stock report€| €| nasdaqgs symbol: mnst … › micnova › file › public › club...

Analyst's Risk Assessment

LOW MEDIUM HIGH

While the company operates in an industry that hashistorically exhibited stable revenue streams, it mustcompete against much larger peers.

Revenue/Earnings Data

Revenue (Million USD)1Q 2Q 3Q 4Q Year

2020 1,062 -- -- -- --2019 946 1,104 1,134 1,017 4,2012018 851 1,016 1,016 924 3,8072017 742 907 909 810 3,3692016 680 827 788 754 3,0492015 627 694 757 645 2,723

Earnings Per Share (USD)1Q 2Q 3Q 4Q Year

2021 E 0.54 E 0.64 E 0.66 E 0.56 E 2.402020 0.52 E 0.50 E 0.56 E 0.52 E 2.102019 0.48 0.53 0.55 0.47 2.032018 0.38 0.48 0.48 0.43 1.762017 0.31 0.39 0.38 0.35 1.422016 0.26 0.30 0.33 0.30 1.19Fiscal year ended Dec 31. Next earnings report expected: EarlyAug. EPS Estimates based on CFRA's Operating Earnings;historical GAAP earnings are as reported in Company reports.

Dividend Data

No cash dividends have been paid in the last year.

Price Performance

30-Week Mov. Avg. 10-Week Mov. Avg. GAAP Earnings vs. Previous Year Volume Above Avg. STARS

12-Mo. Target Price Up Down No Change Below Avg.

Source: CFRA, S&P Global Market IntelligencePast performance is not an indication of future performance and should not be relied upon as such.Analysis prepared by Equity Analyst on May 08, 2020 10:29 AM, when the stock traded at Garrett Nelson USD 64.15.

Highlights

We estimate net sales will rise about 7% in2020 after increasing by 10.3% in 2019, drivenby new product launches, price increases,volume growth in existing markets, andinternational expansion on increaseddistribution. MNST’s revenue increase wasdriven by a 9.2% jump in sales volume and a1.1% increase in average selling price. In 2020,we expect 8% growth for volumes and a 1%decline in price realizations.In 2020, we expect gross margins to decline byabout 100 bps from its 2019 level of 60.0%,reflecting increased input costs (aluminum andsweeteners) and an unfavorable geographicmix as international sales grow faster thandomestic sales.We estimate operating EPS of $2.10 in 2020and $2.40 in 2021, up from $2.04 in 2019.MNST does not pay a dividend, but has a historyof aggressively repurchasing stock. In Q1 2020,MNST materially stepped up share repurchaseactivity, buying back 10.5M shares at anaverage price of $55.22/share for $579M in Q1(by comparison total buybacks in 2019 were$707M). The company has a history ofgenerating strong free cash flow andpossesses a very strong balance sheet, with nodebt and $935 million of cash and short-terminvestments as of March 31, 2020.

Investment Rationale/Risk

Our Hold recommendation reflects a valuationthat we consider fair at current levels,balancing MNST's superior earnings growthprofile with concerns regarding increasedcompetition in the energy drinks category andthe risk of multiple contraction given slowingeconomic growth in several overseas markets,which have been key to the company's overallsales growth. At the same time, we thinkMNST's debt-free balance sheet, sharerepurchases, and strong free cash flow areattributes which should serve it well in the faceof coronavirus fears. In June 2015, MNSTformed a long-term partnership with KO, inwhich KO took a 16.7% stake in MNST andtransferred its energy business to MNST inreturn for MNST's non-energy business.Risks to our recommendation and target priceinclude unfavorable findings pertaining to thesafety and effectiveness of energy drinks,higher commodity costs, less favorableweather conditions, and the unsuccessfullaunch of new products.Our 12-month target price of $65 applies a2021 P/E of 27.1x, below MNST's ten-year P/Eof 32.1x, but above peers, reflecting our viewthe company is likely to grow faster than peers,while balancing concerns regardingcompetitive pressures.

HOLD

Stock Report | | NasdaqGS Symbol: June 06, 2020 MNST | is in the S&P 500MNST

Monster Beverage Corporation

Recommendation Price

USD 72.23 (as of Jun 04, 2020 4:00 PM ET)

12-Mo. Target PriceUSD 65.00

Report CurrencyUSD

Investment StyleLarge-Cap Growth

Equity Analyst Garrett Nelson

GICS Sector Consumer StaplesSub-Industry Soft Drinks

Summary Monster Beverage, through its subsidiaries, develops, markets, sells, and distributes energydrink beverages and concentrates in the United States and internationally.

Key Stock Statistics (Source: CFRA, S&P Global Market Intelligence (SPGMI), Company Reports)

52-Wk Range USD 73.43 - 50.06 Oper. EPS 2020E USD 2.10 Market Capitalization(B) USD 38.03 Beta 1.03 Trailing 12-Month EPS USD 2.07 Oper. EPS 2021E USD 2.40 Yield (%) NA 3-Yr Proj. EPS CAGR(%) 11 Trailing 12-Month P/E 34.89 P/E on Oper. EPS 2020E 34.40 Dividend Rate/Share NA SPGMI's Quality Ranking B+ $10K Invested 5 Yrs Ago $17,259 Common Shares Outstg.(M) 526.56 Institutional Ownership (%) NA

Redistribution or reproduction is prohibited without written permission. Copyright © 2020 CFRA. This document is not intended to provide personal investment advice and it does not take into account the specific investmentobjectives, financial situation and the particular needs of any specific person who may receive this report. Investors should seek independent financial advice regarding the suitability and/or appropriateness of making aninvestment or implementing the investment strategies discussed in this document and should understand that statements regarding future prospects may not be realized. Investors should note that income from suchinvestments, if any, may fluctuate and that the value of such investments may rise or fall. Accordingly, investors may receive back less than they originally invested. Investors should seek advice concerning any impact thisinvestment may have on their personal tax position from their own tax advisor. Please note the publication date of this document. It may contain specific information that is no longer current and should not be used to make aninvestment decision. Unless otherwise indicated, there is no intention to update this document.

1

Corporate Information

Investor Contact

Office1 Monster Way, Corona, California 92879

Telephone951 739 6200

Websitewww.monsterbevcorp.com

Officers

Vice Chairman, President,COO, CFO & SecretaryH. H. Schlosberg

Chairman & CEOR. C. Sacks

Board Members

B. M. PolkG. P. FayardH. H. SchlosbergJ. P. JacksonK. E. Ciaramello

M. J. HallM. S. VidergauzR. C. SacksS. G. PizulaS. Selati

DomicileDelaware

Founded1990

Employees1,848

Stockholders193

AuditorDeloitte & Touche LLP

Business Summary May 07, 2020

CORPORATE OVERVIEW. Monster Beverage Corporation, formerly Hansen Natural Corporation, is a leadingdeveloper and marketer of 'alternative beverages', a category that combines ready-to-drink iced teas,lemonades, juice cocktails, single-serve juices and fruit beverages, ready-to-drink dairy and coffee drinks,energy drinks, sports drinks and single-serve still water with 'new age' beverages, including 'natural' sodas,sparkling juices and flavored sparkling beverages. The company originally began selling freshnonpasteurized juices in Los Angeles, CA, in the 1930s. At year-end 2019, the company employed a total of3,529 workers (2,655 on a full-time basis), up from 3,142 at year-end 2018 (2,354 full-time).

In 2019, the geographic breakdown of the company’s net sales were 71% U.S. and Canada and 29%International. Its international exposure has grown from 25% of revenues in 2016.

MNST has three segments: Monster Energy Drinks (92.9% of net sales in 2019), Strategic Brands (6.5%),and Other (0.6%). The Monster Energy Drinks segment is comprised of the Monster Energy drinks as wellas Mutant Super Soda drinks. This segment sells ready to drink packaged drinks primarily to bottlers andfull-service beverage distributors. In some cases, the company sells directly to retail grocery and specialtychains, wholesalers, club stores, mass merchandisers, convenience chains, food service customers andthe military. This segment generates higher per case revenues, but lower per case gross profit marginsthan the Strategic Brands segment.

The Strategic Brands segment include various energy drink brands acquired from Coca-Cola in 2014. Thissegment sells concentrates and or beverage bases to authorized bottling and canning operations. Bottlerscombine the concentrates and/or beverage bases with sweeteners, water and other ingredients to produceready to drink packaged energy drinks. Products are then sold to other bottlers, full service distributors,wholesalers, or retailers directly.

The Other Segment mostly includes brands sold to third parties.

The company's customers are mainly full-service beverage distributors, retail grocery and specialty chains,wholesalers, club stores, drug stores, mass merchants, convenience stores, health food distributors, foodservice customers and the military. Full service distributors accounted for 58% of 2019 sales; international33%; club stores and mass merchants 7%; retail, grocery, specialty chains and wholesalers 1%; and other1%. The Coca-Cola Company accounted for only 2% of net sales in 2019, down sharply from 18% in 2017and 41% in 2016 as Coca-Cola transitioned some of its bottlers/distributors to independent operators.

MARKET PROFILE. U.S. liquid refreshment beverage market sales were estimated at $179.9 billion in 2018,up about 3.8% from 2017, according to Beverage Marketing Corporation (latest available data). In 2018,energy drinks had the third-fastest beverage category volume growth rate (8.6%), following onlyvalue-added water (15.5%) and ready-to-drink coffee (8.8%), and growing faster than bottled water(4.9%), sports drinks (2.8%), ready-to-drink tea (-0.3%), carbonated soft drinks (-0.4%) and fruitbeverages (-3.0%).

ACQUISITIONS. In April 2016, MNST acquired flavor supplier American Fruits & Flavors for $688.5 million incash. The deal brought the company's primary flavor supplier in-house.

In June 2015, the company completed a transaction with the The Coca-Cola Company (Coca-Cola),providing for a long-term strategic relationship in the global energy drink category. MNST issued toCoca-Cola 102.1 million new MNST shares (representing 16.7% of total shares at the time) and Coca-Colaappointed two members to MNST's Board. Coca-Cola also transferred its energy drink business to MNST,and MNST transferred its non-energy drink business to Coca-Cola. Additionally, MNST amended itsdistribution agreements to transfer most of MNST's U.S. distribution to the Coca-Cola distribution network.Lastly, MNST received $2.15 billion in cash.

CORPORATE GOVERNANCE. Insiders exercise significant control. As of April 20, 2018, chairman and CEORodney Sacks and vice chairman, president, COO and CFO Hilton Schlosberg owned and/or exercisedvoting control over approximately 8.5% and 8.3%, respectively, of MNST's shares outstanding. Additionally,The Coca-Cola Company owned 18.8% of MNST shares as of March 2018 and is entitled to nominate twodirectors to MNST's board. Among other provisions, agreements related to Coca-Cola’s equity stakerestricts it from competing in the energy drink category, with certain exceptions including an exceptionrelating to the Coca-Cola brand.

FINANCIAL TRENDS. Monster’s revenues have gone from $3.37 billion in 2017 to $3.81 billion in 2018 and$4.20 billion in 2019, while its EPS has increased from $1.42 in 2017 to $1.76 in 2018 and $2.04 in 2019,respectively, over the same timeframe. In 2019, the company posted a 15.9% increase in EPS over theprior-year period ($2.04 versus $1.76 in the year-ago period), as net sales increased 10.3% to $4.20 billionbut gross margins contracted 30 bps to 60.0%. In Q1 2020, the company posted an 8.2% increase in EPSover the prior-year period ($0.52 versus $0.48 in the year-ago period), as net sales increased 12.3% butgross margins contracted 60 bps to 60.0%.

As of March 31, 2020, Monster had approximately $935 million of cash, cash equivalents and short-terminvestments, down from $1.33 billion on December 31, 2019. MNST had no debt, a level that wasunchanged from December 31, 2019.

The company does not currently pay a dividend, but has been aggressively repurchasing stock in recentyears. Monster repurchased 10.5M shares at an average price of $55.22/share for $579.3M in Q1 2020.The company repurchased $707.3 million of common stock in 2019, $1.34 billion in 2018, and $361.2million in 2017.



2Redistribution or reproduction is prohibited without prior written permission. Copyright © 2020 CFRA.



Quantitative Evaluations

Fair Value Rank 4 1 2 3 4 5LOWEST HIGHESTBased on CFRA's proprietary quantitative model,stocks are ranked from most overvalued (1) to mostundervalued (5).

Fair ValueCalculation

USD82.57

Analysis of the stock's current worth, based onCFRA's proprietary quantitative model suggests thatMNST is slightly undervalued by USD 10.34 or 14.3%.

Volatility LOW AVERAGE HIGH

TechnicalEvaluation

BULLISH Since May, 2020, the technical indicators for MNSThave been BULLISH.

Insider Activity NA UNFAVORABLE NEUTRAL FAVORABLE

Expanded Ratio Analysis

2019 2018 2017 2016Price/Sales 8.27 7.29 10.84 8.72Price/EBITDA 23.49 20.31 28.47 22.05Price/Pretax Income 24.53 21.47 30.40 24.63P/E Ratio 31.31 27.97 44.57 37.26Avg. Diluted Shares Outsg.(M) 547 564 577 600

Figures based on fiscal year-end price

Key Growth Rates and Averages

Past Growth Rate (%) 1 Year 3 Years 5 YearsSales 10.34 11.27 11.25Net Income 11.56 15.84 18.05

Ratio Analysis (Annual Avg.)Net Margin (%) NM NM NMReturn on Equity (%) 28.47 NA NA

Company Financials Fiscal year ending Dec. 31

Per Share Data (USD) 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010Tangible Book Value 3.33 2.27 2.70 1.70 5.10 2.91 1.85 1.19 1.78 1.47Free Cash Flow 1.85 1.95 1.58 1.01 1.16 1.13 0.58 0.46 0.57 0.39Earnings 2.03 1.76 1.42 1.19 0.95 0.92 0.65 0.62 0.51 0.38Earnings (Normalized) 1.63 1.46 1.34 1.21 1.03 0.89 0.69 0.63 0.51 0.39Dividends NA NA NA NA NA NA NA NA NA NAPayout Ratio (%) NA NA NA NA NA NA NA NA NA NAPrices: High 66.38 70.22 64.79 55.50 53.50 37.83 22.78 27.99 16.39 9.13Prices: Low 47.84 47.61 41.02 37.69 35.59 21.00 15.13 13.33 8.61 4.00P/E Ratio: High 32.7 39.9 45.6 46.6 56.3 41.1 35.0 45.1 32.1 24.0P/E Ratio: Low 23.6 27.1 28.9 31.7 37.5 22.8 23.3 21.5 16.9 10.5

Income Statement Analysis (Million USD)Revenue 4,201 3,807 3,369 3,049 2,723 2,465 2,246 2,061 1,703 1,304Operating Income 1,414 1,310 1,234 1,165 972 752 586 552 458 348Depreciation + Amortization 64.8 57.0 48.9 40.8 30.9 25.7 22.8 20.6 17.1 11.8Interest Expense 0.056 NA NA 0.070 0.030 0.030 0.050 0.050 0.050 0.010Pretax Income 1,416 1,293 1,202 1,080 892 746 564 549 457 349Effective Tax Rate 21.8 23.2 31.7 34.0 38.7 35.2 39.9 38.1 37.4 39.3Net Income 1,108 993 821 713 547 483 339 340 286 212Net Income (Normalized) 892 825 773 725 596 466 361 344 287 219

Balance Sheet and Other Financial Data (Million USD)Cash 1,331 958 1,202 598 2,920 1,151 614 320 771 599Current Assets 2,316 1,804 2,086 1,432 3,600 1,653 1,183 835 1,183 963Total Assets 5,150 4,527 4,791 4,153 5,571 1,939 1,421 1,043 1,362 1,147Current Liabilities 661 601 560 471 410 356 316 289 266 194Long Term Debt NA NA NA NA NA NA NA NA NA NATotal Capital 4,201 3,611 3,897 3,330 4,810 1,515 992 644 979 828Capital Expenditures 101.7 61.9 83.4 99.8 35.6 28.0 40.8 42.9 25.6 12.5Cash from Operations 1,114 1,162 988 701 523 597 342 288 334 229Current Ratio 3.50 3.00 3.72 3.04 8.77 4.65 3.74 2.89 4.44 4.97% Long Term Debt of Capitalization NA NA NA NA NA NA NA NA NA NA% Net Income of Revenue 26.4 26.1 24.4 23.4 20.1 19.6 15.1 16.5 16.8 16.3% Return on Assets 18.3 17.6 17.2 15.0 16.2 28.0 29.7 28.7 22.8 22.3% Return on Equity 28.5 26.5 22.7 17.5 17.3 38.5 41.4 41.9 31.7 30.0

Source: S&P Global Market Intelligence. Data may be preliminary or restated; before results of discontinued operations/special items. Per share data adjusted for stock dividends; EPS diluted.E-Estimated. NA-Not Available. NM-Not Meaningful. NR-Not Ranked. UR-Under Review.


Sub-Industry: Soft Drinks Peer Group*: Soft Drinks

Recent 30-Day 1-Year Fair ReturnStock Stock Stk. Mkt. Price Price P/E Value Yield on Equity LTD to

Peer Group Symbol Exchange Currency Price Cap. (M) Chg. (%) Chg. (%) Ratio Calc. (%) (%) Cap (%)

Monster Beverage Corporation MNST NasdaqGS USD 72.23 38,034 17.8 12.8 35 82.57 Nil 28.5 NACelsius Holdings, Inc. CELH NasdaqCM USD 9.670 670 111.1 141.1 NM NA Nil 26.5 NA

Coca-Cola Amatil Limited CCLA.Y OTCPK USD 6.152 4,456 12.8 -8.4 24 NA 5.1 19.9 39.4

Coca-Cola Bottlers Japan Holdings Inc. CCOJ.Y OTCPK USD 10.17 3,650 10.9 -17.0 NM NA 2.3 -10.6 25.0

Coca-Cola Consolidated, Inc. COKE NasdaqGS USD 242.95 1,735 1.3 -21.3 70 160.06 0.4 4.1 63.6

Coca-Cola FEMSA, S.A.B. de C.V. KOF NYSE USD 46.36 9,739 19.0 -27.2 NM NA 4.1 9.7 29.1

Coca-Cola HBC AG CCHG.Y OTCPK USD 27.33 10,020 13.5 -25.6 9 NA 10.5 33.6 40.0

Embotelladora Andina S.A. AKO.B NYSE USD 15.15 2,189 7.0 -25.9 NM NA 5.2 19.1 41.3

National Beverage Corp. FIZZ NasdaqGS USD 58.27 2,716 12.8 20.3 23 54.89 Nil 42.5 NA

Primo Water Corporation PRMW TSX CAD 16.75 2,762 24.1 -5.5 66 14.86 1.9 -0.0 45.2

Suntory Beverage & Food Limited STBF.Y OTCPK USD 19.89 12,291 5.1 -5.0 NM NA 1.8 9.8 12.7

*For Peer Groups with more than 10 companies or stocks, selection of issues is based on market capitalization.NA-Not Available NM-Not Meaningful.Note: Peers are selected based on Global Industry Classification Standards and market capitalization. The peer group list includes companies with similar characteristics, but may not include all the companies within the sameindustry and/or that engage in the same line of business.

Industry Performance

GICS Sector: Consumer StaplesSub-Industry: Soft Drinks

Based on S&P 1500 IndexesFive-Year market price performance through Jun 05, 2020

NOTE: All Sector & Sub-Industry information is based on theGlobal Industry Classification Standard (GICS).

Past performance is not an indication of future performanceand should not be relied upon as such.Source: S&P Global Market Intelligence

Sub-Industry Outlook

CFRAs 12-month fundamental outlook for theSoft Drinks sub-industry is positive, reflectingan uptick in consumer staples-related spendingin the U.S. and abroad due to Covid-19coronavirus impacts. We expect strong growthfor product categories such as energy drinks andvalue-added water in North America, andresilient sales of carbonated soft drinks andother products in emerging markets. We thinkthese factors help offset weaker on premisesales volumes (sales at restaurants, movietheaters, and other event venues) of carbonatedbeverages, or sales at restaurants, movietheaters, and other event venues. Over the next12 months, we expect earnings and cash flow togrow, driven by growth in emerging markets, andnew product introductions.

For the group, we see a revenue decline ofapproximately 3% in 2020, after an increaseof 6.9% in 2019 and a 1.8% decline in 2018.We see improved demand for non-carbonatedbeverages as consumers continue to seekhealthier products. We see challenging trendsfor carbonated and sugary beverages over thelonger term, as consumer preferences(particularly those of millennials)increasingly shift towards healthier andlower-calorie beverages. According to theBeverage Marketing Corporation, U.S. LiquidRefreshment Beverage volumes increased by 1.4%and revenues by 3.5% in 2019, with thebreakdown of volume growth by product (and inorder) being: Energy Drinks (+8.7%),Value-Added Water (+8.5%), Ready-To-DrinkCoffee (+6.6%), Bottled Water (+3.6%), SportsDrinks (+2.0%), Carbonated Soft Drinks(-1.1%), Fruit Beverages (-1.7%), andReady-To-Drink Tea (-1.8%).

Overall, we think domestic non-alcoholic unitsales volume growth will improve on increasedadvertising and promotional spending, as wellas new product launches. Longer term, we think

volume trends will benefit from increasedpenetration into non-traditional markets andgrowing consumer demand for non-alcoholicproducts, which should continue to raisenon-alcoholic beverage per-capitaconsumption levels. In the near term, we thinkmanufacturers will look to address concernssurrounding artificial sweeteners in the U.S.,which have led to declines in diet sodavolumes over the past few years.

We are more positive on near-term prospectsfor U.S. beverage companies in foreignmarkets, where we see significantopportunities for consumption growth inemerging markets. Certain soft drinkcompanies are also diversifying their productmix by acquiring smaller and faster-growingbeverage and snack foods brands. We thinklonger-term prospects are good, given ourview of improving profit margins stemmingfrom productivity enhancements, higherprices for products and favorable product mixtrends. We expect dividend yields and ongoingshare repurchases to lend support to shareprice levels, noting that the two largest playersin the space, Coca-Cola and PepsiCo, aremembers of the S&P Dividend AristocratsIndex. However, we think share repurchasesare likely to be far less than in recent years.

Year to date through May 29, the S&P SoftDrinks Index is down 8.7% versus a 6.7%decline for the S&P 1500 Index. In 2019, theS&P Soft Drinks Index was up 20.7% versus a28.3% gain for the S&P 1500 Index, and wasdown 2.1% versus a 6.8% decline for the S&P1500 in 2018. The industry's five-year CAGR is5.1%, which compares to 6.5% growth for theS&P 1500 Index.

/Garrett Nelson





Monster Beverage CorporationAnalyst Research Notes and other Company News

May 07, 202005:24 pm ET... CFRA Maintains Hold on Shares of Monster Beverage Corporation(61.3***): We raise our 12-month target by $5 to $65, valuing the stock at 27.1x our '21 EPS estimate, a discount to MNST's 10-year average forward P/E of32.1x. We lower our EPS estimates by $0.15 to $2.10 for ‘20 and by $0.05 to $2.40 for ’21. MNST posts Q1 EPS of $0.52 vs. $0.48 (+8.2%), $0.05 ahead of consensus. Net sales increased 12.3% to $1.06B ($70M aboveconsensus) driven by a 14.1% increase in sales volume, partially offset by a1.6% decline in average selling price, but gross margin contracted 60 bps to60.0%, 40 bps short of consensus. MNST materially stepped up share repurchaseactivity during the quarter, buying back 10.5M shares at an average price of$55.22/share for $579.3M in Q1 (by comparison total buybacks in 2019 were $707.3M). We maintain a Hold on valuation, expecting the drop in convenience storesales (its largest channel) to weigh on volumes. At the same time, MNST’sdebt-free balance sheet, robust share repurchases, and strong free cash flow areoffsetting positive attributes. /Garrett Nelson

February 28, 202009:32 am ET... CFRA Maintains Hold on Shares of Monster Beverage Corporation(65.88***): We maintain our 12-month price target of $60, based on a ‘21P/E of 24.5x, below MNST's 10-year average forward P/E of 31.9x. We lower our’20 EPS estimate by $0.05 to $2.25 and introduce a ’21 estimate of$2.45. MNST posts Q4 adjusted EPS of $0.47 vs. $0.43 (+9.3%), in-line withconsensus. Net sales increased 10.1% to $1.02B ($10M above consensus) drivenby an 8.8% increase in sales volume and a 1.3% improvement in selling price,and gross margin expanded 30 bps to 60.0%, ahead of the 59.8% consensus. MNSTrepurchased 4.1M shares at an average price of $55.75/sh during the quarter.We maintain a Hold, as we see increasing competition in the energy drinkscategory and the risk of multiple contraction given slowing economic growth inseveral overseas markets, which have been key to the company’s overallsales growth. At the same time, we think MNST’s debt-free balance sheet,share repurchases, and strong free cash flow are attributes which should serveit well in the face of coronavirus fears. /Garrett Nelson

November 08, 201911:55 am ET... CFRA Maintains Hold on Shares of Monster Beverage Corporation(58.75***): We raise our 12-month target price by $2 to $60, valuing the stockat 26.1x our '20 EPS estimate, below MNST's 10-year average forward P/E of 31.5x. We maintain our EPS estimates of $2.05 for '19 and $2.30 for '20. MNSTposts Q3 adjusted EPS of $0.55 vs. $0.50 (+10.0%), ahead of the $0.53consensus. Net sales increased 11.6% to $1.13B ($20M above consensus), butgross margin contracted 40 bps to 59.4%, well short of the 59.9% consensus.International sales continue to drive overall top line growth, as sales tocustomers located outside the U.S. increased to over 34% of revenues in Q3,up six percentage points. MNST repurchased 4.3M shares at an average price of$58.60/sh during the quarter and authorized an additional $500M of buybacks.We maintain a Hold, as we find MNST’s current multiples hard to justifyin light of slowing earnings growth and increasing competition, but its strongbalance sheet, buybacks and strong free cash flow keep us from becoming morebearish on the name. /Garrett Nelson

August 08, 201910:03 am ET... CFRA Keeps Hold on Shares of Monster Beverage Corporation (56.3***): We reduce our 12-month target price by $7 to $58, valuing the stock at25.2x our revised '20 EPS estimate, below MNST's 10-year average forward P/Eof 31.1x. We lower our EPS estimates by $0.10 to $2.05 for '19 and by $0.05to $2.30 for '20. MNST posts Q2 EPS of $0.53 vs. $0.48 (+10.4%), $0.03 shortof consensus. Net sales increased 8.7% to $1.10B, but gross margin contracted120 bps to 59.9%, well short of the 60.7% consensus. Gross margin wasnegatively impacted by geography and sales mix as well as higher input costs.MNST also did not repurchase any stock during the quarter. We maintain a Holdrating, as we find MNST’s current multiples hard to justify in light ofslowing earnings growth, recent margin contraction, increasing competition anda lull in share repurchase activity, but its strong balance sheet and robustfree cash flow generation keep us from becoming more bearish on the name. Wealso think its international expansion could come at the expense of margindilution. /Garrett Nelson

May 03, 201908:49 am ET... CFRA Keeps Hold on Shares of Monster Beverage Corporation(57.99***): We maintain our 12-month target price of $65, valuing the shares at27.7x our revised '20 EPS estimate, below MNST's 10-year mean forward P/E of30.7x, but above peers, reflecting stronger growth expectations. We raise our EPSestimates by $0.10 to $2.15 for ’19 and by $0.05 to $2.35 for ’20. MNST posts Q1adjusted EPS of $0.49 vs. $0.39 (+25.6%), ahead of the $0.43 consensus. Net salesincreased 11.2% to $946M and gross margins were flat at 60.6%, but above the60.4% consensus. Shares are supported by a robust repurchase program, as MNSTbought back roughly 2.6M shares at an average price of $54.18/share for $139M inQ1, leaving $521M of remaining share repurchase capacity. We expect ongoingbuybacks to help provide support for the shares. MNST said its strategic alignmentwith Coca-Cola bottlers in the U.S. is now complete. We maintain a Hold, as weconsider the stock’s valuation fair and think increased competition in energy drinksis likely to limit upside. /Garrett Nelson

February 28, 201908:04 am ET... CFRA Keeps Hold on Shares of Monster Beverage Corporation (58.74***): We maintain our 12-month target price of $65, valuing the shares at28.3x our '20 EPS estimate, below MNST's 10-year mean of 30.5x, but abovepeers, reflecting expectations for faster top and bottom line growth. We raiseour EPS estimates by $0.07 to $2.05 for ’19 and introduce a ’20estimate of $2.30. MNST posts Q4 adjusted EPS of $0.43 vs. $0.30, $0.02ahead of consensus. Net sales increased 14.1% to $924.2M and gross margincontracted 240 bps to 59.7%, short of the 61.0% consensus. On the negativeside, gross margins have been impacted by higher aluminum and freight costs.Shares are supported by a robust repurchase program, as MNST bought backroughly 9.4M shares at an average price of $56.99/share in Q4, driving a 1.7%reduction in its outstanding share count. We expect ongoing repurchases toprovide support to the shares. However, we think the stock’s premiumvaluation and increased competition in energy drinks is likely to limit upsidefor the shares over the next 12 months. /Garrett Nelson

Note: Research notes reflect CFRA's published opinions and analysis on the stock at the time the note was published. The note reflects the views of the equity analyst as of the date and timeindicated in the note, and may not reflect CFRA's current view on the company.


Forecasts are not reliable indicator of future performance.Note: A company's earnings outlook plays a major part in any investment decision. S&P Global Market Intelligence organizes the earnings estimates of over 2,300 Wall Street analysts, andprovides their consensus of earnings over the next two years, as well as how those earnings estimates have changed over time. Note that the information provided in relation to consensusestimates is not intended to predict actual results and should not be taken as a reliable indicator of future performance.

Note: For all tables, graphs and charts in this report that do not cite any reference or source, the source is S&P Global Market Intelligence.

Wall Street Consensus Opinion

BUY/HOLD

Wall Street Consensus vs. Performance

For fiscal year 2020, analysts estimate that MNST will earnUSD $2.09. For the 1st quarter of fiscal year 2020, MNSTannounced earnings per share of USD $0.52, representing24.9% of the total revenue estimate. For fiscal year 2021,analysts estimate that MNST's earnings per share willgrow by 15% to USD $2.41.

Analysts' Recommendations

Monthly Average Trend Buy Buy/Hold Hold Weak Hold Sell MNST TickerB BH H WH S

No. ofRecommendations

% of Total 1 Mo.Prior 3 Mos.Prior

Buy 7 37 7 7Buy/Hold 3 16 3 2Hold 7 37 7 7Weak Hold 1 5 1 0Sell 1 5 1 1No Opinion 0 0 0 0Total 19 100 19 17

Wall Street Consensus Estimates

Estimates 2019 2020 2021 2019 Actual (Normalized Diluted) $1.63

Fiscal Years Avg Est. High Est Low Est. # of Est. Est. P/E2021 2.41 2.60 2.21 13 30.02020 2.09 2.20 1.98 14 34.52021 vs. 2020 15% 18% 12% -7% -13%

Q2'21 0.61 0.66 0.55 6 NMQ2'20 0.48 0.53 0.42 12 NMQ2'21 vs. Q2'20 27% 25% 31% -50% NA




Abbreviations Used in Equity Research ReportsCAGR - Compound Annual Growth RateCAPEX - Capital ExpendituresCY - Calendar YearDCF - Discounted Cash FlowDDM - Dividend Discount ModelEBIT - Earnings Before Interest and TaxesEBITDA - Earnings Before Interest, Taxes, Depreciation & AmortizationEPS - Earnings Per ShareEV - Enterprise ValueFCF - Free Cash FlowFFO - Funds From OperationsFY - Fiscal YearP/E - Price/EarningsP/NAV - Price to Net Asset Value PEG Ratio - P/E-to-Growth Ratio PV - PresentValueR&D - Research & Development ROCE - Return on Capital Employed ROE -Return on EquityROI - Return on InvestmentROIC - Return on Invested CapitalROA - Return on AssetsSG&A - Selling, General & Administrative ExpensesSOTP - Sum-of-The-PartsWACC - Weighted Average Cost of Capital

Dividends on American Depository Receipts (ADRs) and American DepositoryShares (ADSs) are net of taxes (paid in the country of origin).

Qualitative Risk AssessmentReflects an equity analyst's view of a given company's operational risk, or therisk of a firm's ability to continue as an ongoing concern. The Qualitative RiskAssessment is a relative ranking to the U.S. STARS universe, and should bereflective of risk factors related to a company's operations, as opposed to riskand volatility measures associated with share prices. For an ETF this reflects ona capitalization-weighted basis, the average qualitative risk assessmentassigned to holdings of the fund.

STARS Ranking system and definition: 5-STARS (Strong Buy):

Total return is expected to outperform the total return of a relevant benchmark,by a notable margin over the coming 12 months, with shares rising in price on anabsolute basis.

4-STARS (Buy):Total return is expected to outperform the total return of a relevant benchmarkover the coming 12 months, with shares rising in price on an absolute basis.

3-STARS (Hold):Total return is expected to closely approximate the total return of a relevantbenchmark over the coming 12 months, with shares generally rising in price onan absolute basis.

2-STARS (Sell):Total return is expected to underperform the total return of a relevantbenchmark over the coming 12 months, and the share price is not anticipated toshow a gain.

1-STAR (Strong Sell):Total return is expected to underperform the total return of a relevantbenchmark by a notable margin over the coming 12 months, with shares fallingin price on an absolute basis.

Relevant benchmarks:In North America, the relevant benchmark is the S&P 500 Index, in Europe and inAsia, the relevant benchmarks are the S&P Europe 350 Index and the S&P Asia50 Index, respectively.

Glossary

STARSSince January 1, 1987, CFRA Equity and Fund Research Services, and itspredecessor S&P Capital IQ Equity Research has ranked a universe of U.S.common stocks, ADRs (American Depositary Receipts), and ADSs (AmericanDepositary Shares) based on a given equity's potential for future performance.Similarly, we have ranked Asian and European equities since June 30, 2002.Under proprietary STARS (Stock Appreciation Ranking System), equity analystsrank equities according to their individual forecast of an equity's future totalreturn potential versus the expected total return of a relevant benchmark (e.g., aregional index (S&P Asia 50 Index, S&P Europe 350® Index or S&P 500® Index)),based on a 12-month time horizon. STARS was designed to meet the needs ofinvestors looking to put their investment decisions in perspective. Data used toassist in determining the STARS ranking may be the result of the analyst's ownmodels as well as internal proprietary models resulting from dynamic datainputs.

S&P Global Market Intelligence's Quality Ranking(also known as ) - Growth andS&P Capital IQ Earnings & Dividend Rankingsstability of earnings and dividends are deemed key elements in establishing S&PGlobal Market Intelligence's earnings and dividend rankings for common stocks,which are designed to capsulize the nature of this record in a single symbol. Itshould be noted, however, that the process also takes into consideration certainadjustments and modifications deemed desirable in establishing such rankings.The final score for each stock is measured against a scoring matrix determinedby analysis of the scores of a large and representative sample of stocks. Therange of scores in the array of this sample has been aligned with the followingladder of rankings:

A+ Highest B Below Average A High B- Lower A- Above Average C Lowest B+ Average D In Reorganization NR Not Ranked

EPS EstimatesCFRA's earnings per share (EPS) estimates reflect analyst projections of futureEPS from continuing operations, and generally exclude various items that areviewed as special, non-recurring, or extraordinary. Also, EPS estimates reflecteither forecasts of equity analysts; or, the consensus (average) EPS estimate,which are independently compiled by S&P Global Market Intelligence, a dataprovider to CFRA. Among the items typically excluded from EPS estimates areasset sale gains; impairment, restructuring or merger-related charges; legal andinsurance settlements; in process research and development expenses; gains orlosses on the extinguishment of debt; the cumulative effect of accountingchanges; and earnings related to operations that have been classified by thecompany as discontinued. The inclusion of some items, such as stock optionexpense and recurring types of other charges, may vary, and depend on suchfactors as industry practice, analyst judgment, and the extent to which sometypes of data is disclosed by companies.

12-Month Target PriceThe equity analyst's projection of the market price a given security will command12 months hence, based on a combination of intrinsic, relative, and privatemarket valuation metrics, including Fair Value.

CFRA Equity ResearchCFRA Equity Research is produced and distributed by Accounting Research &Analytics, LLC d/b/a CFRA ("CFRA US"; together with its affiliates andsubsidiaries, "CFRA"). Certain research is produced and distributed by CFRA MYSdn Bhd (Company No. 683377-A) (formerly known as Standard & Poor'sMalaysia Sdn Bhd) ("CFRA Malaysia"). Certain research is distributed by CFRA UKLimited ("CFRA UK"). CFRA UK and CFRA Malaysia are wholly-owned subsidiariesof CFRA US.




No content (including ratings, credit-related analyses and data, valuations, model, softwareor other application or output therefrom) or any part thereof (Content) may be modified,reverse engineered, reproduced or distributed in any form by any means, or stored in adatabase or retrieval system, without the prior written permission of CFRA. The Content shallnot be used for any unlawful or unauthorized purposes. CFRA and any third-party providers,as well as their directors, officers, shareholders, employees or agents do not guarantee theaccuracy, completeness, timeliness or availability of the Content.

Past performance is not necessarily indicative of future results.

This document may contain forward-looking statements or forecasts; such forecasts arenot a reliable indicator of future performance.

This report is not intended to, and does not, constitute an offer or solicitation to buy and sellsecurities or engage in any investment activity. This report is for informational purposesonly. Recommendations in this report are not made with respect to any particular investor ortype of investor. Securities, financial instruments or strategies mentioned herein may not besuitable for all investors and this material is not intended for any specific investor and doesnot take into account an investor's particular investment objectives, financial situations orneeds. Before acting on any recommendation in this material, you should consider whetherit is suitable for your particular circumstances and, if necessary, seek professional advice.CFRA may license certain intellectual property or provide services to, or otherwise have abusiness relationship with, certain issuers of securities that are the subject of CFRAresearch reports, including exchange-traded investments whose investment objective is tosubstantially replicate the returns of a proprietary index of CFRA. In cases where CFRA ispaid fees that are tied to the amount of assets invested in a fund or the volume of tradingactivity in a fund, investment in the fund may result in CFRA receiving compensation inaddition to the subscription fees or other compensation for services rendered by CFRA,however, no part of CFRA's compensation for services is tied to any recommendation orrating. Additional information on a subject company may be available upon request.CFRA's financial data provider is S&P Global Market Intelligence. THIS DOCUMENT CONTAINSCOPYRIGHTED AND TRADE SECRET MATERIAL DISTRIBUTED UNDER LICENSE FROM S&PGLOBAL MARKET INTELLIGENCE. FOR RECIPIENT'S INTERNAL USE ONLY.The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusiveproperty of MSCI, Inc. and S&P Global Market Intelligence. GICS is a service mark of MSCI andS&P Global Market Intelligence and has been licensed for use by CFRA.

Other Disclaimers and NoticesCertain information in this report is provided by S&P Global, Inc. and/or its affiliates andsubsidiaries (collectively "S&P Global"). Such information is subject to the followingdisclaimers and notices: "Copyright © 2020, S&P Global Market Intelligence (and its affiliatesas applicable). All rights reserved. Nothing contained herein is investment advice and areference to a particular investment or security, a credit rating or any observationconcerning a security or investment provided by S&P Global is not a recommendation to buy,sell or hold such investment or security or make any other investment decisions. This maycontain information obtained from third parties, including ratings from credit ratingsagencies. Reproduction and distribution of S&P Global's information and third party contentin any form is prohibited except with the prior written permission of S&P Global or therelated third party, as applicable. Neither S&P Global nor its third party providers guaranteethe accuracy, completeness, timeliness or availability of any information, including ratings,and are not responsible for any errors or omissions (negligent or otherwise), regardless ofthe cause, or for the results obtained from the use of such information or content. S&PGLOBAL AND ITS THIRD PARTY CONTENT PROVIDERS GIVE NO EXPRESS OR IMPLIEDWARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY ORFITNESS FOR A PARTICULAR PURPOSE OR USE AND ALL S&P INFORMATION IS PROVIDED ONAN AS-IS BASIS. S&P GLOBAL AND ITS THIRD PARTY CONTENT PROVIDERS SHALL NOT BELIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, EXEMPLARY, COMPENSATORY, PUNITIVE,SPECIAL OR CONSEQUENTIAL DAMAGES, COSTS, EXPENSES, LEGAL FEES, OR LOSSES(INCLUDING LOST INCOME OR PROFITS AND OPPORTUNITY COSTS OR LOSSES CAUSED BYNEGLIGENCE) IN CONNECTION WITH ANY USE OF THEIR INFORMATION OR CONTENT,INCLUDING RATINGS. Credit ratings are statements of opinions and are not statements offact or recommendations to purchase, hold or sell securities. They do not address thesuitability of securities or the suitability of securities for investment purposes, and shouldnot be relied on as investment advice."

Disclosures

S&P GLOBAL™ is used under license. The owner of this trademark is S&P Global Inc. or itsaffiliate, which are not affiliated with CFRA Research or the author of this content.Stocks are ranked in accordance with the following ranking methodologies:

STARS Stock Reports:Qualitative STARS recommendations are determined and assigned by equity analysts. Forreports containing STARS recommendations refer to the Glossary section of the report fordetailed methodology and the definition of STARS rankings.

Quantitative Stock Reports:Quantitative recommendations are determined by ranking a universe of common stocksbased on 5 measures or model categories: Valuation, Quality, Growth, Street Sentiment, andPrice Momentum. In the U.S., a sixth sub-category for Financial Health will also be displayed.Percentile scores are used to compare each company to all other companies in the sameuniverse for each model category. The five (six) model category scores are then weightedand rolled up into a single percentile ranking for that company. For reports containingquantitative recommendations refer to the Glossary section of the report for detailedmethodology and the definition of Quantitative rankings.

STARS Stock Reports and Quantitative Stock Reports:The methodologies used in STARS Stock Reports and Quantitative Stock Reports(collectively, the "Research Reports") reflect different criteria, assumptions and analyticalmethods and may have differing recommendations. The methodologies and data used togenerate the different types of Research Reports are believed by the author and distributorreasonable and appropriate. Generally, CFRA does not generate reports with differentranking methodologies for the same issuer. However, in the event that differentmethodologies or data are used on the analysis of an issuer, the methodologies may lead todifferent views or recommendations on the issuer, which may at times result incontradicting assessments of an issuer. CFRA reserves the right to alter, replace or varymodels, methodologies or assumptions from time to time and without notice to clients.

STARS Stock Reports:Global STARS Distribution as of December 30, 2019

Ranking North America Europe Asia GlobalBuy 33.4% 29.0% 41.1% 33.5%Hold 56.1% 54.8% 46.4% 54.6%Sell 10.5% 16.2% 12.5% 11.9%Total 100.0% 100.0% 100.0% 100.0%

Analyst Certification:STARS Stock Reports are prepared by the equity research analysts of CFRA and itsaffiliates and subsidiaries. Quantitative Stock Reports are prepared by CFRA. All of theviews expressed in STARS Stock Reports accurately reflect the research analyst'spersonal views regarding any and all of the subject securities or issuers; all of the viewsexpressed in the Quantitative Stock Reports accurately reflect the output of CFRA'salgorithms and programs. Analysts generally update STARS Stock Reports at least fourtimes each year. Quantitative Stock Reports are generally updated weekly. No part ofanalyst, CFRA, CFRA affiliate, or CFRA subsidiary compensation was, is, or will be directlyor indirectly related to the specific recommendations or views expressed in any StockReport.

About CFRA Equity Research's Distributors:This Research Report is published and originally distributed by Accounting Research &Analytics, LLC d/b/a CFRA ("CFRA US"), with the following exceptions: In the UK/EU/EEA, it ispublished and originally distributed by CFRA UK Limited ("CFRA UK"), which is regulated bythe Financial Conduct Authority (No. 775151), and in Malaysia by CFRA MY Sdn Bhd(Company No. 683377-A) (formerly known as Standard & Poor's Malaysia Sdn Bhd) ("CFRAMalaysia") , which is regulated by Securities Commission Malaysia, (No. CMSL/A0181/2007)under license from CFRA US. These parties and their subsidiaries maintain no responsibilityfor reports redistributed by third parties such as brokers or financial advisors.

General Disclosure

Notice to all jurisdictions:

Where Research Reports are made available in a language other than English and in thecase of inconsistencies between the English and translated versions of a Research Report, ,the English version will control and supersede any ambiguities associated with any part or

Neither CFRA norsection of a Research Report that has been issued in a foreign language.its affiliates guarantee the accuracy of the translation.

Neither CFRA nor its affiliates guarantee the accuracy of the translation. The content of thisreport and the opinions expressed herein are those of CFRA based upon publicly-availableinformation that CFRA believes to be reliable and the opinions are subject to change withoutnotice. This analysis has not been submitted to, nor received approval from, the UnitedStates Securities and Exchange Commission or any other regulatory body. While CFRAexercised due care in compiling this analysis, CFRA AND ALL RELATED ENTITIESSPECIFICALLY DISCLAIM ALL WARRANTIES, EXPRESS OR IMPLIED, to the full extentpermitted by law, regarding the accuracy, completeness, or usefulness of this informationand assumes no liability with respect to the consequences of relying on this information forinvestment or other purposes.




Certain information in this report may be provided by Securities Evaluations, Inc. ("SE"), awholly owned subsidiary of Intercontinental Exchange. SE is a registered investment adviserwith the United States Securities and Exchange Commission (SEC). SE's advisory servicesinclude evaluated pricing and model valuation of fixed income securities, derivativevaluations and Odd-Lot Pricing that consists of bid- and ask-side evaluated prices for U.S.Municipal and U.S. Corporate Securities (together called valuation services). Suchinformation is subject to the following disclaimers and notices: "No content (includingcredit-related analyses and data, valuations, model, software or other application or outputtherefrom) or any part thereof (Content) may be modified, reverse engineered, reproducedor distributed in any form by any means, or stored in a database or retrieval system, withoutthe prior written permission of SE. The Content shall not be used for any unlawful orunauthorized purposes. SE and any third-party providers, as well as their directors, officers,shareholders, employees or agents (collectively SE Parties) do not guarantee the accuracy,completeness, timeliness or availability of the Content. SE Parties are not responsible forany errors or omissions (negligent or otherwise), regardless of the cause, for the resultsobtained from the use of the Content, or for the security or maintenance of any data inputby the user. The Content is provided on an "as is" basis. SE PARTIES DISCLAIM ANY AND ALLEXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OFMERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROMBUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT'S FUNCTIONING WILL BEUNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE ORHARDWARE CONFIGURATION.In no event shall SE Parties be liable to any party for any direct, indirect, incidental,exemplary, compensatory, punitive, special or consequential damages, costs, expenses,legal fees, or losses (including, without limitation, lost income or lost profits and opportunitycosts or losses caused by negligence) in connection with any use of the Content even ifadvised of the possibility of such damages. Credit-related and other analyses andstatements in the Content are statements of opinion as of the date they are expressed andnot statements of fact or recommendations to purchase, hold, or sell any securities or tomake any investment decisions. SE assumes no obligation to update the Content followingpublication in any form or format. The Content should not be relied on and is not a substitutefor the skill, judgment and experience of the user, its management, employees, advisorsand/or clients when making investment and other business decisions. SE's opinions andanalyses do not address the suitability of any security. SE does not act as a fiduciary or aninvestment advisor. While SE has obtained information from sources it believes to bereliable, SE does not perform an audit and undertakes no duty of due diligence orindependent verification of any information it receives. Valuations services are opinions andnot statements of fact or recommendations to purchase, hold or sell any security orinstrument, or to make any investment decisions. The information provided as part ofvaluations services should not be intended as an offer, promotion or solicitation for thepurchase or sale of any security or other financial instrument nor should it be consideredinvestment advice. Valuations services do not address the suitability of any security orinstrument, and securities, financial instruments or strategies mentioned by SE may not besuitable for all investors. SE does not provide legal, accounting or tax advice, and clients andpotential clients of valuation services should consult with an attorney and/or a tax oraccounting professional regarding any specific legal, tax or accounting provision(s)applicable to their particular situations and in the countries and jurisdictions where they dobusiness. SE has redistribution relationships that reflect evaluated pricing, derivativevaluation and/or equity pricing services of other unaffiliated firms with which SE hascontracted to distribute to its client base. Pricing and data provided by these third-partyfirms are the responsibilities of those firms, and not SE, and are produced under thosefirms' methodologies, policies and procedures. Valuations services provided by SE andproducts containing valuations services may not be available in all countries or jurisdictions.Copyright © 2020 by Intercontinental Exchange Inc. All rights reserved."Any portions of the fund information contained in this report supplied by Lipper, A ThomsonReuters Company, are subject to the following: "Copyright © 2020 Thomson Reuters. Allrights reserved. Lipper shall not be liable for any errors or delays in the content, or for anyactions taken in reliance thereon."

For residents of the European Union/European Economic Area:Research reports are originally distributed by CFRA UK Limited (company number 08456139registered in England & Wales with its registered office address at 1PO Box 698, TitchfieldHouse, 69-85 Tabernacle Street, London, EC2A 4RR, United Kingdom). CFRA UK Limited isregulated by the UK Financial Conduct Authority (No. 775151).

For residents of Malaysia:Research reports are originally produced and distributed by CFRA MY Sdn Bhd (Company No.683377-A) (formerly known as Standard & Poor's Malaysia Sdn. Bhd) ("CFRA Malaysia"), awholly-owned subsidiary of CFRA US. CFRA Malaysia is regulated by Securities CommissionMalaysia (License No. CMSL/A0181/2007).

For residents of all other countries:Research reports are originally distributed Accounting Research & Analytics, LLC d/b/aCFRA.

For Recipients in Canada:This report is not prepared subject to Canadian disclosure requirements and may not besuitable for Canadian investors.

Copyright © 2020 CFRA. All rights reserved. CFRA and STARS are registered trademarks ofCFRA.




stock report€| €| nasdaqgs symbol: mnst … › micnova › file › public › club...

Documents