MOLSON COORS BREWING CO
CAPITAL RETURNS VIA SHARE REPURCHASE ■■
In 2011, the Company announced a 3-year USD1.2B share repurchase program and bought back 7.5M shares for $321.1M that year. However, the program was suspended in 2012 due to the StarBev acquisition. In 2015, the Company again announced a USD1B share repurchase program and bought back 2M shares for $150M that year. However, the program was once again suspended in 2016 due to the MillerCoors transaction. We hypothesise that the Company should be in position to reinstate its share repurchase program in 2020/2021. We believe a combination of sustainable/growing dividends and a strong and opportunistic multi-year share repurchase program can create significant value for long-term oriented shareholders.
Source: Molson Coors 2017 Annual 10-K Report – p121