$Molson Coors Beverage (TAP.US)$An American company listed i...

In the past 5 years, revenue declined first and then increased. Overall, there was a slight contraction. There was a decline in operating profit fluctuations, and net profit lost in both 2020 and 2022 due to asset impairment. Interest expenses account for 23.7% of operating profit in 2022, and the interest burden is heavy. Gross margin has not changed much in the past 5 years in the first 4 years, falling from 39.4% to 34.2% in 2022.

In the first three quarters of 2023, revenue increased 10.4%, operating profit increased 80%, and net profit reached 850 million.

Currently, the price-earnings ratio is TTM 53.6. If the annual net profit reaches 1.3 billion, it will drop to 10.4, and the dividend ratio is 2.6%. Considering that asset impairment in recent years is the biggest uncertain factor, the current valuation safety cushion is not strong enough, so keep watching.