Overview

• Effective October 1, 2025, Rahul Goyal will become president and CEO, succeeding Gavin Hattersley, who will remain an advisor through year‑end.
• Summaries of a Substack analysis note TAP traded around $46.86–$47.50 in mid‑September with trailing and forward P/Es of 9.24 and 8.04.
• The reported bull case identifies an entry near $47.50 with an estimated roughly 13.7% four‑month upside including dividends using equity and options strategies.
• The analysis cites an expected GAAP earnings yield near 11% rising above 13% with a $200 million goodwill add‑back plus a roughly 4% dividend supporting debt reduction, reinvestment, and buybacks.
• Context reported includes leverage reduced to about 2.5x EBITDA in 2024, active repurchases, hedge fund holders down to 37 from 45 last quarter, diversification into brands like Simply Spiked, Topo Chico, ZOA, and Naked Life, and a recent 1.6% net sales decline alongside brewery upgrades.