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Yahoo
a day ago
- Business
- Yahoo
Boston Beer is back to growth !
After a tumultuous 5 years which saw bubble highs and new lows, premium brewer Boston Beer Co. (NYSE:SAM) now looks like it's got its groove back. Boston Beer has carved out a economic moat based on its brands, strong distribution and leadership in on-trend alcoholic categories like malted beverages, hard seltzer and ciders and premium beers. Here are the top five Boston Beer Company brands, organized by category: Beer: Samuel Adams The flagship craft beer line, featuring Boston Lager, seasonal releases, and specialty brews. Malt Beverage: Twisted Tea A popular hard iced tea malt beverage available in a variety of flavors and alcohol strengths. Hard Seltzer: Truly A leading hard seltzer brand with a wide range of fruit flavors. Hard Cider: Angry Orchard A well-known hard cider brand offering both classic and seasonal varieties. Vodka-Based Ready-to-Drink (RTD): Sun Cruiser A ready-to-drink hard iced tea and lemonade made with real brewed tea and premium vodka. These brands showcase Boston Beer's most prominent offerings across beer, malt beverages, hard seltzers, hard cider, and ready-to-drink cocktails. Boston has recently launched a new product under the brand Sun Cruiser; it is a vodka spiked iced tea made with real brewed tea and premium vodka. It contains no malt or malted grains, but instead combines iced tea or lemonade with vodka, resulting in a gluten-free, 4.5% ABV alcoholic drink with a smooth, refreshing taste and a hint of sweetness. The launch is showing good results. Boston Beer Company's notable acquisitions include Dogfish Head Brewery in 2019 and the Oregon Ale and Beer Company in 1997. The Dogfish Head deal, valued at around $300 million, was intended to combine two innovative craft brewers and strengthen Boston Beer's position in the craft segment, but it has been financially disappointing due to repeated impairment charges and underperformance relative to expectations. The Oregon Ale and Beer Company acquisition in 1997 helped Boston Beer expand its production capacity and market reach, supporting its national growth at the time. Beyond these, Boston Beer has focused more on organic growth and partnerships, such as its current collaboration with PepsiCo for HARD MTN DEW, rather than a series of high-profile acquisitions. Overall, while the Oregon Ale and Beer Company acquisition supported operational expansion, the Dogfish Head acquisition has not delivered the anticipated financial success. I became interested in Boston Beer for two reasons. It recently showed up on a screen close to 52-week lows and 5 year lows. As you can see the stock went into a huge bubble during the pandemic which burst in recent years. As busts typically do, the price may have fallen more than justified hence creating a value opportunity. The company is showing recovery in both revenue per share and operating income per share. This dynamic is evident in the charts given below and constants with the price action. My rule of thumb is that I want to see actual improvement in revenue per share and operating income per share on a TTM basis as well in at least two of the last four most recent quarters. The results given below meets my rule of thumb criteria. This gives me some confidence that the business is turning around. The following 10 year annual chart also shows that revenue has held up pretty well and operating income is now recovering. SAM Data by GuruFocus The company's current price ratio's are much lower than its 10 year median price ratio's across the board indicating significant undervaluation compared to recent history. Price Ratio's - Current 10 yr median Price Ratio's PE Ratio without NRI 18.73 PE Ratio (10y Median) 38.39 PS Ratio 1.1 PS Ratio (10y Median) 2.52 PB Ratio 2.43 PB Ratio (10y Median) 5.01 Price-to-Operating-Cash-Flow 8.93 Price-to-Operating-Cash-Flow (10y Median) 19.32 EV-to-Forward-EBITDA 8.62 EV-to-EBITDA (10y Median) 18.77 SAM Data by GuruFocus Boston Beer has also being buying back stock at a feverish pace which indicates the company realizes that the stock is undervalued. Competitive Analysis These companies compete with Boston Beer across various categories, including traditional beer, hard seltzer, hard tea, cider, and innovative ready-to-drink products. Boston Beer's EV/EBITDA compares favorably to its peers but note that it is much smaller than the global brewers like Anheuser=Busch and Heineken. Ticker Company Market Cap ($M) Operating Margin % Operating Margin % (10y Median) 10-Year Revenue Growth Rate (Per Share) 10-Year Operating Income Growth Rate (Per Share) EV-to- EBITDA EV-to-Forw ard-EBITDA SAM Boston Beer Co Inc 2,173.25 8.32 11.69 12.40 -0.70 7.98 8.62 HEINY Heineken NV 49,591.77 11.69 13.29 4.40 1.80 12.45 9.02 DEO Diageo PLC 57,758.90 28.90 29.42 6.40 7.30 11.98 8.47 STZ Constellation Brands Inc 30,355.96 31.69 30.20 6.10 8.60 92.27 11.02 TAP Molson Coors Beverage Co 10,119.19 15.04 13.69 10.30 13.90 6.65 6.52 BUD Anheuser-Busch InBev SA/NV 131,556.14 25.62 27.64 1.40 -1.20 13.50 9.03 Another issue to note is Boston Beer's relatively lower operating margin as compared to its bigger peers. This is likely due to its higher marketing spend as a percentage of revenue. Gross Margins are also lower due to lower volume. The following table provides U.S. Market Share and estimate volume of beer sold. Company U.S. Market Share (2023) Estimated U.S. Beer Volume (Barrels, 2023) Notes AB InBev (Budweiser) 34% ~65.3 million Industry leader, 2x larger than Molson Coors Molson Coors (TAP) 22% ~42.2 million Clear #2 in U.S. market Constellation (STZ) 15% ~28.8 million Strong, rapidly growing portfolio (Corona, Modelo) Heineken Not top 10 (no official share listed) N/A, but likely <1% of U.S. volume Major global player, but U.S. share is minor Boston Beer () 4% ~7.7 million Largest craft brewer, but much smaller than big three. Boston Beer Company is controlled by its founder, Jim Koch, through ownership of all the company's Class B Common Stock, which carries full voting rights. While the company's Class A shares are publicly traded under the ticker "SAM," these shares do not have voting rights, so public shareholders and institutional investorsincluding major holders like Vanguard, BlackRock, and Fidelitydo not control the company's governance. In addition to Jim Koch, Sam Calagione, co-founder of Dogfish Head (acquired by Boston Beer in 2019), is a significant non-institutional shareholder. However, ultimate control remains with Koch due to his exclusive ownership of voting shares. Guru investors holding this stock include Ken Fisher (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Mason Hawkins (Trades, Portfolio). However they hold relatively minor positions. Boston Beer Company is a leading U.S. craft beverage producer best known for its flagship Samuel Adams beer, as well as Twisted Tea, Truly Hard Seltzer, and Angry Orchard cider, among others. The company has a reputation for innovation, quickly expanding into new beverage categories such as hard seltzer, ready-to-drink cocktails, and most recently, cannabis-infused beverages in Canada. Its diversified brand portfolio allows it to adapt to changing consumer preferences, with products ranging from traditional beer to non-alcoholic and cannabis beverages. Despite its strong brand recognition and history of revenue growth, Boston Beer has faced significant share price volatility and underperformance in recent years. Over the past five years, the stock has declined sharply, with a 62% drop, including a 30% decrease in the last year alone. This poor stock performance stands in contrast to steady revenue growth and improving profitability, suggesting that market sentiment may be more negative than the company's fundamentals warrant. The company's price-to-earnings ratio is relatively high, reflecting expectations for future growth, but also highlighting the risk if growth does not accelerate. Boston Beer's recent financial results have been mixed. While it reported strong quarterly earnings and revenue growth driven by product innovation and increased shipments, some core brands, such as Twisted Tea, have struggled with volume growth. The company's strategic investments in advertising and new product lines, including cannabis beverages, indicate a focus on long-term growth and diversification, but these initiatives come with execution risk. Analyst sentiment on the stock is generally neutral, with most rating it a Hold and price targets suggesting potential for recovery if the company can deliver consistent results. Boston Beer is currently debt free, marking a significant improvement from five years ago when the company had a debt to equity ratio of 13%. With no outstanding debt, SAM does not require operating cash flow to cover debt obligations, and interest coverage is not a concern since there are no interest payments to manage. This strong financial position reflects effective debt reduction and prudent financial management. It gives the company flexibility to pursue growth projects. Boston Beer Co Inc has experienced long-term declines in both gross margin and operating margin, with gross margin falling at an average annual rate of 2.1% and operating margin declining by 10.8% per year over the past five years. Despite these margin pressures, the company demonstrates several financial strengths: it maintains comfortable interest coverage with enough cash to cover all debt, a low likelihood of earnings manipulation according to its Beneish M-Score, and valuation ratios (PB, PE, and PS) that are close to multi-year lows, suggesting the stock may be attractively priced. Revenue per share has shown consistent growth, and the company's financial strength is underscored by a strong Altman Z-score and a robust balance sheet. Overall, Boston Beer is low risk, with solid fundamentals and characteristics that support a long-term holding perspective. In summary, Boston Beer's qualitative outlook reflects a well-managed, innovative company with strong brands and a healthy balance sheet, but also one facing market skepticism due to recent stock underperformance and mixed results across its portfolio. Success will depend on its ability to drive growth in emerging categories and revitalize its core brands in a competitive and evolving beverage market. Warning! GuruFocus has detected 2 Warning Signs with SAM. This article first appeared on GuruFocus.
Indianapolis Star
3 days ago
- Entertainment
- Indianapolis Star
StudBudz showed what WNBA All-Star Weekend is all about: 'We're going to have a fun time'
INDIANAPOLIS – A 72-hour livestream hosted by two Minnesota Lynx players this weekend has shown what players have known all along: WNBA players come to All-Star weekend to have fun, not necessarily win. StudBudz is a Twitch stream hosted by Courtney Williams, a 2025 All-Star, and Natisha Hiedeman. They built a following of more than 20,000 subscribers by streaming frequently, including after practice and games. During All-Star weekend in Indianapolis, they committed to an uninterrupted, 72-hour stream. Of course, that means fans get to see just about every single thing an All-Star does throughout the weekend. And fans learned that it's a lot of partying. 'What if we do that normally, and you just never saw it?' Fever star Caitlin Clark said in response to a question asking about how the players are staying out later than normal. Brands, agencies and other sponsors host a countless number of events and parties throughout the weekend, and make no mistake, players are happy to take part in it. The StudBudz stream started Thursday, featuring Hiedeman showing Williams running into the meeting between the league and the players' union for collective bargaining agreement negotiations and the two, who dyed their hair bright pink for the weekend, sharing using a motorized scooter while driving past the JW Marriott. Then there was the orange carpet, where nearly all of the players were featured on the livestream. Later, there was the first party of the weekend, attended by nearly all of the All-Stars — including Caitlin Clark, Aliyah Boston, Angel Reese and others. At one point, Clark, multiple drinks into the evening, yelled into the camera as Boston quietly took the Truly out of her hand. Clark, who didn't attend the orange carpet, told the StudBudz all she did on Thursday afternoon was watch their stream. The next night featured another party, and WNBA commissioner Cathy Engelbert made an appearance on StudBudz, dancing with players. On Saturday morning, WNBPA president Nneka Ogwumike pranked them by coming into their room and telling them there was a CBA meeting in 10 minutes. 'I wasn't telling them anything about preparing for the game,' Napheesa Collier said in response to the same reporter's question about balancing having fun and being ready for the game. 'We were preparing to be on StudBudz.' There isn't any strategy to the All-Star Game; why should there be? In the end, it really doesn't matter who wins the game. There's bragging rights, sure, and the two team captains can banter all weekend about which of their teams will win. But players, in a non-Olympic year, aren't necessarily going to try to play their best basketball during the game. First off, they're not going to risk getting hurt in a game that doesn't matter in the grand scheme of the season. Secondly, the game is really all in good fun. That was exemplified by Team Collier's Breanna Stewart giving Rhyne Howard, someone who isn't participating in the game because of injury, a ball to take a shot in the middle of play. It's a break for the players, even if that break is short, and they're not going to over-exert themselves. 'I mean, I told my team to have as much fun as possible,' Clark said in response to the same reporter's question about telling her team to balance fun and preparing for the game. 'At practice, we just shot a little bit and then we shot a half court shot, then we headed out. I mean, that's All-Star weekend. We joke about winning, but at the end of the day, it's not that serious. We're going to have a fun time.' What StudBudz has done this season is show the inside track of what players do during All-Star weekend. It showed players are not machines; they didn't, and never have, spent the weekend incessantly preparing for a game that doesn't matter. Instead, the stream showed they have lives outside of being professional basketball players. They, like anyone else across the country, like to unwind after a stressful stretch of work. They like to have fun, they like to go to parties. And that's what All-Star weekend is really all about.
Daily Mirror
13-07-2025
- Entertainment
- Daily Mirror
'I'm removing ribs to make my waist even smaller - girls are jealous of my body'
After going under the knife five times already, Mila is planning on getting her ribs removed in her biggest procedure yet - all to achieve an even smaller waist A woman who claims girls are 'jealous' of her body is planning on going under the knife for the sixth time - as she now wants some of her ribs removed. Rapper Mila has revealed the drastic measures she's willing to take in order to achieve her desired tiny waist. The musician has endured numerous aesthetic procedures including two Brazilian Bum Lifts (BBL), bum implants, two breast augmentations and lip fillers, and is planning her most extreme surgery yet. Mila, from China, said she already struggles to find clothes to fit her, yet she's still not happy with her curvaceous figure. Despite being trolled for her look, she says other women are just jealous of her. Her first surgery was in 2019, and now plans to remove two ribs from each side in a bid to "make my waist look even smaller and my butt look even wider". Mila said she wants people to look at her and think she's had a lot of surgery, in the hope they will think she's a "bad girl". "I'm beautiful and my body is good, so if someone wants to take a photo of me I will make a pose," she told Truly. Being told she's going to "dissolve" in the future due to the amount of plastic in her body, the comments don't bother Mila, who will continue to enhance her body even more. For more stories like this subscribe to our weekly newsletter, The Weekly Gulp, for a curated roundup of trending stories, poignant interviews, and viral lifestyle picks from The Mirror's Audience U35 team delivered straight to your inbox. "I think my look is super cute, unique and beautiful, as well as showing my personality," Mila continued. However she claimed women hate her for how she looks and thinks it's because they are worried about their boyfriends looking at her. She said it has affected friendships as women don't want her to ever meet their partners. Despite friends telling her she doesn't need her ribs removed, and worrying about the dangers of it, Mila is set on the operation. "My plan is to remove my ribs as early as I can," and has found a "very good" hospital in Russia. She is hoping to get the procedure done next year and is "so excited" for her new look. "The surgeries I have had made me look small and cute," and Mila believes her music fans buy her tickets as they want to see her in person and see her body in real life. In terms of the surgery, getting your ribs removed is not illegal, but it can come with certain risks. The ribs function to protect the underlying organs. However the ribs that are removed during a rib resection for contouring generally do not directly cover and protect the lungs, but they still represent a shield for the body. According to Dr Tim Neavin, a US plastic surgeon, the main risks of rib removal relate to the surgery itself. "Removing ribs places the pleura, the tissue covering the lungs, at risk of injury. In such cases, chest tubes would need to be placed for a period of time and patients may need to be admitted to the hospital for observation."
The Sun
05-07-2025
- Entertainment
- The Sun
I became addicted to tanning beds at 16, I take injections to boost it and now I'm covered in moles but can't stop
A YOUNG girl reveals she can't stop using sunbeds despite being told she looks like a dirty 2p coin. Megan Blain, who is just 19, said she first became obsessed with looking tanned at 14, but now wishes she had never started. 3 3 Speaking to Truly, she said: "I wish I didn't start now. "At 14 years old I started using fake tan. I was really white. "My mum got the sunbed out of the garage and I thought, you know what? I'll use the sunbed while she's at work. "I would calculate the exact amount of electric I've used and go top it up at the shop." Now, it has become a habit that Megan can't knock and has left her going on sunbeds four times a week for 15 minutes each time. But that's not enough for Megan, she also takes tanning injections five times a week to boost her colour. She revealed that her tan is so dark that she often gets laughed at on the street. "Loads of heads would turn in the street," she explained. "People look me up and down and laugh at it." Megan prefers to lie on the bottom of the sunbed as she claims the lighting is stronger so she can get more of a tan on her face. She said her tanning addiction has been going on for so long she has no idea what she looks like without one. And despite knowing the dangers she is putting her body through, she's unable to stop. 3 Can a £3 Gradual Tan Really Deliver a Sun-Kissed Glow without Streaks or Stained Sheets? She added: "Sometimes I'll cry after the sunbed because I know the damage I'm doing to my skin, but I feel like I'm too far gone. "I've got moles all over. I didn't know if the moles were cancerous." Megan says going on a sunbed is more of a compulsion, and that she doesn't even like doing them anymore. She also said she wished she had never started. "If I could speak to my 14-year-old self today, I'd say, don't change for anyone. You are who you are, you don't need to fit in with a crowd, just be yourself," she explained. People were quick to share their thoughts in the comments, with many hoping Megan gets the help she needs. One person wrote: "She seems like such a lovely character and I really wish her all the best for her journey to get away from the addiction." Another commented: "She is so lovely, I hope she gets help and avoids cancer." "That's what proper burnt toast looks like," penned a third. Risks of sunbeds THE promise of a constant glowing tan is too tempting for some people to deny. But while popping to the sunbed shop may seem harmless, people who use tanning beds should be aware of the risks. Approximately 10 per cent of the population of Northern Europe use sunbeds on a regular basis, the World Health Organization says. Some people use them for years on end, accumulating risk of serious disease. We are here to give you the lowdown on sunbeds and if they are safe to use. According to the World Health Organisation (WHO), sunbeds are as dangerous as smoking. Like the sun, they give out harmful UV rays that damage the DNA in your skin cells. Over time, this may lead to malignant melanoma - the deadliest form of skin cancer - studies have shown. According to the International Agency for Research on Cancer (IARC), there is significant evidence to show that using tanning beds causes melanoma. They report that sunbeds increase the risk of skin cancer by up to 20 per cent, and also state that they have no positive benefits to our health. Cancer Research back this statistic, adding that " there is no such thing as a safe tan from UV radiation". One study found that sunbeds can almost double the risk of cancer compared to never using them - with women 83 per cent more likely to develop the disease. While some people think tanning beds are safer than sitting out in the midday sun, according to Cancer Research, the risk is still twice as high when compared to spending the same amount of time in the Mediterranean sun at lunch time. The Sunbed Association claim there is not enough evidence to link sunbed use with melanoma, adding: "It is over-exposure and burning that will increase a risk of skin cancer, not responsible UV exposure." But the WHO says: "The majority of tanning parlours provide inadequate advice to their customers. "The use of eye protection such as goggles or sunglasses should be mandatory. "However, as sunbed users aim to have an even tan, they often decide against protecting any part of their body." Referring to the link with skin cancer, the world health experts add: "Sunbeds for self-tanning purposes have been available for the last two decades and due to the long latency period for skin cancer and eye damage it has been difficult so far to demonstrate any long-term health effects. "Even though the causes of malignant melanoma are not fully understood, tumour development appears to be linked to occasional exposure to intense sunlight. "Sunbeds subject their users to intermittent high exposures of UVA and UVB radiation – this may provide the ideal setting for the development of malignant skin cancer. "However, the few epidemiological studies that have been carried out to date have not provided any consistent results." Despite the WHO's cautious stance on the skin cancer link, it discourages the use of sunbeds, quoting an expert who said the use of tanning parlours is like "an industrial-scale radiation exposure experiment". Regardless of skin cancer, sunbeds don't just have long-term health risks. Users have reported a range of short-term symptoms including itching, dryness and redness of skin, freckling and photosensitivity. Common outcomes in the longer term, especially in fair-skinned people, may involve blistering of the skin. " Sagging and wrinkling of the skin are an almost certain price to be paid by frequent sunbed users", the WHO says - not quite the outcome you hope for when going to the sunbed shop for a beautiful, youthful look. Meanwhile a fourth said: "Pale is beautiful though."
Perth Now
28-06-2025
- Entertainment
- Perth Now
Juliet Stevenson paints to switch off
Juliet Stevenson paints to switch off her brain. The 68-year-old actress - whose notable films include 1991's Truly, Madly, Deeply, 1996's Emma and 2002's Bend It Like Beckham - says being a working mum makes it harder to have time to meditate or practice yoga or Pilates, so she opts for painting. She told Yours magazine: "I'm not somebody who can meditate, I don't do yoga, I don't do Pilates. "I just don't have the time. I think when you're a working mum, that's it - you've got your job, and you've got your kids. "The thing that gets me to switch my brain off more than anything is painting, because you get so obsessed with that pile of colour. You can dive into it and not think about anything else." The BAFTA-nominated star finally married her partner Hugh Brody after 30 years together in 2021. The Olivier-winning actress tied the knot with writer/director Hugh, who is in his 80s, in 2021 after spending more than three decades as a couple and having two children together. Asked if getting married changed their relationship in anyway, she told the Guardian newspaper in 2024: "Absolutely nothing at all! "So many people said: 'Oh, I felt quite different once we got married', but that's not true for me." She added: "The only reason we did it is we're older now, and it made a sort of sense." Juliet feels incredibly "lucky" to still be madly in love after so many years together. She said: "To have weathered some of the most challenging storms, and actually love each other even more after many, many years, makes me feel incredibly lucky. "Love needs time and energy. It's the most important force in the world." The couple was struck by tragedy back in 2020 when Hugh's son from a previous marriage, Tomo Brody, died suddenly aged 37. Juliet previously admitted losing her stepson was very painful and "frightening". In a previous interview with the Guardian, she said: "Tomo was one of the most beautiful human beings who ever walked the Earth. He was incapable of lying. And he was amazingly good at love. Losing a child, it's so frightening."
