Celsius Holdings Inc

CELH: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Beverage Industry: Tariffs Affect Beverage Imports and Packaging, but Policy Durability Uncertain

Dan Su

Apr 3, 2025

We are maintaining our fair value estimates for the beverage firms we cover following the US tariff announcements April 2. While tariffs for an extended period will pressure sales and margins, we think it’s possible that they could be rescinded as they tend to be used as a negotiating tactic. We see investment opportunities in Brown-Forman and Constellation Brands, which trade at respective 36% and 34% discounts to our $52 and $274 fair value estimates.

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Celsius Holdings Inc

Beverage Industry: Tariffs Affect Beverage Imports and Packaging, but Policy Durability Uncertain

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