Source: Company website
The recent pandemic and disruption for many on-trade distribution channels represent a rare opportunity to acquire some of the highest-quality consumer staple companies at a discount.
Although many investors see high-quality and high-multiple businesses as being overvalued all the time, the truth is that high-quality businesses almost always trade at a premium to their peers, and quite often, paying a higher multiple for a high Return on Capital business is a better move than acquiring a fair business at a fair price.
That is why I first wrote about Heineken (HEINY