Brown-Forman Corp Registered Shs -B- Non Vtg

BF.B: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$84.00	Ntwg	Fplxnvsbz

Brown-Forman Earnings: Sales Growth Stalled by Macro Headwinds and Channel Destocking; Shares Cheap

Dan Su

Jun 5, 2024

We plan to reduce our $59 fair value estimate of wide-moat Brown-Forman by a mid-single-digit percentage after absorbing weak results in April-ended fiscal 2024 and a cautious 2025 outlook calling for low-single-digit sales expansion. Excluding acquisitions and divestitures, 2024 sales and operating profits fell by 1% and 2%, respectively, missing our estimates for flat and 5% growth.

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