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Brown-Forman: Valuation Is Relatively High

Mar. 10, 2023 8:00 AM ETBrown-Forman Corporation (BF.A), BF.B


  • 3Q23 results were positive and exceeded expectations with a 5% y/y increase in organic net sales growth due to strong demand for premium brands, higher pricing, and normalized distributor inventories.
  • However, gross and operating margins were pressured due to input cost inflation, supply chain constraints, and FX.
  • When compared to fast-growing competitors like MNST, Brown-Forman's valuation looks relatively high.

Bottles of assorted alcoholic beverages

monticelllo/iStock via Getty Images

Investment thesis

Brown-Forman (NYSE:BF.B) is a company that produces and markets a diverse range of alcoholic beverages, which are sold under popular brand names. The company's collection of alcoholic drinks comprises well-recognized labels such as Jack Daniel's, el

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