Boston Beer Company Inc: Scouting Report: What To Expect From SAM‘s 2Q

研报英文原文证据摘录

Boston Beer Company Inc: Scouting Report: What To Expect From SAM‘s 2Q

Global Research

16 July 2026ab

Boston Beer Company Inc Equities

AmericasScouting Report: What To Expect From SAM's

2Q Distillers & Brewers

12-month rating Neutral

12m price target US$190.00Sentiment Leans Negative Heading into 2Q

SAM is scheduled to report 2Q26 earnings next Thursday (7/23) after the close. For the

quarter, we are forecasting 2Q EPS of $5.00, in-line with Visible Alpha consensus of Price (16 Jul 2026) US$179.59

$5.00. Shares have underperformed considerably since 1Q results and while our RIC: SAM.N BBG: SAM US

crowding analysis would suggest sentiment leans constructive and the stock is a

crowded long (link), our conversations would suggest otherwise, with many believing Trading data and key metrics

that weaker top line performance could put numbers at risk for both the quarter and the 52-wk range US$260.05-161.08

year. We agree that top line trends are likely to be underwhelming in the quarter and Market cap. US$2.19b

think volume performance for the year is now likely to be towards the lower end of the Shares o/s 12.2m (COM)

company's guidance range. While better-than-expected margin delivery could help stem Free float 71%

some of the top line weakness to a degree (a dynamic that has occurred in recent Avg. daily volume ('000) 84.6

quarters), we also think the lower end of the company's EPS guidance range is more Avg. daily value (m) US$16

realistic at this juncture. In our view, the fundamental setup remains challenging, but Common s/h equity (12/26E) US$0.77b

with the stock now trading at a -6% discount to US Beverage peers on a P/E basis (vs. P/BV (12/26E) 2.5x

+20% 2-yr historical average), we think this is largely expected and priced in. Net debt to EBITDA (12/26E) NM