Intrinsic value of Boston Beer Cl A - SAM

Previous Close

$286.05

  Intrinsic Value

$92.02

stock screener

  Rating & Target

str. sell

-68%

Previous close

$286.05

 
Intrinsic value

$92.02

 
Up/down potential

-68%

 
Rating

str. sell

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 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 3.4

 

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
  880
  901
  924
  950
  978
  1,010
  1,044
  1,082
  1,122
  1,165
  1,211
  1,260
  1,312
  1,368
  1,427
  1,489
  1,556
  1,626
  1,700
  1,778
  1,860
  1,947
  2,039
  2,135
  2,237
  2,344
  2,456
  2,575
  2,700
  2,831
Variable operating expenses, $m
  436
  446
  457
  470
  484
  500
  517
  535
  555
  576
  599
  623
  649
  676
  706
  737
  769
  804
  841
  879
  920
  963
  1,008
  1,056
  1,106
  1,159
  1,215
  1,273
  1,335
  1,400
Fixed operating expenses, $m
  335
  343
  350
  358
  366
  374
  382
  390
  399
  408
  417
  426
  435
  445
  455
  465
  475
  485
  496
  507
  518
  529
  541
  553
  565
  578
  590
  603
  617
  630
Total operating expenses, $m
  771
  789
  807
  828
  850
  874
  899
  925
  954
  984
  1,016
  1,049
  1,084
  1,121
  1,161
  1,202
  1,244
  1,289
  1,337
  1,386
  1,438
  1,492
  1,549
  1,609
  1,671
  1,737
  1,805
  1,876
  1,952
  2,030
Operating income, $m
  109
  112
  116
  122
  128
  136
  146
  156
  168
  181
  195
  211
  228
  247
  267
  288
  312
  336
  363
  392
  422
  455
  489
  526
  565
  607
  651
  698
  748
  801
EBITDA, $m
  151
  154
  160
  166
  174
  184
  194
  207
  220
  235
  252
  269
  289
  310
  333
  357
  384
  412
  442
  474
  509
  545
  584
  625
  669
  716
  765
  818
  873
  932
Interest expense (income), $m
  0
  0
  0
  0
  1
  1
  1
  1
  2
  2
  2
  3
  3
  4
  4
  5
  5
  6
  6
  7
  8
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
Earnings before tax, $m
  109
  112
  116
  121
  128
  135
  144
  154
  166
  178
  193
  208
  224
  243
  262
  283
  306
  330
  356
  384
  414
  446
  479
  516
  554
  595
  638
  684
  732
  784
Tax expense, $m
  30
  30
  31
  33
  34
  37
  39
  42
  45
  48
  52
  56
  61
  65
  71
  76
  83
  89
  96
  104
  112
  120
  129
  139
  150
  161
  172
  185
  198
  212
Net income, $m
  80
  82
  85
  88
  93
  99
  105
  113
  121
  130
  141
  152
  164
  177
  191
  207
  223
  241
  260
  280
  302
  325
  350
  376
  404
  434
  466
  499
  535
  572

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
  581
  594
  610
  627
  646
  667
  689
  714
  740
  769
  799
  832
  866
  903
  942
  983
  1,027
  1,073
  1,122
  1,173
  1,228
  1,285
  1,346
  1,409
  1,476
  1,547
  1,621
  1,700
  1,782
  1,869
Adjusted assets (=assets-cash), $m
  581
  594
  610
  627
  646
  667
  689
  714
  740
  769
  799
  832
  866
  903
  942
  983
  1,027
  1,073
  1,122
  1,173
  1,228
  1,285
  1,346
  1,409
  1,476
  1,547
  1,621
  1,700
  1,782
  1,869
Revenue / Adjusted assets
  1.515
  1.517
  1.515
  1.515
  1.514
  1.514
  1.515
  1.515
  1.516
  1.515
  1.516
  1.514
  1.515
  1.515
  1.515
  1.515
  1.515
  1.515
  1.515
  1.516
  1.515
  1.515
  1.515
  1.515
  1.516
  1.515
  1.515
  1.515
  1.515
  1.515
Average production assets, $m
  408
  418
  429
  441
  454
  469
  485
  502
  520
  540
  562
  585
  609
  635
  662
  691
  722
  754
  789
  825
  863
  903
  946
  991
  1,038
  1,088
  1,140
  1,195
  1,253
  1,314
Working capital, $m
  12
  13
  13
  13
  14
  14
  15
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
  33
  34
  36
  38
  40
Total debt, $m
  3
  7
  10
  15
  20
  25
  31
  37
  44
  51
  59
  67
  76
  86
  95
  106
  117
  129
  142
  155
  169
  183
  199
  215
  232
  250
  269
  289
  311
  333
Total liabilities, $m
  149
  152
  156
  160
  165
  171
  176
  183
  190
  197
  205
  213
  222
  231
  241
  252
  263
  275
  287
  300
  314
  329
  344
  361
  378
  396
  415
  435
  456
  478
Total equity, $m
  432
  442
  454
  466
  480
  496
  513
  531
  551
  572
  595
  619
  644
  672
  701
  731
  764
  798
  835
  873
  913
  956
  1,001
  1,049
  1,098
  1,151
  1,206
  1,265
  1,326
  1,390
Total liabilities and equity, $m
  581
  594
  610
  626
  645
  667
  689
  714
  741
  769
  800
  832
  866
  903
  942
  983
  1,027
  1,073
  1,122
  1,173
  1,227
  1,285
  1,345
  1,410
  1,476
  1,547
  1,621
  1,700
  1,782
  1,868
Debt-to-equity ratio
  0.010
  0.010
  0.020
  0.030
  0.040
  0.050
  0.060
  0.070
  0.080
  0.090
  0.100
  0.110
  0.120
  0.130
  0.140
  0.150
  0.150
  0.160
  0.170
  0.180
  0.180
  0.190
  0.200
  0.210
  0.210
  0.220
  0.220
  0.230
  0.230
  0.240
Adjusted equity ratio
  0.744
  0.744
  0.744
  0.744
  0.744
  0.744
  0.744
  0.744
  0.744
  0.744
  0.744
  0.744
  0.744
  0.744
  0.744
  0.744
  0.744
  0.744
  0.744
  0.744
  0.744
  0.744
  0.744
  0.744
  0.744
  0.744
  0.744
  0.744
  0.744
  0.744

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  80
  82
  85
  88
  93
  99
  105
  113
  121
  130
  141
  152
  164
  177
  191
  207
  223
  241
  260
  280
  302
  325
  350
  376
  404
  434
  466
  499
  535
  572
Depreciation, amort., depletion, $m
  41
  42
  43
  44
  46
  47
  49
  51
  52
  54
  56
  58
  61
  63
  66
  69
  72
  75
  79
  82
  86
  90
  95
  99
  104
  109
  114
  119
  125
  131
Funds from operations, $m
  121
  124
  128
  133
  139
  146
  154
  163
  173
  185
  197
  210
  225
  241
  258
  276
  295
  316
  339
  363
  388
  416
  445
  475
  508
  543
  580
  619
  660
  704
Change in working capital, $m
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
Cash from operations, $m
  121
  124
  128
  133
  139
  146
  154
  163
  173
  184
  196
  209
  224
  240
  257
  275
  294
  315
  338
  362
  387
  414
  443
  474
  507
  541
  578
  617
  658
  702
Maintenance CAPEX, $m
  -40
  -41
  -42
  -43
  -44
  -45
  -47
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -63
  -66
  -69
  -72
  -75
  -79
  -82
  -86
  -90
  -95
  -99
  -104
  -109
  -114
  -119
  -125
New CAPEX, $m
  -8
  -9
  -11
  -12
  -13
  -15
  -16
  -17
  -19
  -20
  -21
  -23
  -24
  -26
  -27
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -43
  -45
  -47
  -50
  -52
  -55
  -58
  -61
Cash from investing activities, $m
  -48
  -50
  -53
  -55
  -57
  -60
  -63
  -65
  -69
  -72
  -75
  -79
  -82
  -87
  -90
  -95
  -100
  -104
  -109
  -115
  -120
  -126
  -133
  -140
  -146
  -154
  -161
  -169
  -177
  -186
Free cash flow, $m
  72
  73
  75
  78
  81
  86
  91
  97
  104
  112
  121
  131
  141
  153
  166
  180
  195
  211
  228
  247
  267
  288
  310
  335
  360
  388
  417
  448
  481
  516
Issuance/(repayment) of debt, $m
  3
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  11
  11
  12
  12
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
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  
  3
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  11
  11
  12
  12
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
Total cash flow (excl. dividends), $m
  76
  77
  79
  82
  86
  91
  97
  103
  111
  119
  128
  139
  150
  162
  176
  190
  206
  223
  241
  260
  280
  302
  326
  351
  378
  406
  436
  468
  502
  538
Retained Cash Flow (-), $m
  -8
  -10
  -11
  -13
  -14
  -16
  -17
  -18
  -20
  -21
  -23
  -24
  -26
  -27
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -43
  -45
  -47
  -50
  -53
  -55
  -58
  -61
  -64
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
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  8
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  16
  17
  18
  19
Cash available for distribution, $m
  67
  67
  68
  69
  72
  75
  80
  85
  91
  98
  106
  115
  124
  135
  147
  160
  173
  188
  204
  222
  240
  260
  281
  304
  328
  353
  381
  410
  441
  473
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
  64
  61
  59
  57
  56
  55
  54
  53
  52
  51
  50
  49
  47
  45
  43
  41
  38
  35
  31
  28
  25
  22
  18
  15
  13
  10
  8
  6
  5
  4
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
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  100.0
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The Boston Beer Company, Inc. is a craft brewer in the United States. The Company is engaged in the business of producing and selling alcohol beverages primarily in the domestic market and in selected international markets. The Company operates through two segments: Boston Beer Company segment, and A&S Brewing Collaborative segment. The Boston Beer Company segment comprises of the Company's Samuel Adams, Twisted Tea, Angry Orchard and Truly Spiked & Sparkling brands. The A&S Brewing Collaborative segment comprises of The Traveler Beer Company, Coney Island Brewing Company, Angel City Brewing Company and Concrete Beach Brewing Company. Both segments sell low alcohol beverages. The Company produces malt beverages and hard cider at the Company-owned breweries and under contract arrangements at other brewery locations. As of December 31, 2016, the Company sold its products to a network of approximately 350 wholesalers in the United States and to a network of distributors.

FINANCIAL RATIOS  of  Boston Beer Cl A (SAM)

Valuation Ratios
P/E Ratio 40.7
Price to Sales 3.9
Price to Book 7.9
Price to Tangible Book
Price to Cash Flow 23
Price to Free Cash Flow 34
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
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 13.8%
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 $863 million for the last fiscal year's total revenue generated by Boston Beer Cl A. The default revenue input number comes from 2017 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 49.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $328 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 5.4% 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 0.7%.

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 46.4%.

Life of production assets of 10 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 1.4%. 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 - $424 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 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 $3.4 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ Heres what Boston Beer's founder said to Trump over dinner   [Aug-08-18 03:42PM  American City Business Journals]
▶ Report: Boston Beer's Jim Koch to meet with Trump   [Aug-07-18 01:39PM  American City Business Journals]
▶ Boston Beer: The Cost of Growth Is Too High   [Jul-30-18 02:29PM  TheStreet.com]
▶ Market News For Jul 30, 2018   [09:09AM  Zacks]
▶ [$$] Meet the Man Who Helped Craft a Brewers Rise   [Jul-27-18 07:51PM  The Wall Street Journal]
▶ What Happened in the Stock Market Today   [04:37PM  Motley Fool]
▶ Boston Beer shares fall on weak earnings report   [01:54PM  American City Business Journals]
▶ [$$] Meet the Man Who Helped Craft a Brewer's Rise   [12:18PM  The Wall Street Journal]
▶ Boston Beer Brews a Mixed Quarter   [11:45AM  Motley Fool]
▶ After-hours buzz: AMZN, EXPE & more   [Jul-26-18 05:42PM  CNBC]
▶ How Samuel Adams became an overflowing success   [Jul-20-18 10:53AM  Yahoo Finance Video]
▶ Yahoo Finance Live: Market Movers - Jul 20th, 2018   [07:20AM  Yahoo Finance Video]
▶ 4 Top Ranked Momentum Stocks to Buy for July 16th   [Jul-16-18 01:48PM  InvestorPlace]
▶ Anatomy of Success: Boston Beer Company (SAM)   [Jul-12-18 06:30PM  Zacks]
▶ Is Molson Coors Brewing Co Stock Set to Rebound 20%?   [Jun-12-18 11:09AM  InvestorPlace]
▶ How to Invest in Craft Beer   [Jun-11-18 09:43PM  Motley Fool]
▶ Top 20 Vice Stocks for Sinful Gains   [Jun-05-18 03:20PM  InvestorPlace]
▶ The Beer Business Is Looking Gloomy   [Jun-01-18 06:00AM  Motley Fool]
▶ Boston Beer Finally Posts Earnings Worth Cheering About   [May-15-18 11:44AM  Motley Fool]
▶ Why Boston Beer Stock Gained 19% in April   [May-07-18 02:29PM  Motley Fool]
▶ Boston Beer Beats With New Beverages   [01:10PM  Motley Fool]
▶ 15 Most Expensive Beers In The World   [May-05-18 05:44PM  Insider Monkey]
▶ Why the CEO of Peets Coffee took the helm at Boston Beer   [Apr-29-18 07:45PM  American City Business Journals]
▶ Boston Beer: 5 Takeaways After an Upbeat Earnings Report   [Apr-26-18 10:34AM  Barrons.com]
▶ Boston Beer reports first increase in shipments in over a year   [08:55PM  American City Business Journals]
▶ Boston Beer: 1Q Earnings Snapshot   [05:09PM  Associated Press]
▶ Pot a buzzkill for beer sales   [Apr-19-18 05:08PM  CNBC Videos]
▶ Boston Beer Earnings: Things Are Looking 'Rosé'   [Apr-18-18 11:56AM  Barrons.com]
▶ Boston Beer confirms it will open first downtown Boston taproom   [Apr-13-18 11:32AM  American City Business Journals]
▶ Why Boston Beer Stock Gained 16% in March   [Apr-05-18 03:09PM  Motley Fool]
▶ Ahead of todays home opener, check out Fenways recent improvements   [05:57AM  American City Business Journals]
▶ Boston Beer: Optimism Has Shares at New 2018 Highs   [Apr-04-18 02:06PM  Barrons.com]
▶ [$$] Craft Beer Turns Out to Be a Big Business   [Apr-01-18 11:38PM  The Wall Street Journal]
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