Thursday, Apr 4th 2019
Millennials are becoming more and more snobby when it comes to booze, and Constellation is winning because of it.
Here's how we view Constellation's consumer thesis, in 3 charts:
We believe Constellation's strong performance in Q4 provided validation to this thesis: both the Beer and the Wine & Spirits segments handily outperformed analyst expectations in the quarter, by +5% and +7%, respectively.
If the current trend continues, we believe consumer shifts towards premium products should continue to drive mid-to-high single digit revenue growth (and low double digits earnings growth) at Constellation for years to come.
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