Monster Beverage Corp (MNST.O): Updating MNST Model To Reflect 2:1 Stock Split

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11 Aug 2026 08:24:52 ET │ 14 pages

Monster Beverage Corp (MNST.O)

Updating MNST Model To Reflect 2:1 Stock Split

CITI'S TAKE

We update our MNST model to reflect the company's 2-for-1 split of its

common stock. On July 8, MNST announced that its Board had approved

and declared the stock split, with each stockholder of record on July 24,

2026 to receive a dividend of one additional share of common stock for

each then-held share, which was distributed after close of trading on

August 10, 2026 (see our note here). MNST's common stock will begin

trading at the split-adjusted price today, August 11, 2026. We update our

target price to $57 to reflect the stock split, still a ~43x multiple 2027E

P/E, but now on our post-split 2027 EPS estimate of $1.32.

Updating Our Model and TP for MNST Stock Split — We update our MNST model

to reflect the company's 2-for-1 split of its common stock. On July

8, MNST announced that its Board had approved and declared the stock split, with

each stockholder of record on July 24, 2026 to receive a dividend of one additional

share of common stock for each then-held share, which was distributed after close

of trading on August 10, 2026 (see our note here). MNST's common stock will begin

trading at the split-adjusted price today, August 11, 2026. We update our target

price to $57 to reflect the stock split, still a ~43x multiple 2027E P/E, but now on our

post-split 2027 EPS estimate of $1.32.

Buy

Price (10 Aug 26 16:00)

US$45.72

Target price

US$57.00↑

from US$56.50

Expected share price return

24.7%

Expected dividend yield

0.0%

Expected total return

24.7%

Market Cap

US$89,429M

Filippo Falorni, CFAAC

Jonmichael Shekian

Prior MNST Stock Splits — MNST has completed several stock splits in the past.

Below we show MNST share price performance post stock split (full period &

post1M/3M/6M), including for the company's most recent stock split in March 2023

(shares are up ~75% since then).

EPS (US$)

Q1

Q2

Q3

Q4

FY

FC Cons

VA Cons

2025A

0.23A

0.26A

0.27A

0.25A

1.01A

1.03A

2.01A

2026E

0.29A

0.30A

0.30E

0.27E

1.16E

2.32E

Previous

0.29A

0.30A

0.30E

0.27E

1.16E

na

2027E

na

1.32E

1.31E

2.64E

Previous

na

1.32E

na

2028E

na

1.46E

1.49E

2.98E

Previous

…