Intrinsic value of Boston Beer Cl A - SAM

Previous Close

$265.79

  Intrinsic Value

$348.37

stock screener

  Rating & Target

buy

+31%

Previous close

$265.79

 
Intrinsic value

$348.37

 
Up/down potential

+31%

 
Rating

buy

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 0001), $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 2.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  10.20
  9.68
  9.21
  8.79
  8.41
  8.07
  7.76
  7.49
  7.24
  7.01
  6.81
  6.63
  6.47
  6.32
  6.19
  6.07
  5.96
  5.87
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.34
  5.30
  5.27
  5.24
Revenue, $m
  951
  1,043
  1,139
  1,239
  1,344
  1,452
  1,565
  1,682
  1,804
  1,930
  2,062
  2,198
  2,341
  2,489
  2,643
  2,803
  2,970
  3,144
  3,326
  3,516
  3,714
  3,921
  4,137
  4,363
  4,599
  4,846
  5,105
  5,375
  5,659
  5,955
Variable operating expenses, $m
  470
  515
  563
  612
  664
  717
  773
  830
  891
  953
  1,018
  1,085
  1,155
  1,228
  1,304
  1,383
  1,466
  1,552
  1,642
  1,735
  1,833
  1,935
  2,042
  2,153
  2,270
  2,392
  2,519
  2,653
  2,793
  2,939
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
  805
  858
  913
  970
  1,030
  1,091
  1,155
  1,220
  1,290
  1,361
  1,435
  1,511
  1,590
  1,673
  1,759
  1,848
  1,941
  2,037
  2,138
  2,242
  2,351
  2,464
  2,583
  2,706
  2,835
  2,970
  3,109
  3,256
  3,410
  3,569
Operating income, $m
  146
  185
  226
  269
  314
  361
  410
  461
  514
  569
  627
  687
  750
  815
  884
  955
  1,029
  1,107
  1,188
  1,274
  1,363
  1,456
  1,554
  1,656
  1,764
  1,877
  1,995
  2,119
  2,249
  2,386
EBITDA, $m
  203
  247
  294
  343
  394
  447
  503
  561
  621
  684
  749
  817
  888
  963
  1,040
  1,121
  1,205
  1,293
  1,385
  1,481
  1,582
  1,688
  1,798
  1,914
  2,036
  2,163
  2,297
  2,437
  2,584
  2,738
Interest expense (income), $m
  0
  0
  1
  2
  3
  3
  4
  5
  6
  7
  9
  10
  11
  12
  13
  15
  16
  18
  19
  21
  22
  24
  26
  28
  30
  32
  34
  36
  39
  41
  44
Earnings before tax, $m
  146
  184
  225
  267
  311
  357
  405
  455
  507
  561
  618
  676
  738
  802
  869
  939
  1,012
  1,088
  1,168
  1,251
  1,339
  1,430
  1,526
  1,627
  1,732
  1,843
  1,958
  2,080
  2,208
  2,342
Tax expense, $m
  39
  50
  61
  72
  84
  96
  109
  123
  137
  151
  167
  183
  199
  217
  235
  253
  273
  294
  315
  338
  361
  386
  412
  439
  468
  497
  529
  562
  596
  632
Net income, $m
  107
  135
  164
  195
  227
  260
  295
  332
  370
  409
  451
  494
  539
  585
  634
  685
  738
  794
  852
  913
  977
  1,044
  1,114
  1,187
  1,264
  1,345
  1,430
  1,519
  1,612
  1,710

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
  628
  688
  752
  818
  887
  958
  1,033
  1,110
  1,190
  1,274
  1,361
  1,451
  1,545
  1,643
  1,744
  1,850
  1,960
  2,075
  2,195
  2,321
  2,451
  2,588
  2,731
  2,880
  3,036
  3,199
  3,369
  3,548
  3,735
  3,931
Adjusted assets (=assets-cash), $m
  628
  688
  752
  818
  887
  958
  1,033
  1,110
  1,190
  1,274
  1,361
  1,451
  1,545
  1,643
  1,744
  1,850
  1,960
  2,075
  2,195
  2,321
  2,451
  2,588
  2,731
  2,880
  3,036
  3,199
  3,369
  3,548
  3,735
  3,931
Revenue / Adjusted assets
  1.514
  1.516
  1.515
  1.515
  1.515
  1.516
  1.515
  1.515
  1.516
  1.515
  1.515
  1.515
  1.515
  1.515
  1.515
  1.515
  1.515
  1.515
  1.515
  1.515
  1.515
  1.515
  1.515
  1.515
  1.515
  1.515
  1.515
  1.515
  1.515
  1.515
Average production assets, $m
  438
  481
  525
  571
  619
  669
  721
  775
  831
  890
  950
  1,013
  1,079
  1,147
  1,218
  1,292
  1,369
  1,450
  1,533
  1,621
  1,712
  1,807
  1,907
  2,011
  2,120
  2,234
  2,353
  2,478
  2,609
  2,745
Working capital, $m
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
Total debt, $m
  15
  30
  46
  63
  81
  99
  118
  138
  159
  180
  202
  225
  249
  274
  300
  328
  356
  385
  416
  448
  481
  516
  553
  591
  631
  673
  716
  762
  810
  860
Total liabilities, $m
  161
  176
  192
  209
  227
  245
  264
  284
  305
  326
  348
  371
  395
  421
  447
  474
  502
  531
  562
  594
  628
  662
  699
  737
  777
  819
  863
  908
  956
  1,006
Total equity, $m
  467
  512
  559
  609
  660
  713
  768
  826
  886
  948
  1,012
  1,080
  1,149
  1,222
  1,298
  1,377
  1,459
  1,544
  1,633
  1,727
  1,824
  1,925
  2,032
  2,142
  2,258
  2,380
  2,507
  2,640
  2,779
  2,925
Total liabilities and equity, $m
  628
  688
  751
  818
  887
  958
  1,032
  1,110
  1,191
  1,274
  1,360
  1,451
  1,544
  1,643
  1,745
  1,851
  1,961
  2,075
  2,195
  2,321
  2,452
  2,587
  2,731
  2,879
  3,035
  3,199
  3,370
  3,548
  3,735
  3,931
Debt-to-equity ratio
  0.030
  0.060
  0.080
  0.100
  0.120
  0.140
  0.150
  0.170
  0.180
  0.190
  0.200
  0.210
  0.220
  0.220
  0.230
  0.240
  0.240
  0.250
  0.250
  0.260
  0.260
  0.270
  0.270
  0.280
  0.280
  0.280
  0.290
  0.290
  0.290
  0.290
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
  107
  135
  164
  195
  227
  260
  295
  332
  370
  409
  451
  494
  539
  585
  634
  685
  738
  794
  852
  913
  977
  1,044
  1,114
  1,187
  1,264
  1,345
  1,430
  1,519
  1,612
  1,710
Depreciation, amort., depletion, $m
  57
  62
  68
  74
  80
  86
  93
  100
  107
  114
  122
  130
  138
  147
  156
  166
  176
  186
  197
  208
  219
  232
  244
  258
  272
  286
  302
  318
  334
  352
Funds from operations, $m
  163
  197
  232
  268
  307
  347
  388
  432
  477
  524
  573
  624
  677
  733
  790
  851
  914
  980
  1,049
  1,121
  1,197
  1,276
  1,358
  1,445
  1,536
  1,631
  1,731
  1,836
  1,946
  2,062
Change in working capital, $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 operations, $m
  163
  197
  232
  268
  307
  347
  388
  432
  477
  524
  573
  624
  677
  732
  790
  851
  914
  980
  1,049
  1,121
  1,196
  1,275
  1,358
  1,445
  1,536
  1,631
  1,731
  1,836
  1,946
  2,061
Maintenance CAPEX, $m
  -51
  -56
  -62
  -67
  -73
  -79
  -86
  -92
  -99
  -107
  -114
  -122
  -130
  -138
  -147
  -156
  -166
  -176
  -186
  -197
  -208
  -219
  -232
  -244
  -258
  -272
  -286
  -302
  -318
  -334
New CAPEX, $m
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -63
  -66
  -68
  -71
  -74
  -77
  -80
  -84
  -87
  -91
  -95
  -100
  -104
  -109
  -114
  -119
  -125
  -131
  -137
Cash from investing activities, $m
  -91
  -98
  -106
  -113
  -121
  -129
  -138
  -146
  -155
  -165
  -175
  -185
  -196
  -206
  -218
  -230
  -243
  -256
  -270
  -284
  -299
  -314
  -332
  -348
  -367
  -386
  -405
  -427
  -449
  -471
Free cash flow, $m
  72
  98
  126
  155
  185
  217
  250
  285
  321
  359
  398
  439
  481
  526
  572
  621
  671
  724
  779
  837
  897
  961
  1,027
  1,096
  1,169
  1,245
  1,326
  1,410
  1,498
  1,590
Issuance/(repayment) of debt, $m
  15
  16
  16
  17
  18
  18
  19
  20
  21
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  33
  35
  37
  38
  40
  42
  44
  46
  48
  50
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  
  15
  16
  16
  17
  18
  18
  19
  20
  21
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  33
  35
  37
  38
  40
  42
  44
  46
  48
  50
Total cash flow (excl. dividends), $m
  86
  114
  142
  172
  203
  235
  269
  305
  342
  380
  420
  462
  505
  551
  598
  648
  699
  753
  810
  869
  931
  996
  1,063
  1,135
  1,209
  1,287
  1,369
  1,455
  1,546
  1,640
Retained Cash Flow (-), $m
  -44
  -45
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -62
  -65
  -67
  -70
  -73
  -76
  -79
  -82
  -86
  -89
  -93
  -97
  -102
  -106
  -111
  -116
  -121
  -127
  -133
  -139
  -146
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
  43
  68
  95
  123
  152
  182
  214
  247
  282
  318
  356
  395
  436
  478
  523
  569
  617
  668
  721
  776
  834
  894
  957
  1,024
  1,093
  1,166
  1,242
  1,322
  1,406
  1,495
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
  41
  63
  82
  101
  118
  132
  145
  155
  162
  167
  169
  168
  166
  161
  153
  145
  134
  123
  111
  99
  86
  74
  63
  52
  43
  34
  27
  20
  15
  11
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

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 37.8
Price to Sales 3.6
Price to Book 7.4
Price to Tangible Book
Price to Cash Flow 21.3
Price to Free Cash Flow 31.6
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 $862.992 million for the last fiscal year's total revenue generated by Boston Beer Cl A. The default revenue input number comes from 0001 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 10.2% 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 49.4%.

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%.

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 46.1%.

Life of production assets of 7.8 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 0.1%. 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 - $423.523 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 8.734 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 $2.3 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ Why I Like The Boston Beer Company Inc (NYSE:SAM)   [Oct-11-18 08:06AM  Simply Wall St.]
▶ Sam Adams, Brooklyn Brewery go ale in with Red Sox-Yankees wager   [Oct-08-18 02:22PM  American City Business Journals]
▶ Boston Beer's Valuation Is Too Frothy   [Oct-05-18 07:00AM  Morningstar]
▶ These are America's top-selling beers and only one is craft, to Jim Koch's chagrin   [Oct-04-18 11:20AM  American City Business Journals]
▶ 3 Legal Highs for Your Portfolio   [Sep-20-18 03:13PM  InvestorPlace]
▶ Anheuser-Busch InBev Really Is the King of Beers   [Aug-28-18 12:11PM  Motley Fool]
▶ 3 Top Stocks Wall Street Is Overlooking   [Aug-21-18 12:15PM  Motley Fool]
▶ Is Craft Brew Alliance the Craft Brewer to Watch?   [Aug-20-18 08:10AM  Motley Fool]
▶ 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]

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