Monster Beverage Corporation: Welcome to the club: reintroducing the “newest” staples multi-national

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Monster Beverage Corporation: Welcome to the club: reintroducing the “newest” staples multi-national

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Monster Beverage Corporation

Welcome to the club: reintroducing the

“newest” staples multi-national

Maintain Rating: BUY | PO: 99.00 USD | Price: 91.21 USD

Int’l sales now aligned with large cap multi-national peers 11 June 2026

1Q marked a meaningful inflection point for Monster Beverage with international (non- Equity

US) sales now comprising ~45% (1Q26; 43% TTM) of total company revenues, up from

32% in 2019. This now puts Int’l sales in line with mega-cap peers, namely PEP & PG PeterResearchT. Galbo,AnalystCFA

and behind KO, CL, MDLZ & PM. While not traditionally thought of in the multi-national BofAS

bucket, we think MNST deserves renewed consideration for global investors as it +1peter.galbo@bofa.com646 743 0175

crosses a meaningful threshold and importantly has future growth drivers that are non- Christian Junquera

US driven. We see per-capita consumption opportunities in Emerging Markets (Mexico, Research Analyst

BofAS

Brazil, India & China) as meaningful and sustainable growth drivers for MNST over the +1 646 855 5195

next several years. We maintain Buy on MNST, a top pick for 2026, and $99 PO. christian.junquera@bofa.com

Crossing into international waters

The average Staples multi-national generates 66% of revenue outside of the US (56% Stock Data

excluding PM & CL); we have been more bullish on emerging market exposed stories

(see year ahead) vs those in the domestic market through 2026, this has also been Price 91.21 USD

expressed in stock performance with KO/CL/MDLZ outperforming PEP/PG on relative Price Objective 99.00 USD

basis. While MNST is more aligned from a sales standpoint with the latter group, it has Date Established 8-May-2026