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MOLSON COORS BEVERAGE COMPANY

(TAP)
  Report
Delayed Nyse  -  01:01 2022-11-25 pm EST
55.58 USD   +0.56%
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Molson Coors to launch Topo Chico Spirited, a new RTD cocktail line

10/04/2022 | 11:42am EST

Ready-to-drink spirits are having a moment, and Molson Coors Beverage Company is getting in on the action with the introduction of Topo Chico Spirited, a new line of canned cocktails made with real spirits, real juice and sparkling water.

With Topo Chico Spirited, Molson Coors is showing it's a serious player in the spirits aisle, where it's already staked out a claim with Coors Whiskey Co.'s award-winning Five Trail Blended American Whiskey.

'Consumers are more curious than ever, and we want to be there with them at key occasions, whether at home or in their favorite bars and restaurants,' said David Coors, vice president of next-generation beverages, who introduced Topo Chico Spirited at last week's Molson Coors Distributor Convention in Nashville. 'A product like this, made with real spirits, real juice and the strength of the Topo Chico master brand, is a natural fit for a cocktail-forward lineup in the RTD space.'

Though Topo Chico Spirited shares the same parent brand name as the hard seltzer, the similarities stop there. Slated to debut nationally in 2023, the RTD cocktail line will launch with tequila and vodka varieties - two of the most popular spirits in the U.S.

Topo Chico Spirited is the latest innovation coming out of Molson Coors' relationship with The Coca-Cola Company, which has already produced home runs like Topo Chico Hard Seltzer and Simply Spiked Lemonade. And it arrives at a time when drinkers are increasingly reaching for spirits-based RTDs. The segment grew 53% in 2021, about double the growth of the wine- and malt-based categories, according to market research firm IWSR.

What's more, Topo Chico Spirited will draw inspiration from some of the most popular cocktails Americans enjoy at home and at their favorite bars and restaurants - many of which feature real juice and sparkling water as key ingredients.

The tie-up between Molson Coors and The Coca-Cola Company has produced a series of winning innovations. Topo Chico Hard Seltzer is the fastest-growing hard seltzer in the last 52 weeks, according to IRI, despite just launching nationally early this year. Its Topo Chico Ranch Water Hard Seltzer is the best-selling ranch water beverage in markets where it's sold, according to IRI. And Simply Spiked Lemonade is the fastest-growing new flavored alcohol beverage on the market, according to IRI.

With Topo Chico Spirited, Molson Coors hopes again to capture lightning in a bottle - or a 12-ounce standard can, in this case - in a category worth billions.

'Getting into spirits is part of the evolution of this company,' Coors said. 'We're laying a foundation not for 2023, but for years and decades down the road. We're excited to have Topo Chico Spirited play a leading role in that.'

(C) 2022 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
MOLSON COORS BEVERAGE COMPANY 0.56% 55.58 Delayed Quote.19.91%
THE COCA-COLA COMPANY 0.10% 62.69 Delayed Quote.5.78%
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Financials (USD)
Sales 2022 10 743 M - -
Net income 2022 738 M - -
Net Debt 2022 5 831 M - -
P/E ratio 2022 17,7x
Yield 2022 2,72%
Capitalization 12 071 M 12 071 M -
EV / Sales 2022 1,67x
EV / Sales 2023 1,58x
Nbr of Employees 16 300
Free-Float 79,4%
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Technical analysis trends MOLSON COORS BEVERAGE COMPANY
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TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
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Mean consensus HOLD
Number of Analysts 21
Last Close Price 55,58 $
Average target price 54,45 $
Spread / Average Target -2,04%
EPS Revisions
Managers and Directors
Gavin D. K. Hattersley President, Chief Executive Officer & Director
Tracey I. Joubert Chief Financial Officer
Andrew Thomas Molson Chairman
Peter H. Coors Vice Chairman
H. Sanford Riley Independent Director
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