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Molson Coors (TAP) is a brewer of some of the most iconic beer brands in the U.S., Canada and the U.K., including Coors, Molson, Miller and Carling. The company has suffered from a weak beer market, especially in so-called premium beers in which the company is heavily invested as one of the market share leaders. Operating results in terms of volumes have been weak and revenue has been impacted as price increases have not been able to counter volume declines. Free cash flow has been strong at the company and returns on capital are good as well.

In terms of valuation, at the current run rate of earnings and returns on capital, the shares should generate about...

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