Intrinsic value of Brown-Forman Cl B - BF-B

Previous Close

$53.65

  Intrinsic Value

$13.62

stock screener

  Rating & Target

str. sell

-75%

Previous close

$53.65

 
Intrinsic value

$13.62

 
Up/down potential

-75%

 
Rating

str. sell

We calculate the intrinsic value of BF-B 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 2017), $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 25.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  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
  3,054
  3,124
  3,204
  3,295
  3,394
  3,504
  3,623
  3,753
  3,892
  4,041
  4,201
  4,371
  4,553
  4,746
  4,950
  5,167
  5,397
  5,640
  5,897
  6,167
  6,453
  6,755
  7,073
  7,407
  7,760
  8,131
  8,522
  8,933
  9,366
  9,821
Variable operating expenses, $m
  865
  881
  900
  922
  945
  971
  1,000
  1,030
  1,063
  1,099
  997
  1,038
  1,081
  1,127
  1,175
  1,227
  1,281
  1,339
  1,400
  1,464
  1,532
  1,604
  1,679
  1,759
  1,843
  1,931
  2,024
  2,121
  2,224
  2,332
Fixed operating expenses, $m
  1,225
  1,252
  1,280
  1,308
  1,337
  1,366
  1,396
  1,427
  1,458
  1,490
  1,523
  1,557
  1,591
  1,626
  1,662
  1,698
  1,736
  1,774
  1,813
  1,853
  1,894
  1,935
  1,978
  2,021
  2,066
  2,111
  2,158
  2,205
  2,254
  2,303
Total operating expenses, $m
  2,090
  2,133
  2,180
  2,230
  2,282
  2,337
  2,396
  2,457
  2,521
  2,589
  2,520
  2,595
  2,672
  2,753
  2,837
  2,925
  3,017
  3,113
  3,213
  3,317
  3,426
  3,539
  3,657
  3,780
  3,909
  4,042
  4,182
  4,326
  4,478
  4,635
Operating income, $m
  964
  991
  1,024
  1,065
  1,112
  1,166
  1,227
  1,295
  1,370
  1,452
  1,680
  1,777
  1,881
  1,993
  2,113
  2,242
  2,380
  2,527
  2,684
  2,850
  3,027
  3,216
  3,415
  3,627
  3,852
  4,089
  4,341
  4,607
  4,889
  5,186
EBITDA, $m
  1,303
  1,335
  1,374
  1,420
  1,474
  1,535
  1,604
  1,680
  1,764
  1,856
  1,955
  2,063
  2,179
  2,304
  2,437
  2,581
  2,733
  2,896
  3,070
  3,254
  3,450
  3,658
  3,879
  4,112
  4,360
  4,622
  4,899
  5,192
  5,502
  5,829
Interest expense (income), $m
  48
  116
  120
  124
  129
  134
  140
  146
  153
  161
  169
  178
  187
  197
  208
  219
  231
  244
  257
  272
  287
  303
  319
  337
  356
  376
  396
  418
  441
  465
  491
Earnings before tax, $m
  848
  871
  900
  936
  978
  1,027
  1,081
  1,142
  1,209
  1,283
  1,502
  1,590
  1,684
  1,785
  1,894
  2,011
  2,136
  2,269
  2,412
  2,563
  2,725
  2,896
  3,078
  3,271
  3,476
  3,693
  3,923
  4,166
  4,423
  4,695
Tax expense, $m
  229
  235
  243
  253
  264
  277
  292
  308
  326
  346
  406
  429
  455
  482
  511
  543
  577
  613
  651
  692
  736
  782
  831
  883
  939
  997
  1,059
  1,125
  1,194
  1,268
Net income, $m
  619
  636
  657
  683
  714
  749
  789
  834
  883
  936
  1,097
  1,160
  1,229
  1,303
  1,383
  1,468
  1,559
  1,657
  1,761
  1,871
  1,989
  2,114
  2,247
  2,388
  2,538
  2,696
  2,864
  3,041
  3,229
  3,428

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
Total assets, $m
  4,720
  4,829
  4,953
  5,092
  5,246
  5,416
  5,600
  5,800
  6,015
  6,246
  6,493
  6,756
  7,037
  7,335
  7,651
  7,987
  8,342
  8,717
  9,114
  9,532
  9,974
  10,440
  10,931
  11,449
  11,994
  12,568
  13,172
  13,807
  14,476
  15,180
Adjusted assets (=assets-cash), $m
  4,720
  4,829
  4,953
  5,092
  5,246
  5,416
  5,600
  5,800
  6,015
  6,246
  6,493
  6,756
  7,037
  7,335
  7,651
  7,987
  8,342
  8,717
  9,114
  9,532
  9,974
  10,440
  10,931
  11,449
  11,994
  12,568
  13,172
  13,807
  14,476
  15,180
Revenue / Adjusted assets
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
Average production assets, $m
  2,000
  2,046
  2,099
  2,158
  2,223
  2,295
  2,373
  2,458
  2,549
  2,647
  2,752
  2,863
  2,982
  3,108
  3,243
  3,385
  3,535
  3,694
  3,862
  4,040
  4,227
  4,424
  4,633
  4,852
  5,083
  5,326
  5,582
  5,851
  6,135
  6,433
Working capital, $m
  785
  803
  824
  847
  872
  901
  931
  964
  1,000
  1,039
  1,080
  1,123
  1,170
  1,220
  1,272
  1,328
  1,387
  1,449
  1,515
  1,585
  1,659
  1,736
  1,818
  1,904
  1,994
  2,090
  2,190
  2,296
  2,407
  2,524
Total debt, $m
  2,217
  2,293
  2,381
  2,479
  2,587
  2,707
  2,837
  2,977
  3,129
  3,291
  3,465
  3,650
  3,848
  4,058
  4,281
  4,517
  4,767
  5,031
  5,310
  5,605
  5,916
  6,244
  6,590
  6,954
  7,338
  7,742
  8,167
  8,614
  9,085
  9,580
Total liabilities, $m
  3,323
  3,399
  3,487
  3,585
  3,693
  3,813
  3,943
  4,083
  4,235
  4,397
  4,571
  4,756
  4,954
  5,164
  5,387
  5,623
  5,873
  6,137
  6,416
  6,711
  7,022
  7,350
  7,696
  8,060
  8,444
  8,848
  9,273
  9,720
  10,191
  10,686
Total equity, $m
  1,397
  1,429
  1,466
  1,507
  1,553
  1,603
  1,658
  1,717
  1,780
  1,849
  1,922
  2,000
  2,083
  2,171
  2,265
  2,364
  2,469
  2,580
  2,698
  2,822
  2,952
  3,090
  3,236
  3,389
  3,550
  3,720
  3,899
  4,087
  4,285
  4,493
Total liabilities and equity, $m
  4,720
  4,828
  4,953
  5,092
  5,246
  5,416
  5,601
  5,800
  6,015
  6,246
  6,493
  6,756
  7,037
  7,335
  7,652
  7,987
  8,342
  8,717
  9,114
  9,533
  9,974
  10,440
  10,932
  11,449
  11,994
  12,568
  13,172
  13,807
  14,476
  15,179
Debt-to-equity ratio
  1.590
  1.600
  1.620
  1.640
  1.670
  1.690
  1.710
  1.730
  1.760
  1.780
  1.800
  1.830
  1.850
  1.870
  1.890
  1.910
  1.930
  1.950
  1.970
  1.990
  2.000
  2.020
  2.040
  2.050
  2.070
  2.080
  2.090
  2.110
  2.120
  2.130
Adjusted equity ratio
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  619
  636
  657
  683
  714
  749
  789
  834
  883
  936
  1,097
  1,160
  1,229
  1,303
  1,383
  1,468
  1,559
  1,657
  1,761
  1,871
  1,989
  2,114
  2,247
  2,388
  2,538
  2,696
  2,864
  3,041
  3,229
  3,428
Depreciation, amort., depletion, $m
  339
  344
  349
  355
  362
  369
  377
  385
  394
  404
  275
  286
  298
  311
  324
  338
  354
  369
  386
  404
  423
  442
  463
  485
  508
  533
  558
  585
  613
  643
Funds from operations, $m
  958
  980
  1,007
  1,039
  1,076
  1,118
  1,166
  1,219
  1,277
  1,340
  1,372
  1,447
  1,527
  1,614
  1,707
  1,806
  1,913
  2,026
  2,147
  2,275
  2,412
  2,557
  2,710
  2,873
  3,046
  3,229
  3,422
  3,626
  3,843
  4,071
Change in working capital, $m
  15
  18
  21
  23
  26
  28
  31
  33
  36
  38
  41
  44
  47
  50
  53
  56
  59
  62
  66
  70
  73
  77
  82
  86
  91
  95
  100
  106
  111
  117
Cash from operations, $m
  943
  962
  986
  1,016
  1,050
  1,090
  1,135
  1,186
  1,241
  1,302
  1,331
  1,403
  1,481
  1,564
  1,654
  1,751
  1,854
  1,964
  2,081
  2,206
  2,338
  2,479
  2,629
  2,787
  2,955
  3,133
  3,321
  3,521
  3,731
  3,954
Maintenance CAPEX, $m
  -196
  -200
  -205
  -210
  -216
  -222
  -230
  -237
  -246
  -255
  -265
  -275
  -286
  -298
  -311
  -324
  -338
  -354
  -369
  -386
  -404
  -423
  -442
  -463
  -485
  -508
  -533
  -558
  -585
  -613
New CAPEX, $m
  -40
  -46
  -53
  -59
  -65
  -72
  -78
  -85
  -91
  -98
  -105
  -112
  -119
  -126
  -134
  -142
  -150
  -159
  -168
  -177
  -187
  -197
  -208
  -219
  -231
  -243
  -256
  -269
  -283
  -298
Cash from investing activities, $m
  -236
  -246
  -258
  -269
  -281
  -294
  -308
  -322
  -337
  -353
  -370
  -387
  -405
  -424
  -445
  -466
  -488
  -513
  -537
  -563
  -591
  -620
  -650
  -682
  -716
  -751
  -789
  -827
  -868
  -911
Free cash flow, $m
  707
  716
  729
  747
  769
  796
  828
  864
  904
  949
  961
  1,016
  1,075
  1,140
  1,209
  1,284
  1,365
  1,451
  1,543
  1,642
  1,747
  1,859
  1,978
  2,105
  2,239
  2,382
  2,533
  2,693
  2,863
  3,042
Issuance/(repayment) of debt, $m
  68
  76
  87
  98
  109
  119
  130
  141
  151
  163
  174
  186
  198
  210
  223
  236
  250
  264
  279
  295
  311
  328
  346
  364
  384
  404
  425
  447
  471
  495
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  68
  76
  87
  98
  109
  119
  130
  141
  151
  163
  174
  186
  198
  210
  223
  236
  250
  264
  279
  295
  311
  328
  346
  364
  384
  404
  425
  447
  471
  495
Total cash flow (excl. dividends), $m
  775
  792
  816
  845
  878
  915
  957
  1,004
  1,056
  1,112
  1,135
  1,202
  1,273
  1,350
  1,432
  1,520
  1,615
  1,715
  1,823
  1,937
  2,058
  2,187
  2,324
  2,469
  2,623
  2,786
  2,958
  3,141
  3,334
  3,538
Retained Cash Flow (-), $m
  -27
  -32
  -37
  -41
  -46
  -50
  -55
  -59
  -64
  -68
  -73
  -78
  -83
  -88
  -94
  -99
  -105
  -111
  -117
  -124
  -131
  -138
  -145
  -153
  -161
  -170
  -179
  -188
  -198
  -208
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
  15
  15
  16
  16
  16
  17
  18
  18
  19
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  34
  35
  37
  39
  41
  43
  45
  47
Cash available for distribution, $m
  748
  760
  779
  803
  832
  865
  903
  945
  992
  1,044
  1,062
  1,124
  1,190
  1,261
  1,339
  1,421
  1,510
  1,604
  1,705
  1,813
  1,927
  2,049
  2,179
  2,316
  2,461
  2,616
  2,779
  2,952
  3,136
  3,329
Discount rate, %
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.85
  11.40
  11.97
  12.57
  13.19
  13.85
  14.55
  15.27
  16.04
  16.84
  17.68
  18.57
  19.49
  20.47
  21.49
  22.57
  23.69
  24.88
  26.12
  27.43
  28.80
  30.24
  31.75
  33.34
PV of cash for distribution, $m
  692
  646
  603
  561
  520
  479
  439
  399
  359
  319
  272
  237
  204
  172
  144
  118
  95
  75
  58
  44
  32
  23
  16
  11
  7
  5
  3
  2
  1
  1
Current shareholders' claim on cash, %
  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

Brown-Forman Corporation is a spirit and wine company. The Company manufactures, bottles, imports, exports, markets and sells a range of alcoholic beverages. The Company has a portfolio of approximately 40 spirit, wine and ready-to-drink cocktail (RTD) brands. Its principal brands include Jack Daniel's Tennessee Whiskey, Jack Daniel's RTDs, Jack Daniel's Tennessee Honey, Gentleman Jack Rare Tennessee Whiskey, Jack Daniel's Tennessee Fire, Jack Daniel's Single Barrel Collection, Jack Daniel's Sinatra Select, Jack Daniel's Winter Jack, Jack Daniel's No. 27 Gold Tennessee Whiskey, Finlandia Vodkas, Finlandia RTDs, Korbel California Brandy, Woodford Reserve Kentucky Bourbons, el Jimador Tequilas, el Jimador New Mix RTDs, Herradura Tequilas, Canadian Mist Canadian Whisky, Sonoma-Cutrer California Wines, Early Times Kentucky Whisky and Bourbon, Chambord Liqueur, Old Forester Kentucky Bourbon, Antiguo Tequila, Pepe Lopez Tequila, Santa Dose Cachaca and Collingwood Canadian Whisky.

FINANCIAL RATIOS  of  Brown-Forman Cl B (BF-B)

Valuation Ratios
P/E Ratio 30.8
Price to Sales 6.9
Price to Book 15
Price to Tangible Book
Price to Cash Flow 32.2
Price to Free Cash Flow 39.3
Growth Rates
Sales Growth Rate -3.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 4.5%
Cap. Spend. - 3 Yr. Gr. Rate -2.3%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 123.3%
Total Debt to Equity 156.9%
Interest Coverage 20
Management Effectiveness
Return On Assets 16%
Ret/ On Assets - 3 Yr. Avg. 19.7%
Return On Total Capital 20.3%
Ret/ On T. Cap. - 3 Yr. Avg. 25.8%
Return On Equity 45.6%
Return On Equity - 3 Yr. Avg. 47.3%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 67.5%
Gross Margin - 3 Yr. Avg. 68.9%
EBITDA Margin 34.7%
EBITDA Margin - 3 Yr. Avg. 40.2%
Operating Margin 33%
Oper. Margin - 3 Yr. Avg. 38.5%
Pre-Tax Margin 31.2%
Pre-Tax Margin - 3 Yr. Avg. 37.1%
Net Profit Margin 22.3%
Net Profit Margin - 3 Yr. Avg. 26.2%
Effective Tax Rate 28.3%
Eff/ Tax Rate - 3 Yr. Avg. 29.5%
Payout Ratio 41%

BF-B stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BF-B stock intrinsic value calculation we used $2994 million for the last fiscal year's total revenue generated by Brown-Forman Cl B. The default revenue input number comes from 2017 income statement of Brown-Forman Cl B. 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 BF-B 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 8.1%, whose default value for BF-B is calculated based on our internal credit rating of Brown-Forman Cl B, 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 Brown-Forman Cl B.
    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 BF-B stock the variable cost ratio is equal to 28.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1199 million in the base year in the intrinsic value calculation for BF-B 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 5.4% for Brown-Forman Cl B.

Corporate tax rate of 27% is the nominal tax rate for Brown-Forman Cl B. 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 BF-B stock is equal to 0.5%.

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 BF-B are equal to 65.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Brown-Forman Cl B 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 BF-B is equal to 25.7%. 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 - $1370 million for Brown-Forman Cl B - 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 480 million for Brown-Forman Cl B 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 Brown-Forman Cl B at the current share price and the inputted number of shares is $25.8 billion.

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COMPANY NEWS

▶ Here are the top 20 best-selling whiskey brands in America   [Aug-11-18 08:58AM  American City Business Journals]
▶ Brown-Forman Shareholders Elect Directors   [Jul-26-18 01:11PM  Business Wire]
▶ Former Brown-Forman president dies   [09:47AM  American City Business Journals]
▶ How Americans feel about the country this July 4th   [Jul-03-18 01:03PM  Yahoo Finance Video]
▶ Trade War Tensions Re-escalate   [Jul-02-18 10:30AM  Zacks]
▶ Jack Daniel's prices increase in Europe because of tariffs   [Jun-25-18 06:43PM  Associated Press]
▶ Brown-Forman adds a new face to its C-suite   [02:04PM  American City Business Journals]
▶ Kentucky governor downplays effect of EU tariffs on bourbon   [Jun-22-18 08:54AM  Associated Press]
▶ Tariffs stir unrest among American whiskey producers   [Jun-21-18 03:35PM  Associated Press]
▶ Kentucky has how many distilleries now?   [Jun-19-18 07:26AM  American City Business Journals]
▶ INSIDE LOOK: Old Forester's Main Street distillery opens today (PHOTOS)   [Jun-14-18 07:41AM  American City Business Journals]
▶ Old Forester is reviving a tradition with The President's Choice   [Jun-08-18 02:58PM  American City Business Journals]
▶ The biggest challenge for Brown-Forman's incoming CEO   [02:25PM  American City Business Journals]
▶ Jack Daniel's maker flags tariff worries   [11:34AM  Reuters Videos]
▶ [$$] Brown-Forman Profit Declines as Expenses Rise   [09:06AM  The Wall Street Journal]
▶ Brown-Forman offers early retirement to salaried employees   [Jun-05-18 12:41PM  American City Business Journals]
▶ Brown-Forman Looking Vulnerable   [Jun-04-18 04:07PM  TheStreet.com]
▶ Brown-Forman is planning a super pricey bourbon when you can buy it   [12:10PM  American City Business Journals]
▶ Brown-Forman CEO to retire at year's end   [May-30-18 09:03AM  Associated Press]
▶ Brown-Forman names new CEO   [May-29-18 05:01PM  American City Business Journals]
▶ Brown-Forman Declares Cash Dividend   [May-24-18 03:37PM  Business Wire]
▶ Brown-Forman shakes up senior leadership   [May-16-18 12:13PM  American City Business Journals]
▶ Old Forester sets opening date for Whiskey Row distillery   [Apr-24-18 01:01PM  American City Business Journals]
▶ Jack Daniel's sues competitors, calls out bad customer reviews   [Apr-23-18 02:46PM  American City Business Journals]
▶ How Taylor Amerman promotes responsible drinking   [Apr-13-18 08:47AM  American City Business Journals]
▶ Brown-Forman Announces $600 Million Debt Offering   [Mar-22-18 04:41PM  Business Wire]
▶ Tracy Skeans Elected to Brown-Forman Board of Directors   [Mar-21-18 11:15AM  Business Wire]
▶ Brown-Forman has a new bourbon and it's the most expensive it's ever released   [Mar-20-18 04:48PM  American City Business Journals]
▶ An Unintended ETF Tariff Victim   [Mar-12-18 10:12AM  Benzinga]
▶ Jim Cramer: Traders Dumping Brown-Forman Don't Know Jack   [Mar-08-18 07:01PM  TheStreet.com]
▶ Vice president touts GOP tax overhaul in Kentucky visit   [Mar-07-18 06:04PM  Associated Press]
▶ CEO: Brown-Forman could be 'unfortunate victim' of trade war   [02:47PM  American City Business Journals]
▶ Brown-Forman reports higher sales, EPS but misses expectations   [12:36PM  American City Business Journals]
▶ Brown-Forman posts 3Q profit   [08:04AM  Associated Press]
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