Intrinsic value of Boston Beer Cl A - SAM

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$144.35

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$144.35

 
Intrinsic value

$105.65

 
Up/down potential

-27%

 
Rating

sell

 
Value-price divergence* premium content

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

We calculate the intrinsic value of SAM 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 1.8

 

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, %
  -5.63
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  906
  924
  945
  970
  997
  1,027
  1,060
  1,096
  1,136
  1,178
  1,223
  1,271
  1,323
  1,378
  1,436
  1,498
  1,564
  1,633
  1,707
  1,784
  1,866
  1,953
  2,044
  2,140
  2,242
  2,348
  2,461
  2,579
  2,703
  2,834
  2,972
Variable operating expenses, $m
 
  599
  613
  628
  646
  666
  687
  710
  736
  763
  792
  823
  857
  892
  930
  970
  1,013
  1,058
  1,105
  1,155
  1,209
  1,265
  1,324
  1,386
  1,452
  1,521
  1,593
  1,670
  1,751
  1,835
  1,925
Fixed operating expenses, $m
 
  192
  196
  201
  206
  212
  217
  222
  228
  234
  239
  245
  251
  258
  264
  271
  278
  285
  292
  299
  306
  314
  322
  330
  338
  347
  355
  364
  373
  383
  392
Total operating expenses, $m
  769
  791
  809
  829
  852
  878
  904
  932
  964
  997
  1,031
  1,068
  1,108
  1,150
  1,194
  1,241
  1,291
  1,343
  1,397
  1,454
  1,515
  1,579
  1,646
  1,716
  1,790
  1,868
  1,948
  2,034
  2,124
  2,218
  2,317
Operating income, $m
  138
  134
  136
  140
  145
  150
  156
  164
  172
  181
  191
  203
  215
  228
  242
  257
  274
  291
  310
  330
  351
  374
  398
  424
  452
  481
  512
  545
  579
  616
  655
EBITDA, $m
  188
  184
  188
  193
  199
  206
  215
  224
  234
  246
  258
  272
  287
  303
  320
  339
  359
  380
  403
  427
  453
  481
  510
  541
  574
  609
  646
  685
  727
  771
  817
Interest expense (income), $m
  0
  0
  0
  0
  0
  1
  1
  1
  1
  2
  2
  2
  2
  3
  3
  4
  4
  4
  5
  5
  6
  7
  7
  8
  8
  9
  10
  11
  11
  12
  13
Earnings before tax, $m
  137
  134
  136
  140
  144
  149
  156
  163
  171
  180
  189
  201
  212
  225
  239
  254
  269
  287
  305
  324
  345
  368
  391
  417
  443
  472
  502
  534
  568
  604
  642
Tax expense, $m
  50
  36
  37
  38
  39
  40
  42
  44
  46
  48
  51
  54
  57
  61
  64
  68
  73
  77
  82
  88
  93
  99
  106
  112
  120
  127
  136
  144
  153
  163
  173
Net income, $m
  87
  98
  99
  102
  105
  109
  114
  119
  125
  131
  138
  146
  155
  164
  174
  185
  197
  209
  223
  237
  252
  268
  286
  304
  324
  344
  366
  390
  415
  441
  469

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  91
  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
  623
  543
  555
  569
  585
  603
  623
  644
  667
  692
  718
  746
  777
  809
  843
  880
  918
  959
  1,002
  1,048
  1,096
  1,147
  1,200
  1,257
  1,316
  1,379
  1,445
  1,514
  1,587
  1,664
  1,745
Adjusted assets (=assets-cash), $m
  532
  543
  555
  569
  585
  603
  623
  644
  667
  692
  718
  746
  777
  809
  843
  880
  918
  959
  1,002
  1,048
  1,096
  1,147
  1,200
  1,257
  1,316
  1,379
  1,445
  1,514
  1,587
  1,664
  1,745
Revenue / Adjusted assets
  1.703
  1.702
  1.703
  1.705
  1.704
  1.703
  1.701
  1.702
  1.703
  1.702
  1.703
  1.704
  1.703
  1.703
  1.703
  1.702
  1.704
  1.703
  1.704
  1.702
  1.703
  1.703
  1.703
  1.702
  1.704
  1.703
  1.703
  1.703
  1.703
  1.703
  1.703
Average production assets, $m
  410
  418
  427
  438
  451
  464
  479
  496
  513
  532
  553
  575
  598
  623
  649
  677
  707
  738
  771
  807
  844
  883
  924
  967
  1,013
  1,061
  1,112
  1,166
  1,222
  1,281
  1,343
Working capital, $m
  99
  8
  9
  9
  9
  9
  10
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  26
  27
Total debt, $m
  0
  4
  8
  12
  18
  24
  30
  37
  45
  53
  62
  71
  81
  92
  103
  115
  128
  141
  156
  171
  187
  204
  221
  240
  260
  280
  302
  325
  349
  375
  402
Total liabilities, $m
  177
  180
  184
  188
  194
  200
  206
  213
  221
  229
  238
  247
  257
  268
  279
  291
  304
  317
  332
  347
  363
  380
  397
  416
  436
  456
  478
  501
  525
  551
  578
Total equity, $m
  447
  363
  371
  381
  392
  404
  417
  431
  446
  463
  480
  499
  520
  541
  564
  588
  614
  642
  670
  701
  733
  767
  803
  841
  881
  922
  967
  1,013
  1,062
  1,113
  1,167
Total liabilities and equity, $m
  624
  543
  555
  569
  586
  604
  623
  644
  667
  692
  718
  746
  777
  809
  843
  879
  918
  959
  1,002
  1,048
  1,096
  1,147
  1,200
  1,257
  1,317
  1,378
  1,445
  1,514
  1,587
  1,664
  1,745
Debt-to-equity ratio
  0.000
  0.010
  0.020
  0.030
  0.050
  0.060
  0.070
  0.090
  0.100
  0.110
  0.130
  0.140
  0.160
  0.170
  0.180
  0.200
  0.210
  0.220
  0.230
  0.240
  0.250
  0.270
  0.280
  0.290
  0.290
  0.300
  0.310
  0.320
  0.330
  0.340
  0.340
Adjusted equity ratio
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  87
  98
  99
  102
  105
  109
  114
  119
  125
  131
  138
  146
  155
  164
  174
  185
  197
  209
  223
  237
  252
  268
  286
  304
  324
  344
  366
  390
  415
  441
  469
Depreciation, amort., depletion, $m
  50
  51
  52
  53
  55
  56
  58
  60
  62
  65
  67
  69
  72
  75
  78
  82
  85
  89
  93
  97
  102
  106
  111
  117
  122
  128
  134
  140
  147
  154
  162
Funds from operations, $m
  169
  148
  151
  155
  160
  165
  172
  179
  187
  196
  205
  216
  227
  239
  252
  267
  282
  298
  316
  334
  354
  375
  397
  421
  446
  472
  500
  530
  562
  595
  631
Change in working capital, $m
  15
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
Cash from operations, $m
  154
  148
  151
  155
  160
  165
  171
  179
  186
  195
  205
  215
  226
  239
  252
  266
  281
  298
  315
  333
  353
  374
  396
  420
  445
  471
  499
  529
  561
  594
  629
Maintenance CAPEX, $m
  0
  -49
  -50
  -51
  -53
  -54
  -56
  -58
  -60
  -62
  -64
  -67
  -69
  -72
  -75
  -78
  -82
  -85
  -89
  -93
  -97
  -102
  -106
  -111
  -117
  -122
  -128
  -134
  -140
  -147
  -154
New CAPEX, $m
  -50
  -8
  -10
  -11
  -12
  -14
  -15
  -16
  -18
  -19
  -20
  -22
  -23
  -25
  -26
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -53
  -56
  -59
  -62
Cash from investing activities, $m
  -46
  -57
  -60
  -62
  -65
  -68
  -71
  -74
  -78
  -81
  -84
  -89
  -92
  -97
  -101
  -106
  -112
  -116
  -122
  -128
  -134
  -141
  -147
  -154
  -163
  -170
  -179
  -187
  -196
  -206
  -216
Free cash flow, $m
  108
  90
  91
  93
  95
  97
  101
  104
  109
  114
  120
  127
  134
  142
  151
  160
  170
  181
  193
  205
  219
  233
  249
  265
  282
  301
  321
  342
  364
  388
  413
Issuance/(repayment) of debt, $m
  0
  4
  4
  5
  5
  6
  6
  7
  8
  8
  9
  9
  10
  11
  11
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
Issuance/(repurchase) of shares, $m
  -124
  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 from financing (excl. dividends), $m  
  -111
  4
  4
  5
  5
  6
  6
  7
  8
  8
  9
  9
  10
  11
  11
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
Total cash flow (excl. dividends), $m
  -3
  94
  95
  97
  100
  103
  107
  112
  117
  123
  129
  136
  144
  153
  162
  172
  183
  194
  207
  220
  235
  250
  266
  284
  302
  322
  343
  365
  388
  413
  439
Retained Cash Flow (-), $m
  14
  -7
  -8
  -10
  -11
  -12
  -13
  -14
  -15
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -26
  -27
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -54
Prev. year cash balance distribution, $m
 
  91
  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
 
  178
  87
  88
  89
  91
  94
  97
  101
  106
  111
  117
  124
  131
  139
  148
  157
  167
  178
  190
  203
  216
  230
  246
  262
  280
  299
  318
  339
  362
  385
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  170
  80
  76
  73
  71
  68
  66
  63
  61
  58
  56
  53
  50
  47
  43
  40
  36
  33
  29
  26
  22
  19
  16
  13
  11
  9
  7
  5
  4
  3
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

The Boston Beer Company, Inc. produces and sells alcohol beverages primarily in the United States. Its flagship beer is Samuel Adams Boston Lager. The company sells approximately 60 beers under the Samuel Adams and the Sam Adams brands; 20 hard cider beverages under the Angry Orchard brand; 13 flavored malt beverages under the Twisted Tea brand; and 4 hard seltzer beverages under the Truly Spiked & Sparkling brand name, as well as approximately 40 beers under A&S Brewing trade name. It markets and sells its products to a network of approximately 350 wholesalers, who in turn sell to retailers, such as pubs, restaurants, grocery stores, convenience stores, package stores, stadiums, and other retail outlets in Canada, Europe, Israel, Australia, New Zealand, the Caribbean, the Pacific Rim, Mexico, and Central and South America. The Boston Beer Company, Inc. was founded in 1984 and is based in Boston, Massachusetts.

FINANCIAL RATIOS  of  Boston Beer Cl A (SAM)

Valuation Ratios
P/E Ratio 20.5
Price to Sales 2
Price to Book 4
Price to Tangible Book
Price to Cash Flow 11.6
Price to Free Cash Flow 17.2
Growth Rates
Sales Growth Rate -5.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -32.4%
Cap. Spend. - 3 Yr. Gr. Rate -13.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 13.7%
Ret/ On Assets - 3 Yr. Avg. 15.6%
Return On Total Capital 19.1%
Ret/ On T. Cap. - 3 Yr. Avg. 21.8%
Return On Equity 19.2%
Return On Equity - 3 Yr. Avg. 21.9%
Asset Turnover 1.4
Profitability Ratios
Gross Margin 50.8%
Gross Margin - 3 Yr. Avg. 51.5%
EBITDA Margin 20.6%
EBITDA Margin - 3 Yr. Avg. 20.4%
Operating Margin 15.1%
Oper. Margin - 3 Yr. Avg. 15.9%
Pre-Tax Margin 15.1%
Pre-Tax Margin - 3 Yr. Avg. 15.8%
Net Profit Margin 9.6%
Net Profit Margin - 3 Yr. Avg. 10%
Effective Tax Rate 36.5%
Eff/ Tax Rate - 3 Yr. Avg. 37%
Payout Ratio 0%

SAM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SAM stock intrinsic value calculation we used $906 million for the last fiscal year's total revenue generated by Boston Beer Cl A. The default revenue input number comes from 2016 income statement of Boston Beer Cl A. 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 SAM stock valuation model: a) initial revenue growth rate of 2% 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 4.3%, whose default value for SAM is calculated based on our internal credit rating of Boston Beer Cl A, 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 Boston Beer Cl A.
    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 SAM stock the variable cost ratio is equal to 64.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $187 million in the base year in the intrinsic value calculation for SAM 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 3.5% for Boston Beer Cl A.

Corporate tax rate of 27% is the nominal tax rate for Boston Beer Cl A. 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 SAM 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 SAM are equal to 45.2%.

Life of production assets of 8.3 years is the average useful life of capital assets used in Boston Beer Cl A 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 SAM is equal to 0.9%. 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 - $447 million for Boston Beer Cl A - 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 12.444 million for Boston Beer Cl A 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 Boston Beer Cl A at the current share price and the inputted number of shares is $1.8 billion.


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COMPANY NEWS

▶ Boston Beer Is a Buy Near Its 52-Week Low   [04:13PM  GuruFocus.com]
▶ Boston Beer Is Still Feeling the Heat of Competition   [Apr-27-17 07:59PM  Motley Fool]
▶ Sam Adams spring seasonal beers didn't sell as well as hoped   [06:45AM  American City Business Journals]
▶ Boston Beer beats 1Q profit forecasts   [Apr-26-17 06:34PM  Associated Press]
▶ 3 Top Beer Stocks to Buy in 2017   [Apr-19-17 09:34PM  Motley Fool]
▶ Boston Beer CEO to leave millions on the table upon retirement   [Apr-13-17 09:30PM  American City Business Journals]
▶ Cramer ranks the brewers   [Apr-10-17 07:36PM  CNBC Videos]
▶ 2 Alcohol Stocks That Could Drive Stellar Gains   [Apr-08-17 11:13AM  TheStreet.com]
▶ Veteran Boston Beer Director To Retire   [04:15PM  PR Newswire]
▶ Samuel Adams laps up Austin entrepreneur's Bloody Mary mix   [Mar-15-17 04:40PM  at bizjournals.com]
▶ Samuel Adams laps up Austin entrepreneur's Bloody Mary mix   [04:40PM  American City Business Journals]
▶ 10 Best Selling Tequila Brands In The US   [Mar-14-17 01:32PM  Insider Monkey]
▶ 10 Best Selling Tequila Brands In The US   [01:32PM  at Insider Monkey]
▶ Stocks Declining to Their 3-Year Lows   [Mar-11-17 09:35PM  GuruFocus.com]
▶ 3 Stocks Begging for a Buyout   [Mar-10-17 07:41AM  Motley Fool]
▶ 3 Stocks Begging for a Buyout   [07:41AM  at Motley Fool]
▶ Bud By Country: Is Beer Stock Fairly Valued?   [Mar-02-17 11:34AM  at Barrons.com]
▶ Bud In Brazil Brews Trouble For AB InBev   [09:11AM  at Barrons.com]
▶ Your state is soaking you for beer money   [Mar-01-17 07:53PM  at MarketWatch]
▶ [$$] Boston Beer Loses Its Edge   [12:24AM  at Barrons.com]
▶ Brewer Earnings Takes Hit at Craft-Beer Leader   [Feb-23-17 06:07PM  at Investopedia]
▶ Boston Beer Company Finds Growth the Hard Way   [Feb-22-17 08:36PM  at Motley Fool]
▶ Boston Beer Leaking After Weak Projection   [05:41PM  at Barrons.com]
▶ Can a New CEO Save Boston Beer?   [Feb-16-17 11:05AM  at Motley Fool]
▶ You'll Never Guess Who's Jumped Into the Craft-Beer Business   [Feb-09-17 04:16PM  at Motley Fool]
▶ Boston Beer's Longtime CEO to Retire in 2018   [Feb-03-17 02:03PM  at Investopedia]
▶ Boston Beer CEO to retire in 2018   [08:20AM  at bizjournals.com]
▶ Why Boston Beer Is Altering Its Rebel IPA Recipe   [Jan-20-17 01:24PM  at Investopedia]
▶ How craft beer lost its craft and gained layoffs   [Jan-18-17 12:38PM  at MarketWatch]
▶ 7 Top Stocks Long-Term Investors Should Buy Next   [Jan-15-17 02:02PM  at Motley Fool]
▶ Forget Smith & Wesson: These 2 Stocks Doubled Last Year   [Jan-12-17 05:18PM  at Motley Fool]
▶ Top Beer Stocks to Buy in 2017   [Jan-11-17 04:32PM  at Motley Fool]
▶ Bad News for Boston Beer in New Data   [Jan-10-17 05:19PM  at Barrons.com]
▶ Can It Get Any Harder for Boston Beer to Sell Beer?   [Jan-06-17 10:33AM  at Motley Fool]
▶ Why the Boston Beer Company, Inc. Stock Fell 15.9% in 2016   [Jan-04-17 07:10PM  at Motley Fool]
▶ 10 Innovative Ways to Make $1 Million   [Jan-01-17 12:02PM  at Motley Fool]
▶ Boston Beer's Post-Election Rally Is Over   [Dec-30-16 12:13PM  at Motley Fool]
▶ Mass. will be home to America's largest medical marijuana facility   [Dec-21-16 12:10PM  at bizjournals.com]
▶ [$$] Craft beer: many hoppy returns   [Dec-19-16 01:32PM  at Financial Times]
▶ Top Sin Stocks to Buy in 2017   [Dec-17-16 08:21AM  at Motley Fool]
Stock chart of SAM Financial statements of SAM
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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