MOLSON COORS CANADA INC.(Toronto symbols TPX.A $82 and TPX.B $79; Conservative Growth and Income Portfolios, Consumer sector; Shares outstanding: 185.1 million; Market cap: $14.6 billion; Price-to-sales ratio: 2.1; Dividend yield: 2.0%; TSINetwork Rating: Average; www.molsoncoors.com) is the world’s fifth-largest brewer by volume.
Beer sales are rising slowly in developed regions like North America. That’s why Molson Coors bought StarBev, which owns nine breweries in central and eastern Europe, for $3.5 billion in June 2012 (all amounts except share prices and market cap in U.S. dollars).
In the second quarter of 2014, the company’s worldwide beer volumes fell 0.9%. However, its revenue rose 0.9%, to $1.19 billion from $1.18 billion a year ago, because it raised its prices and sold more premium beers.
The company continues to do a good job of cutting StarBev’s costs and making it more efficient. As a result, Molson Coors Coors’ earnings rose 7.9%, to $292.7 million from $271.3 million. Per-share earnings gained 6.8%, to $1.57 from $1.47, on more shares outstanding.
The class A stock trades at 17.2 times the $4.37 a share that Molson Coors should earn in 2014 (16.5 times for the class B shares). The $1.48 dividend yields 2.0% (2.0% for the B shares).
The class B shares have less voting power to elect directors than the class A shares, but they are more liquid and receive the same dividend.
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