Boston Beer Company Inc. (SAM) closed on Sept. 21, 2017, at 151.60. The stock remains flat for the year, only down 0.69% in the past 52 weeks. However, YTD the stock is down 11%. The price peaked in early January of 2015 when the share price was trading at about $321. The price depreciation is a result of poor performance by the Sam Adams and Angry Orchard brands, which will be elaborated on later in this article. Since the sharp declines in 2015, investors have debated on if a lower stock price is the new reality for SAM, or if their efforts to re-brand will boost the stock price back up. From my fundamental analysis and valuation models, I believe the latter is the direction that SAM is headed and the price declines present a value opportunity to investors.

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