TAP
“If you can buy the entire company for less than the sticker price on the parts, you don’t need a Ph.D. in finance—you need a shopping cart.”
Intro
The market is pricing all of Molson Coors, every bottle, brewery, beach cooler dream, at ≈ $9.8 billion. Yet sitting quietly on the balance sheet are:
12.2B intangibles
5.6B goodwill
4.5B PP&E
Add modest work…
