Molson Coors Beverage Co (NYSE:TAP) Cyclically Adjusted Book per Share

: $65.80 (As of Sep. 2023)

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E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted Book per Share and the Cyclically Adjusted PB Ratio. The Cyclically Adjusted Book per Share is the average of the inflation adjusted Book Value per Share of a company over the past 10 years.

Molson Coors Beverage Co's adjusted book value per share for the three months ended in Sep. 2023 was $61.381. Add all the adjusted book value per share for the past 10 years together and divide the count will get our Cyclically Adjusted Book per Share, which is $65.80 for the trailing ten years ended in Sep. 2023.

During the past 12 months, Molson Coors Beverage Co's average Cyclically Adjusted Book Growth Rate was 4.10% per year. During the past 3 years, the average Cyclically Adjusted Book Growth Rate was 6.50% per year. During the past 5 years, the average Cyclically Adjusted Book Growth Rate was 6.00% per year. During the past 10 years, the average Cyclically Adjusted Book Growth Rate was 5.10% per year. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Cyclically Adjusted Book Growth Rate using Cyclically Adjusted Book per Share data.

During the past 13 years, the highest 3-Year average Cyclically Adjusted Book Growth Rate of Molson Coors Beverage Co was 16.60% per year. The lowest was -3.80% per year. And the median was 5.20% per year.

As of today (2023-12-02), Molson Coors Beverage Co's current stock price is $61.93. Molson Coors Beverage Co's Cyclically Adjusted Book per Share for the quarter that ended in Sep. 2023 was $65.80. Molson Coors Beverage Co's Cyclically Adjusted PB Ratio of today is 0.94.

During the past 13 years, the highest Cyclically Adjusted PB Ratio of Molson Coors Beverage Co was 2.51. The lowest was 0.61. And the median was 1.28.

Molson Coors Beverage Co Cyclically Adjusted Book per Share Historical Data

The historical data trend for Molson Coors Beverage Co's Cyclically Adjusted Book per Share can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Molson Coors Beverage Co Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Cyclically Adjusted Book per Share

49.39

52.39

54.30

58.95

63.23

Molson Coors Beverage Co Quarterly Data
	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23
Cyclically Adjusted Book per Share																63.18	63.23	64.39	65.17	65.80

Competitive Comparison

For the Beverages - Brewers subindustry, Molson Coors Beverage Co's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Molson Coors Beverage Co Cyclically Adjusted PB Ratio Distribution

For the Beverages - Alcoholic industry and Consumer Defensive sector, Molson Coors Beverage Co's Cyclically Adjusted PB Ratio distribution charts can be found below:

* The bar in red indicates where Molson Coors Beverage Co's Cyclically Adjusted PB Ratio falls into.

Molson Coors Beverage Co Cyclically Adjusted Book per Share Calculation

What is Cyclically Adjusted Book per Share? How do we calculate Cyclically Adjusted Book per Share?

Cyclically Adjusted Book per Share is the average of the inflation adjusted Book Value per Share of a company over the past 10 years. Let's use an example to explain.

If we want to calculate the Cyclically Adjusted Book per Share of Wal-Mart (WMT) for Dec. 31, 2010, we need to have the inflation data and the book value per share from 2001 through 2010.

We adjusted the 2001 book value per share data with the total inflation from 2001 through 2010 to the equivalent book value in 2010. If the total inflation from 2001 to 2010 is 40%, and Wal-Mart's book value is $1 a share in 2001, then the 2001's equivalent book value in 2010 is $1.4 a share. If Wal-Mart's book value is $1 again in 2002, and the total inflation from 2002 through 2010 is 35%, then the equivalent 2002 book value in 2010 is $1.35. So on and so forth, you get the equivalent book value per share of past 10 years. Then you add them together and divided the sum by the count to get Cyclically Adjusted Book per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

For example, Molson Coors Beverage Co's adjusted Book Value per Share data for the three months ended in Sep. 2023 was:

Adj_Book	=	Book Value per Share	/	CPI of Sep. 2023 (Change)	*	Current CPI (Sep. 2023)
	=	61.381	/	129.8595	*	129.8595
	=	61.381

Current CPI (Sep. 2023) = 129.8595.

Molson Coors Beverage Co Quarterly Data

	Book Value per Share	CPI	Adj_Book
201312	46.717	98.326	61.699
201403	46.542	99.695	60.624
201406	48.443	100.560	62.558
201409	45.297	100.428	58.572
201412	42.390	99.070	55.564
201503	38.996	99.621	50.833
201506	40.964	100.684	52.834
201509	39.170	100.392	50.668
201512	38.173	99.792	49.674
201603	46.105	100.470	59.591
201606	45.867	101.688	58.574
201609	46.159	101.861	58.847
201612	53.135	101.863	67.739
201703	53.870	102.862	68.009
201706	56.182	103.349	70.593
201709	57.977	104.136	72.299
201712	60.253	104.011	75.227
201803	62.321	105.290	76.864
201806	62.913	106.317	76.844
201809	64.245	106.507	78.331
201812	62.526	105.998	76.601
201903	60.413	107.251	73.148
201906	64.260	108.070	77.217
201909	60.853	108.329	72.947
201912	62.037	108.420	74.304
202003	58.595	108.902	69.872
202006	60.029	108.767	71.670
202009	62.357	109.815	73.739
202012	57.065	109.897	67.431
202103	57.999	111.754	67.395
202106	59.865	114.631	67.818
202109	61.206	115.734	68.676
202112	61.830	117.630	68.258
202203	62.359	121.301	66.759
202206	61.711	125.017	64.101
202209	60.833	125.227	63.084
202212	58.667	125.222	60.840
202303	58.699	127.348	59.857
202306	60.272	128.729	60.801
202309	61.381	129.860	61.381

Add all the adjusted book value per share together and divide the count will get our Cyclically Adjusted Book per Share.

Molson Coors Beverage Co (NYSE:TAP) Cyclically Adjusted Book per Share Explanation

If a company grows much fast than inflation, Cyclically Adjusted Book per Share may underestimate the company's equity. Cyclically Adjusted PB Ratio can seem to be too high even the actual PB Ratio is low.

For the Cyclically Adjusted PB Ratio, the book value of the past 10 years are inflation-adjusted and averaged. The result is used for P/B calculation. Since it looks at the average over the last 10 years, the Cyclically Adjusted PB Ratio is also called CAPB Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio. The Cyclically Adjusted Book per Share is the average of the inflation adjusted book value per share of a company over the past 10 years.

Molson Coors Beverage Co's Cyclically Adjusted PB Ratio of today is calculated as

Cyclically Adjusted PB Ratio	=	Share Price	/	Cyclically Adjusted Book per Share
	=	61.93	/	65.8
	=	0.94

During the past 13 years, the highest Cyclically Adjusted PB Ratio of Molson Coors Beverage Co was 2.51. The lowest was 0.61. And the median was 1.28.

Be Aware

Cyclically Adjusted PB Ratio works better for cyclical companies. It gives you a better idea on the company's real book value.

Molson Coors Beverage Co Cyclically Adjusted Book per Share Related Terms

Thank you for viewing the detailed overview of Molson Coors Beverage Co's Cyclically Adjusted Book per Share provided by GuruFocus.com. Please click on the following links to see related term pages.

Molson Coors Beverage Co (NYSE:TAP) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Beverages - Alcoholic » Molson Coors Beverage Co (NYSE:TAP) » Definitions » Cyclically Adjusted Book per Share

Traded in Other Exchanges

TAP.A:USA NY70:Germany NY7:Germany NY7:Germany

Address

NH353, P.O. Box 4030, Golden, CO, USA, 80401

Website

https://www.molsoncoors.com

Molson Coors owns well-known beer brands including Miller, Coors, Blue Moon, and Carling, and ranks as the second largest beer maker in both value and volume terms in the U.S., Canada, and the United Kingdom. Through licensing agreements, it also brews and distributes beer and hard seltzer under partner brands from Heineken, Anheuser-Busch InBev, Asahi, and Coca-Cola. The company uses independent distributors in the U.S. given the three-tier distribution requirements, while using a combination of distributors and an in-house sales team in Canada and Europe. North America remains its largest market contributing over 80% of total revenue.

Executives

Natalie G. Maciolek	officer: Chief Legal & Govt Affairs Off	3939 W HIGHLAND BLVD, MILWAUKEE WI 53208
Williams Leroy James Jr	director	10 LONGS PEAK DRIVE, BROOMFIELD CO 80021-2510
Anne-marie W D'angelo	officer: Chief Legal & Govt Affairs Off	801 E. 86TH AVENUE, MERRILLVILLE IN 46410
Julia M Brown	director	C/O ABLE BRANDS CO., 30 HUDSON YARDS, NEW YORK NY 10001
Roxanne Stelter	officer: VP,Controller & Chf Acct Off	3939 W HIGHLAND BLVD, MILWAUKEE WI 53208
Winnefeld James A Jr	director	870 WINTER STREET, WALTHAM MA 02451
David S. Coors	director	P.O. BOX 4030, NH353, GOLDEN CO 80401
Nessa O'sullivan	director	P.O. BOX 4030, NH353, GOLDEN CO 80401
Peter John Marino	officer: President of Emerging Growth	250 SOUTH WACKER DRIVE, CHICAGO IL 60606
Jacques Michelle St.	officer: Chief Marketing Officer	250 SOUTH WACKER DRIVE, CHICAGO IL 60606
E. Lee Reichert	officer: Chief Legal & Corp Affairs Off	1801 CALIFORNIA STREET, SUITE 4600, DENVER CO 80202
Sergey Yeskov	officer: Pres&CEO, Molson Coors Int'l	1801 CALIFORNIA STREET, SUITE 4600, DENVER CO 80202
Tracey Joubert	officer: Chief Financial Officer	1801 CALIFORNIA STREET, SUITE 4600, DENVER CO 80202
Frederic Landtmeters	officer: Pres&CEO, Molson Coors Canada	1801 CALIFORNIA STREET, SUITE 4600, DENVER CO 80202
Michelle Nettles	officer: Chief People&Diversity Off	MANPOWERGROUP INC., 100 MANPOWER PLACE, MILWAUKEE WI 53212