Core Thesis - Molson Coors Beverage Company (TAP) is viewed as a mispriced equity with strong cash flow generation capabilities, despite current market pessimism regarding beer demand and aluminum costs [1][3][6] Financial Performance - As of December 1st, TAP's share price was $46.91, with trailing and forward P/E ratios of 9.11 and 8.12 respectively [1] - The company reaffirmed a free cash flow estimate of approximately $1.3 billion, equating to about $6.48 per share, indicating resilience as a cash-generating entity [3] - Economic asset value suggests a $40 per share floor, with cash yields exceeding 10%, highlighting the undervaluation of TAP's share price in the mid-$40s range [5] Market Position and Brand Value - TAP's brand portfolio, including Coors, Miller, and Carling, has over 15% fair-value headroom above book value, supported by approximately $8.85 billion in physical assets and a strong distribution network [4] - The company maintains steady pricing and disciplined capital expenditures, with plans for around $500 million in capital returns through dividends and buybacks in the first half of 2025 [5] Management Strategy - Management has responded to near-term challenges by acknowledging market softness, protecting cash flow, and implementing a ~9% headcount reduction in the Americas, alongside a leadership transition to new CEO Rahul Goyal [4] - These strategic actions are expected to embed savings into earnings by 2026, reinforcing TAP's operational resilience [4]

RT flip mode (@flipmodesquab)@blknoiz06 this is like doing"best beer poll"budweisercoorsmillerpabst ...