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Boston Beer Co Inc Class A SAM Stock Quote

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Morningstar‘s Stock Analysis SAM

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While Seltzer Languishes, We Think Boston Beer's Competitive Edge Will Prove Unwavering

Jaime M. Katz, CFA Senior Equity Analyst

Business Strategy and Outlook

| Jaime M. Katz, CFA |

Though much smaller than the brewing behemoths, Boston Beer is well positioned in malt categories, boasting a meaningful growth profile that mainstream beer lacks. In our view, the firm has shown a remarkable proclivity to not only augment its portfolio in alignment with the latest growth vectors but to also capture a disproportionate share of the economic rents generated from this growth by being one of the first movers. We’ve seen this exemplified in the company’s participation in the initial rises of craft beer, cider, and more recently, hard seltzer. While seltzer trends have recently slowed, we surmise sales at Boston Beer will continue to be supported by secular consumption shifts (such as the desire for a low-sugar footprint and varied flavor profiles, and as evidenced by the success of Truly Margarita and the expected launch of Truly Vodka Seltzer).

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Business Description

Boston Beer is a leader in U.S. high-end malt beverages and adjacent categories, with strong positions in craft beer, hard cider, and hard seltzer. The firm sells an array of flavor variants and package sizes, predominantly centered around four priority brands: Samuel Adams, Angry Orchard, Twisted Tea, and Truly Hard Seltzer. Its drinks are produced in both company-owned breweries as well as through third-party contract arrangements, and while the company primarily goes to market through independent wholesalers (as mandated by law), it operates a fairly large salesforce to induce demand across the value chain (distributors, retailers, and drinkers). The preponderance of revenue is generated domestically.

Contact
One Design Center Place, Suite 850
Boston, MA, 02210
T +1 617 368-5000
Industry Beverages - Brewers
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2022
Employees 2,543

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