Intrinsic value of Molson Coors Brewing Cl B - TAP

Previous Close

$64.69

  Intrinsic Value

$279.50

stock screener

  Rating & Target

str. buy

+332%

Previous close

$64.69

 
Intrinsic value

$279.50

 
Up/down potential

+332%

 
Rating

str. buy

We calculate the intrinsic value of TAP 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 12.7

 

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, %
  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
  11,223
  11,481
  11,776
  12,107
  12,474
  12,877
  13,316
  13,790
  14,302
  14,851
  15,438
  16,064
  16,732
  17,441
  18,193
  18,990
  19,834
  20,727
  21,670
  22,665
  23,716
  24,824
  25,992
  27,222
  28,518
  29,882
  31,319
  32,830
  34,420
  36,092
Variable operating expenses, $m
  4,679
  4,735
  4,798
  4,869
  4,948
  5,035
  5,129
  5,231
  5,340
  5,458
  3,314
  3,449
  3,592
  3,744
  3,905
  4,077
  4,258
  4,449
  4,652
  4,866
  5,091
  5,329
  5,580
  5,844
  6,122
  6,415
  6,723
  7,048
  7,389
  7,748
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  4,679
  4,735
  4,798
  4,869
  4,948
  5,035
  5,129
  5,231
  5,340
  5,458
  3,314
  3,449
  3,592
  3,744
  3,905
  4,077
  4,258
  4,449
  4,652
  4,866
  5,091
  5,329
  5,580
  5,844
  6,122
  6,415
  6,723
  7,048
  7,389
  7,748
Operating income, $m
  6,543
  6,746
  6,978
  7,238
  7,526
  7,843
  8,187
  8,560
  8,961
  9,392
  12,124
  12,616
  13,140
  13,697
  14,287
  14,913
  15,576
  16,277
  17,018
  17,800
  18,625
  19,495
  20,412
  21,378
  22,396
  23,468
  24,595
  25,782
  27,031
  28,344
EBITDA, $m
  9,352
  9,567
  9,813
  10,089
  10,395
  10,730
  11,096
  11,491
  11,918
  12,375
  12,864
  13,386
  13,942
  14,533
  15,160
  15,824
  16,528
  17,271
  18,057
  18,887
  19,762
  20,685
  21,659
  22,684
  23,764
  24,901
  26,098
  27,357
  28,682
  30,076
Interest expense (income), $m
  163
  611
  629
  651
  675
  703
  734
  767
  804
  844
  886
  932
  981
  1,034
  1,089
  1,148
  1,211
  1,278
  1,348
  1,423
  1,502
  1,585
  1,673
  1,765
  1,863
  1,965
  2,074
  2,188
  2,308
  2,434
  2,567
Earnings before tax, $m
  5,933
  6,117
  6,327
  6,563
  6,823
  7,109
  7,420
  7,756
  8,118
  8,506
  11,192
  11,635
  12,106
  12,607
  13,139
  13,702
  14,298
  14,929
  15,595
  16,298
  17,040
  17,822
  18,647
  19,516
  20,431
  21,394
  22,408
  23,475
  24,597
  25,778
Tax expense, $m
  1,602
  1,652
  1,708
  1,772
  1,842
  1,919
  2,003
  2,094
  2,192
  2,297
  3,022
  3,141
  3,269
  3,404
  3,548
  3,700
  3,861
  4,031
  4,211
  4,400
  4,601
  4,812
  5,035
  5,269
  5,516
  5,776
  6,050
  6,338
  6,641
  6,960
Net income, $m
  4,331
  4,465
  4,619
  4,791
  4,981
  5,189
  5,416
  5,662
  5,926
  6,209
  8,170
  8,493
  8,838
  9,203
  9,591
  10,003
  10,438
  10,898
  11,384
  11,897
  12,439
  13,010
  13,612
  14,246
  14,914
  15,618
  16,358
  17,137
  17,956
  18,818

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
  30,832
  31,541
  32,352
  33,262
  34,270
  35,377
  36,581
  37,886
  39,291
  40,799
  42,412
  44,133
  45,966
  47,913
  49,980
  52,171
  54,489
  56,941
  59,532
  62,267
  65,153
  68,197
  71,405
  74,786
  78,346
  82,095
  86,040
  90,192
  94,560
  99,155
Adjusted assets (=assets-cash), $m
  30,832
  31,541
  32,352
  33,262
  34,270
  35,377
  36,581
  37,886
  39,291
  40,799
  42,412
  44,133
  45,966
  47,913
  49,980
  52,171
  54,489
  56,941
  59,532
  62,267
  65,153
  68,197
  71,405
  74,786
  78,346
  82,095
  86,040
  90,192
  94,560
  99,155
Revenue / Adjusted assets
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
Average production assets, $m
  16,150
  16,521
  16,946
  17,422
  17,951
  18,530
  19,161
  19,844
  20,580
  21,370
  22,215
  23,117
  24,077
  25,097
  26,179
  27,327
  28,541
  29,825
  31,182
  32,615
  34,127
  35,721
  37,402
  39,172
  41,037
  43,001
  45,068
  47,242
  49,530
  51,937
Working capital, $m
  -931
  -953
  -977
  -1,005
  -1,035
  -1,069
  -1,105
  -1,145
  -1,187
  -1,233
  -1,281
  -1,333
  -1,389
  -1,448
  -1,510
  -1,576
  -1,646
  -1,720
  -1,799
  -1,881
  -1,968
  -2,060
  -2,157
  -2,259
  -2,367
  -2,480
  -2,599
  -2,725
  -2,857
  -2,996
Total debt, $m
  11,651
  12,050
  12,507
  13,019
  13,587
  14,210
  14,888
  15,622
  16,413
  17,262
  18,170
  19,140
  20,171
  21,268
  22,432
  23,665
  24,970
  26,350
  27,809
  29,349
  30,974
  32,688
  34,494
  36,397
  38,402
  40,512
  42,733
  45,071
  47,530
  50,117
Total liabilities, $m
  17,358
  17,758
  18,214
  18,726
  19,294
  19,917
  20,595
  21,330
  22,121
  22,970
  23,878
  24,847
  25,879
  26,975
  28,139
  29,372
  30,677
  32,058
  33,516
  35,056
  36,681
  38,395
  40,201
  42,104
  44,109
  46,219
  48,441
  50,778
  53,237
  55,824
Total equity, $m
  13,474
  13,783
  14,138
  14,535
  14,976
  15,460
  15,986
  16,556
  17,170
  17,829
  18,534
  19,286
  20,087
  20,938
  21,841
  22,799
  23,812
  24,883
  26,015
  27,211
  28,472
  29,802
  31,204
  32,681
  34,237
  35,875
  37,600
  39,414
  41,323
  43,331
Total liabilities and equity, $m
  30,832
  31,541
  32,352
  33,261
  34,270
  35,377
  36,581
  37,886
  39,291
  40,799
  42,412
  44,133
  45,966
  47,913
  49,980
  52,171
  54,489
  56,941
  59,531
  62,267
  65,153
  68,197
  71,405
  74,785
  78,346
  82,094
  86,041
  90,192
  94,560
  99,155
Debt-to-equity ratio
  0.860
  0.870
  0.880
  0.900
  0.910
  0.920
  0.930
  0.940
  0.960
  0.970
  0.980
  0.990
  1.000
  1.020
  1.030
  1.040
  1.050
  1.060
  1.070
  1.080
  1.090
  1.100
  1.110
  1.110
  1.120
  1.130
  1.140
  1.140
  1.150
  1.160
Adjusted equity ratio
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  4,331
  4,465
  4,619
  4,791
  4,981
  5,189
  5,416
  5,662
  5,926
  6,209
  8,170
  8,493
  8,838
  9,203
  9,591
  10,003
  10,438
  10,898
  11,384
  11,897
  12,439
  13,010
  13,612
  14,246
  14,914
  15,618
  16,358
  17,137
  17,956
  18,818
Depreciation, amort., depletion, $m
  2,809
  2,821
  2,835
  2,851
  2,869
  2,888
  2,909
  2,932
  2,956
  2,983
  741
  771
  803
  837
  873
  911
  951
  994
  1,039
  1,087
  1,138
  1,191
  1,247
  1,306
  1,368
  1,433
  1,502
  1,575
  1,651
  1,731
Funds from operations, $m
  7,139
  7,286
  7,454
  7,642
  7,850
  8,077
  8,325
  8,593
  8,882
  9,192
  8,910
  9,264
  9,640
  10,040
  10,464
  10,913
  11,389
  11,892
  12,424
  12,985
  13,577
  14,201
  14,859
  15,552
  16,282
  17,051
  17,860
  18,711
  19,607
  20,549
Change in working capital, $m
  -18
  -21
  -24
  -27
  -30
  -33
  -36
  -39
  -42
  -46
  -49
  -52
  -55
  -59
  -62
  -66
  -70
  -74
  -78
  -83
  -87
  -92
  -97
  -102
  -108
  -113
  -119
  -125
  -132
  -139
Cash from operations, $m
  7,158
  7,308
  7,478
  7,669
  7,880
  8,111
  8,362
  8,633
  8,925
  9,238
  8,959
  9,316
  9,695
  10,099
  10,526
  10,980
  11,459
  11,966
  12,502
  13,067
  13,664
  14,293
  14,956
  15,654
  16,390
  17,164
  17,979
  18,837
  19,739
  20,688
Maintenance CAPEX, $m
  -528
  -538
  -551
  -565
  -581
  -598
  -618
  -639
  -661
  -686
  -712
  -741
  -771
  -803
  -837
  -873
  -911
  -951
  -994
  -1,039
  -1,087
  -1,138
  -1,191
  -1,247
  -1,306
  -1,368
  -1,433
  -1,502
  -1,575
  -1,651
New CAPEX, $m
  -313
  -371
  -425
  -477
  -528
  -580
  -631
  -683
  -736
  -790
  -845
  -902
  -960
  -1,020
  -1,083
  -1,147
  -1,214
  -1,284
  -1,357
  -1,433
  -1,512
  -1,594
  -1,681
  -1,771
  -1,865
  -1,963
  -2,067
  -2,175
  -2,288
  -2,407
Cash from investing activities, $m
  -841
  -909
  -976
  -1,042
  -1,109
  -1,178
  -1,249
  -1,322
  -1,397
  -1,476
  -1,557
  -1,643
  -1,731
  -1,823
  -1,920
  -2,020
  -2,125
  -2,235
  -2,351
  -2,472
  -2,599
  -2,732
  -2,872
  -3,018
  -3,171
  -3,331
  -3,500
  -3,677
  -3,863
  -4,058
Free cash flow, $m
  6,316
  6,398
  6,503
  6,628
  6,771
  6,933
  7,113
  7,311
  7,527
  7,762
  7,402
  7,674
  7,965
  8,276
  8,607
  8,960
  9,334
  9,731
  10,151
  10,595
  11,065
  11,561
  12,085
  12,637
  13,219
  13,833
  14,479
  15,160
  15,876
  16,630
Issuance/(repayment) of debt, $m
  338
  399
  456
  512
  568
  623
  678
  734
  791
  849
  908
  969
  1,032
  1,097
  1,164
  1,233
  1,305
  1,380
  1,459
  1,540
  1,625
  1,714
  1,806
  1,903
  2,004
  2,110
  2,221
  2,338
  2,459
  2,587
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  
  338
  399
  456
  512
  568
  623
  678
  734
  791
  849
  908
  969
  1,032
  1,097
  1,164
  1,233
  1,305
  1,380
  1,459
  1,540
  1,625
  1,714
  1,806
  1,903
  2,004
  2,110
  2,221
  2,338
  2,459
  2,587
Total cash flow (excl. dividends), $m
  6,654
  6,797
  6,959
  7,140
  7,339
  7,556
  7,791
  8,045
  8,318
  8,611
  8,310
  8,643
  8,997
  9,373
  9,771
  10,193
  10,639
  11,111
  11,609
  12,135
  12,690
  13,275
  13,891
  14,540
  15,224
  15,943
  16,700
  17,497
  18,335
  19,217
Retained Cash Flow (-), $m
  -247
  -310
  -354
  -398
  -441
  -484
  -527
  -570
  -614
  -659
  -705
  -752
  -801
  -851
  -903
  -957
  -1,013
  -1,071
  -1,132
  -1,195
  -1,261
  -1,330
  -1,402
  -1,477
  -1,556
  -1,638
  -1,724
  -1,814
  -1,909
  -2,008
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
  6,407
  6,487
  6,605
  6,742
  6,898
  7,072
  7,265
  7,475
  7,704
  7,952
  7,605
  7,891
  8,196
  8,521
  8,868
  9,236
  9,626
  10,040
  10,477
  10,940
  11,429
  11,944
  12,489
  13,063
  13,668
  14,305
  14,976
  15,683
  16,427
  17,209
Discount rate, %
  7.50
  7.88
  8.27
  8.68
  9.12
  9.57
  10.05
  10.55
  11.08
  11.63
  12.22
  12.83
  13.47
  14.14
  14.85
  15.59
  16.37
  17.19
  18.05
  18.95
  19.90
  20.89
  21.94
  23.04
  24.19
  25.40
  26.67
  28.00
  29.40
  30.87
PV of cash for distribution, $m
  5,960
  5,575
  5,204
  4,833
  4,459
  4,087
  3,716
  3,350
  2,992
  2,645
  2,140
  1,854
  1,586
  1,337
  1,111
  909
  731
  578
  448
  340
  253
  184
  130
  90
  61
  40
  25
  16
  9
  5
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

Molson Coors Brewing Company (MCBC) is a holding company. The Company operates as a brewer. The Company's segments include MillerCoors LLC (United States segment), operating in the United States; Molson Coors Canada (Canada segment), operating in Canada; Molson Coors Europe (Europe segment), operating in Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, Republic of Ireland, Romania, Serbia, the United Kingdom and various other European countries; Molson Coors International (Molson Coors International segment), operating in various other countries, and Corporate. The Company brews, markets, sells and distributes a range of beer brands. The Company offers a portfolio of owned and partner brands, including Carling, Coors Light, Miller Lite, Molson Canadian and Staropramen, as well as craft and specialty beers, such as the Blue Moon Brewing Company brands, the Jacob Leinenkugel Brewing Company brands, Creemore Springs, Cobra and Doom Bar.

FINANCIAL RATIOS  of  Molson Coors Brewing Cl B (TAP)

Valuation Ratios
P/E Ratio 7
Price to Sales 2.8
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 12.3
Price to Free Cash Flow 17.7
Growth Rates
Sales Growth Rate 36.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 24.4%
Cap. Spend. - 3 Yr. Gr. Rate 3.1%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 99.7%
Total Debt to Equity 105.7%
Interest Coverage 20
Management Effectiveness
Return On Assets 10%
Ret/ On Assets - 3 Yr. Avg. 5.9%
Return On Total Capital 11.8%
Ret/ On T. Cap. - 3 Yr. Avg. 6.5%
Return On Equity 21.4%
Return On Equity - 3 Yr. Avg. 10.8%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 40.2%
Gross Margin - 3 Yr. Avg. 39.8%
EBITDA Margin 73.4%
EBITDA Margin - 3 Yr. Avg. 40.5%
Operating Margin 67.7%
Oper. Margin - 3 Yr. Avg. 33.3%
Pre-Tax Margin 62.1%
Pre-Tax Margin - 3 Yr. Avg. 29.3%
Net Profit Margin 40.5%
Net Profit Margin - 3 Yr. Avg. 21%
Effective Tax Rate 34.6%
Eff/ Tax Rate - 3 Yr. Avg. 19.7%
Payout Ratio 17.9%

TAP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TAP stock intrinsic value calculation we used $11002.8 million for the last fiscal year's total revenue generated by Molson Coors Brewing Cl B. The default revenue input number comes from 0001 income statement of Molson Coors Brewing 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 TAP 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 7.5%, whose default value for TAP is calculated based on our internal credit rating of Molson Coors Brewing 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 Molson Coors Brewing 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 TAP stock the variable cost ratio is equal to 42.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for TAP 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 Molson Coors Brewing Cl B.

Corporate tax rate of 27% is the nominal tax rate for Molson Coors Brewing 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 TAP 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 TAP are equal to 143.9%.

Life of production assets of 33.3 years is the average useful life of capital assets used in Molson Coors Brewing 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 TAP is equal to -8.3%. 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 - $13226.1 million for Molson Coors Brewing 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 195.617 million for Molson Coors Brewing 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 Molson Coors Brewing Cl B at the current share price and the inputted number of shares is $12.7 billion.

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COMPANY NEWS

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▶ General Motors, Facebook and Molson Coors jump; Kellogg sags   [Oct-31-18 05:22PM  Associated Press]
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▶ [$$] William Coors Steered Brewer While Fighting His Own Demons   [Oct-19-18 07:41PM  The Wall Street Journal]
▶ Marijuana Stocks To Watch As Cannabis Investing Takes Off   [Oct-18-18 12:02PM  Investor's Business Daily]
▶ Cannabis edibles will soon be a $4 billion business   [Oct-15-18 10:38AM  Yahoo Finance]
▶ Beer patriarch Bill Coors, grandson of Adolph Coors Co. founder, dies at 102   [Oct-13-18 06:45PM  American City Business Journals]
▶ Molson Coors Remembers Bill Coors   [04:52PM  Business Wire]
▶ Here are the top 20 best-selling beer brands in America   [Oct-05-18 03:48PM  American City Business Journals]
▶ Miller and Coors agree to Brewers-Rockies series wager   [02:16PM  American City Business Journals]
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▶ Molson Coors Canada and HEXO Launch Truss   [Oct-04-18 05:00PM  CNW Group]
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▶ Countdown: Here are the 20 best-selling beers in America   [11:59AM  American City Business Journals]
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▶ Stocks That Fell to 3-Year Lows in the Week of Sept. 28   [Sep-29-18 09:12PM  GuruFocus.com]
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▶ Molson Coors CEO Eyes the Growing Pot Business   [Sep-25-18 03:49PM  Bloomberg Video]
▶ Final Trades: CHK, TAP & more   [Sep-24-18 06:12PM  CNBC Videos]
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