Kaumil‘s Diario | United States

Research evidence excerpt

Kaumil‘s Diario | United States

Beverage, Household & Personal Care Products

Equity Research

June 26, 2026

Company Valuation/Risks

Anheuser-Busch InBev

DCF-derived price target. Risks include FX / macro, regulation, and US & Brazil.

Constellation Brands, Inc.

Our price target is based on a forward EV/EBITDA multiple.

Risks:

(1) Volume Outlook for US Beer: A change in US beer trends, driven by evolving consumer preferences, health concerns, or competition from alternative

beverages, could lead to changes in Constellation's sales outlook and valuation.

(2) Cannabis Adoption Rates: The increasing acceptance and legalization of cannabis products, particularly in markets where Constellation operates,

may pose a risk to the company's beer sales and sector outlook.

(3) Input Costs: Fluctuations in the prices of key inputs may squeeze profit margins.

(4) Pricing Pressure: Constellation operates in a competitive market where pricing pressure from rivals or retailers seeking lower prices could affect

the company's sales, margins, and market share.

(5) Innovation and Product Portfolio Expansion: Successful innovation and introduction of new products, such as flavored malt beverages, spirits or

non-alcoholic options, can drive increased consumer interest, market share, and revenue growth.

Molson Coors Brewing Company

beverages, could lead to changes in MCBC Coors sales outlook and valuation.

(2) Cannabis Adoption Rates: The increasing acceptance and legalization of cannabis products, particularly in markets where MCBC Coors operates,

(4) Pricing Pressure: MCBC Coors operates in a competitive market where pricing pressure from rivals or retailers seeking lower prices could impact