Its revenue has hardly grown since then, rising from $11bn to $11.6bn, i.e. an annualized growth rate well below inflation. Operating profit and free cash flow also remained perfectly stable between 2017 and 2024, at $1.8bn and $1.2bn, respectively.

Return on equity, meanwhile, has not been in double digits since financial leverage was reduced to a conservative level of less than three times operating profit before investments, or EBITDA. This gives Molson Coors a valuation penalty compared to its peers.

While this stability has its advantages, it also illustrates the paradigm facing all major brewers: they can go on the offensive with aggressive external growth strategies in emerging markets where it is difficult to operate; or, like Molson Coors, they can stay in their comfort zone, but in doing so give up any hope of growth in a market that is now experiencing a structural decline in volumes.

That said, despite the decline in profitability, the corollary of Molson Coors' debt reduction - $7bn repaid in seven years - is that it brings the group back to satisfactory solvency ratios, in addition to freeing up new resources to increase returns on capital to shareholders.

The proof came in 2024, with a dividend of $369m, up for the fifth consecutive year, and $643m returned in share buybacks—an unprecedented amount in the group's history. It should be noted that these share buybacks were carried out at attractive multiples.

Molson Coors should thus consolidate its ability to return at least $1bn to shareholders each year. In this regard, its market capitalization of exactly $10bn gives it an attractive valuation multiple once again; a further decline in the share price below the $50 threshold was likely to represent an opportunity.

Four years ago, the situation was very similar, and MarketScreener skillfully exploited it. See Molson Coors Beverage Company: A great brewer on sale, as well as the more recent article published in this column, Molson Coors Beverage Company: Defensive option.