BPD Research
Long/short equity

Boston Beer: Buy The Beer, Sell The Stock

Company Overview

Accounting for approximately 1% of the US beer market, The Boston Beer Company, Inc. (NYSE:SAM) is the largest craft brewer in the US. In 2012, it sold over 50 beers under the Samuel Adams or Sam Adams brand names (with over 30 introduced since 2010), ten flavored malt beverages ("FMB") under its Twisted Tea brand, five hard cider beverages under its Angry Orchard brand, and five beers under two brand names belonging to its Alchemy & Science subsidiary. SAM brews nearly all of its own product at its breweries in Pennsylvania, Boston, Cincinnati, and Los Angeles.

With a knowledgeable sales force of approximately 330 people that it counts as a competitive advantage, SAM sells its products...

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