Morningstar

Morningstar, Inc.

Equity Bottom-Up

Monster Beverage has become a core player in the global energy drink market over the past decade, and we think its brand-driven intangible assets have helped it secure a narrow economic moat. Monster’s volume share exceeds that of its largest competitor, Red Bull, in the United States, but remains underindexed internationally (we estimate a mid-teens global volume share); even if its share doesn’t reach domestic levels, we believe that significant opportunity exists abroad. We think the firm’s…

Monster's continued international momentum was the highlight of its first-quarter earnings, as sales to customers outside of the U.S. (now contributing 30% of revenue) increased 17%, which was particularly impressive, lapping a 27% increase in the prior-year period. This supported consolidated net sales growth of 11% in the first quarter, driven by more than 11% growth in the Monster Energy brand family, which contributes around 92% of sales from a product perspective. We were pleased to see…

United States

Monster Beverage Corporation is a holding company based in Corona, California. The Company, through its consolidated subsidiaries, markets and distributes energy drinks worldwide.

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