Jesse barone , dylan burtis , Tim griffin, anousha nikjouian

JESSE BARONE, DYLAN BURTIS, TIM GRIFFIN, ANOUSHA NIKJOUIAN

THE MAN BEHIND THE BEER

COMPETITIVE ADVANTAGE• Freshest Beer

Program• Corporate Citizen• Wide range of Beer

Portfolio

39

BOSTON BEER VS. BEVERAGES-BREWERS INDUSTRY

Avg 5Yr ROE

Avg 5Yr Rev

Avg 5Yr EPS

Avg Debt

Avg PE

0

10

20

30

40

50

60

Beverages - BrewersBoston Beer

PERCENT CHANGE IN PERFORMANCE GROWTH

Boston Beer Annual Data

2002-2011

Sales 42 % ↑Earnings Per Share (EPS)

10.8 %↑

Return on Equity (ROE)

31.3 %↑

Net Income 12.9 %↑Book Value/Share 34.6 %↑

GROWTH FORECAST

NameP/E

(TTM)P/E (Fwd

12 Mo.) PEG

1 Year EPS

Growth Rate

Next 3-5 yrs EPS

Growth RateSAM 24.1x 23.5x 1.86x 2.5% 25.0%

Brewers Industry 22.3x 22.2x 0.0x 11.4% 19.3%

Consumer Defensive Sector

19.5x 17.7x -0.01x 26.6% 6.7%

S&P 500 19.1x 16.0x -0.38x 10.6% 5.4%

GO FOR IT• Brand Equity• Innovation• Small Company – Potential Growth