...Constellation's beer portfolio benefits from its strong brands, such as Corona, Corona Light, and Modelo, and its position in the fastest growing segment of the U.S beer market, namely premium imports. Based on Euromonitor data, retail sales of premium import beers in the U.S. have increased by more than 5% annually over the last three years and are projected to rise by a similar rate in each of the next five years. A combination of on-trend marketing for its flagship Corona brand, favorable demographics, ongoing innovation, and the continued expansion of its distribution into underpenetrated regions of the U.S. further underpin the company's strong growth profile. Constellation's wine segment is also poised for stronger growth following the company's announcement on April 3, 2019, that it will sell various wine brands (priced below $11 at retail) to E. & J. Gallo Winery for $1.7 billion. Given that we expect the sales of wines in the above-$11-a-bottle segment to increase by the mid-to-high...
