Kaumil‘s Diario | United States: USA | Beverage, Household & Personal Care Products

Research evidence excerpt

Kaumil‘s Diario | United States: USA | Beverage, Household & Personal Care Products

Beverage, Household & Personal Care Products

Equity Research

July 9, 2026

Company Valuation/Risks

Anheuser-Busch InBev

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

Molson Coors Brewing Company

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 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,

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

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.

The Boston Beer Company

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

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

(4) Pricing Pressure: Boston Beer operates in a competitive market where pricing pressure from rivals and retailers seeking lower prices could impact