Paper Values Yuengling at $1.8 Billion

Dear Client:Based on the company's stated 2012 production of 2.9 million barrels and the enterprise value-to-earnings before interest, taxes, depreciation and amortization multiple of Boston Beer, closely held Yuengling is valued at $1.8 billion, according to data compiled by Bloomberg. Boston Beer's enterprise value is $1.64 billion as of the close of market yesterday. Enterprise value is defined as market capitalization plus total debt minus cash. That would make Dick Yuengling a billionaire. We should note that Yuengling's revenue per