MNST (M1NS34) - Monster Beverage

Industry Overview

The “alternative” beverage category combines non-carbonated, ready-to-drink iced teas, lemonades, juice cocktails, single-serve juices and fruit beverages, ready-to-drink dairy and coffee drinks, energy drinks, sports drinks and single-serve still waters (flavored, unflavored and enhanced) with “new age” beverages, including sodas that are considered natural, sparkling juices and flavored sparkling beverages. According to Beverage Marketing Corporation, domestic U.S. wholesale sales in 2020 for the “alternative” beverage category of the market are estimated at approximately $60.5 billion, representing an increase of approximately 1.8% over estimated domestic U.S. wholesale sales in 2019 of approximately $59.5 billion.

Corporate History

In the 1930s, Hubert Hansen and his sons started a business selling fresh non-pasteurized juices in Los Angeles, California. In 1977, Tim Hansen, one of the grandsons of Hubert Hansen, perceived a demand for shelf stable pasteurized natural juices and juice blends and formed Hansen Foods, Inc. (“HFI”). HFI expanded its product line from juices to include Hansen’s Natural Soda® brand sodas. In 1990, California Co-Packers Corporation (d/b/a Hansen Beverage Company) (“CCC”) acquired certain assets of HFI, including the right to market the Hansen’s® brand name. In 1992, Hansen Natural Corporation acquired the Hansen’s® brand natural soda and apple juice business from CCC. Under our ownership, the Hansen’s® beverage business significantly expanded to include a wide range of beverages within the growing “alternative” beverage category including, in particular, energy drinks. In 2012, we changed our name from Hansen Natural Corporation to Monster Beverage Corporation. In 2015, we acquired various energy brands from TCCC and disposed of our non-energy drink business. In 2016, we completed our acquisition of flavor supplier and long-time business partner AFF

Valor de mercado Receita PSR Lucro Líquido P/L Patrimônio Líquido P/VP
31/12/2010 $4.630.824 $1.303.942 3,5 $212.029 22,9 $979.158 5,6
31/12/2011 $8.022.888 $1.703.230 4,8 $286.219 30,1 $644.397 8,2
31/12/2012 $9.055.183 $2.060.702 4,5 $340.020 28,4 $992.279 14,1
31/12/2013 $11.363.212 $2.246.428 5,0 $338.661 34,8 $1.515.150 11,5
31/12/2014 $18.163.569 $2.464.867 7,4 $483.185 39,1 $4.809.410 12,0
31/12/2015 $30.197.538 $2.722.564 10,1 $546.733 52,5 $3.329.709 6,3
31/12/2016 $25.317.016 $3.049.393 8,6 $712.685 37,3 $3.895.212 7,6
31/12/2017 $35.693.237 $3.369.045 10,7 $820.678 44,6 $3.610.901 9,2
31/12/2018 $27.216.863 $3.807.183 7,2 $993.004 28,0 $4.171.281 7,5
31/12/2019 $34.169.671 $4.200.819 8,2 $1.107.835 31,3 $5.160.860 8,2
31/12/2020 $48.821.742 $4.598.638 10,7 $1.409.594 35,0 $5.905.498 9,5
Margem EBIT Margem Líquida ROE ROA Dívida Bruta Dividendos Ciclo Financeiro
31/12/2010 27 % 16 % 30 % 20 % $274 $0 67
31/12/2011 27 % 17 % 32 % 21 % $0 $0 65
31/12/2012 27 % 17 % 42 % 33 % $0 $0 69
31/12/2013 26 % 15 % 41 % 24 % $0 $0 81
31/12/2014 30 % 20 % 39 % 25 % $0 $0 56
31/12/2015 33 % 20 % 17 % 10 % $0 $0 50
31/12/2016 36 % 23 % 18 % 17 % $0 $0 43
31/12/2017 36 % 24 % 23 % 17 % $0 $0 51
31/12/2018 34 % 26 % 26 % 22 % $0 $0 53
31/12/2019 33 % 26 % 28 % 22 % $0 $0 65
31/12/2020 36 % 31 % 30 % 23 % $0 $0 59
1 Curtida

Um ponto a ficar de olho é em relação ao imposto corporativo, pois a empresa foi bastante beneficiada com a redução de 2018.

LAIR IR Al. Efetiva
31/12/2010 $349.302 $137.273 39%
31/12/2011 $457.270 $171.051 37%
31/12/2012 $549.154 $209.134 38%
31/12/2013 $563.894 $225.233 40%
31/12/2014 $745.788 $262.603 35%
31/12/2015 $891.548 $344.815 39%
31/12/2016 $1.079.685 $367.000 34%
31/12/2017 $1.201.623 $380.945 32%
31/12/2018 $1.293.272 $300.268 23%
31/12/2019 $1.415.962 $308.127 22%
31/12/2020 $1.626.157 $216.563 13%
1 Curtida

Gosto da empresa, comecei a investir em 2017, mas já vendi cerca de 85% das ações que ja comprei.

1 Curtida

Parece estar um pouco cara mesmo, com o ritmo das recompras, crescendo nessa faixa de 9-11% a.a., poderia chegar no máximo, acredito, a uns 3 bilhões de lucro líquido em 2030. Pensando como empresa de crescimento, hoje a 50 bi, ainda daria um P/L bem alto. Mas a empresa de fato é um monstro.

1 Curtida