Molson Coors Beverage Company (TAP)

Executive Summary

Molson Coors Beverage Company is the second-largest brewer in the United States by volume and the parent of two of the country’s three largest beer brands — Coors Light and Miller Lite. It is also the textbook deep-value beverage name in 2026: trading at roughly 10 times underlying earnings and 6.2 times EV/EBITDA, throwing off more than $1.2 billion in annual free cash flow against an $8.5-9.2 billion market capitalization (an unlevered FCF yield north of 13 percent), paying a 4.3-to-4.6 percent dividend that the company has now raised four years in a row, and aggressively buying back stock under a $2 billion authorization the board approved in 2023 and doubled in early 2026. We at T&T Capital Management view TAP at approximately $44 as statistically cheap on essentially every multiple.

What’s Inside The Full Report

• 15-year financial summary table — revenue, net income, GAAP & adjusted EPS
• Valuation framework — current multiples vs. 5-year historical range
• Peer comparison table — multiples, margins, balance-sheet metrics
• Base case, bull case, bear case price targets with explicit math
• Competitive position and economic moat analysis
• Management and capital allocation track record
• Balance sheet review — leverage, credit ratings, distribution coverage
• Insider activity — recent open-market buys / sells with interpretation
• Strategic acquisitions and divestitures history
• Sell-side consensus and where TTCM differs
• Detailed risk factors specific to the name
• Bull case and forward catalysts to watch
• TTCM rating with explicit ADD / TRIM price triggers