Constellation Brands Inc: Solid 1Q Beat, FY27 EPS Reiterated

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Constellation Brands Inc: Solid 1Q Beat, FY27 EPS Reiterated

Global Research

30 June 2026ab

First Read

EquitiesConstellation Brands Inc

Solid 1Q Beat, FY27 EPS Reiterated Americas

Distillers & Brewers

12-month rating Buy

Initial Reaction: Slightly Positive

Heading into the print, our conversations suggested that sentiment on STZ had 12m price target US$175.00

deteriorated in recent weeks as demand trends started to slow over the past quarter,

leading some to question if estimates from a top line perspective were actually safe.

Price (30 Jun 2026) US$137.68

Against that backdrop, we think that the print came in above expectations as the

company delivered a strong bottom line beat driven by stronger than expected organic RIC: STZ.N BBG: STZ US

sales growth and margins. In addition, the company also reiterated their FY27 guidance, Trading data and key metrics

which we believe was the base case expectation heading into the day. That being said,

52-wk range US$176.09-127.65

we still think investors are likely to remain skeptical on the path forward and look for

Market cap. US$25.2b

greater signs for a more sustained beer volume recovery beyond just one-off events

Shares o/s 183m (ORDA)

(world cup, 250th anniversary of the US, etc.) before becoming constructive. As such,

although we would not be surprised to see a positive reaction given sentiment/ Free float 95%

performance (currently indicating +3.9%), we also believe the print/outlook is unlikely Avg. daily volume ('000) 609

to alter the debate at this stage. Avg. daily value (m) US$90.5

Common s/h equity (02/27E) US$8.42b

P/BV (02/27E) 2.8x

STZ Reiterates FY27 Guidance Net debt to EBITDA (02/27E) 3.1x

STZ reiterated their FY27 guidance which calls for EPS to be in the range of $11.20-

EPS (UBS, diluted) (USD)