Business Services Industry
Montgomery Securities Initiates Coverage of Redhook Ale Brewery, Inc. "HOOK" with a HOLD Rating
Business Wire, Sept 12, 1995
SAN FRANCISCO--(BUSINESS WIRE)--Sept. 12, 1995--Montgomery Securities Analyst John Weiss has initiated coverage of Redhook Ale Brewery, Inc. "HOOK" with a HOLD rating.
Redhook Ale Brewery, Inc. is one of the leading brewers of craft beers in the United States. The company produces its specialty bottled and draft products in two technologically advanced, company-owned breweries in the state of Washington. Weiss believes that Redhook is extremely well positioned in the craft beer market, which is growing rapidly but still represents only 1-2% of total beer sales in the U.S.
Weiss thinks that Redhook can achieve compound annual EPS growth of 20-25% over the next few years. Given these growth prospects, the extremely visible and attractive expansion potential for the craft beer segment and Redhook's competitive strengths, Weiss believes that the company's stock can sell at a high multiple of projected earnings. The stock is currently selling at 52x his projected earnings estimate of $0.58 per share in 1996 and 40x his preliminary projection of $0.75 per share in 1997. As a result of this valuation, Weiss has initiated coverage of Redhook Ale Brewery with a HOLD rating.
CONTACT: Montgomery Securities
John Weiss, (415) 627-2240
or
Elizabeth Snowdon, (415) 627- 2747
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