▶ Can This Label Perk Up Craft Beer Sales Again?   [Jul-14-17 10:06AM  Motley Fool]
▶ Bear of the Day: Boston Beer (SAM)   [Jul-07-17 07:00AM  Zacks]
▶ 10 best independent beers for the Fourth of July   [Jul-04-17 10:59AM  MarketWatch]
▶ Nike, Kettle Foods vets team up on new adult beverage type   [Jun-12-17 10:25AM  American City Business Journals]
▶ Did Boston Beer Wait Too Long to Make an Acquisition?   [Jun-09-17 05:38PM  Motley Fool]
▶ Why Craft Brew Alliance, Inc. Stock Jumped 22.8% in May   [Jun-08-17 09:10PM  Motley Fool]
▶ Craft brewers latest problem: Drinkers want weak beers   [Jun-05-17 05:28PM  MarketWatch]
▶ New Strong Buy Stocks for May 23rd   [May-23-17 09:46AM  Zacks]
▶ Is Boston Beer Right to Fear Big Beer Competition?   [May-15-17 05:45PM  Motley Fool]
▶ Why Craft Brew Alliance Inc. Stock Is Surging Today   [May-04-17 05:20PM  Motley Fool]
▶ Craft Brew Alliance reports 1Q loss   [May-03-17 05:49PM  Associated Press]
▶ Who Will Prevail in a Marijuana-Friendly Future?   [Apr-21-17 02:54PM  Investopedia]
▶ New Strong Sell Stocks for April 13th   [Apr-13-17 08:12AM  Zacks]
▶ New Strong Sell Stocks for April 11th   [Apr-11-17 10:14AM  Zacks]
▶ Yet Another Brewer Posts Q4 Miss   [Mar-17-17 03:02PM  Investopedia]
▶ Yet Another Brewer Posts Q4 Miss   [03:02PM  at Investopedia]
▶ Wait, what? Washington state skunked on list of top 50 craft breweries   [06:15PM  American City Business Journals]
▶ Craft Brew Alliance posts 4Q profit   [05:22PM  Associated Press]
▶ You'll Never Guess Who's Jumped Into the Craft-Beer Business   [Feb-09-17 04:16PM  at Motley Fool]
▶ How Big Beer Companies Exert Their Dominance   [Feb-05-17 08:14AM  at Motley Fool]
▶ These 5 Stocks Have Doubled Investors' Money in 2016   [Jan-31-17 01:30PM  at Motley Fool]
▶ Forget Smith & Wesson: These 2 Stocks Doubled Last Year   [Jan-12-17 05:18PM  at Motley Fool]
▶ Why Craft Brew Alliance, Inc. Stock Bounced 11% Last Month   [Jan-11-17 09:26AM  at Motley Fool]
▶ Will Anheuser-Busch InBev Now Dominate Craft-Beer Brewpubs?   [Dec-24-16 01:31PM  at Motley Fool]
▶ The Worst Beer Stocks of 2016   [Dec-05-16 10:36AM  at Motley Fool]
▶ Is Your Favorite Craft Beer on the List of the Best in 2016?   [Nov-26-16 09:00AM  at Motley Fool]
Stock chart of BREW Financial statements of BREW
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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