The Company is an international producer and marketer of beverage alcohol with a portfolio of brands across the wine, spirits and imported beer categories.
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As debt is reduced, interest expense will go down and free cash flow will rise. At the same time, less leverage means more value for equity holders. The company has also approved a $500 million buyback to be implemented over the next several years.
In three years, I expect debt to drop about 50% and FCF to rise to about $700 million. 10x EV/FCF would imply an equity value of about $5.8 billion over 200 million shares...
$29 3-yr price target. I doubt the S&P will hit 1800 by then.