There is much more opportunity in international markets, especially within the developing countries. I expect mid-to-high single-digit growth within developing countries as the firm begins to build/procure distribution assets. Exhibit 1: Beer Portfolio Source: Investor Presentation The portfolio of beers have only strengthened Molson Coors in the market. As consumers' tastes have changed to more premium craft beers, management has acquired brands that meet those needs. With major resources at management's disposal, brand strengthening should only help fend off smaller craft beer players as this industry dynamic continues. Scale will continue to be a key advantage in national distribution and securing space on shelves and taps. With the plethora of options, cyclical concerns shouldn't be an issue. With economically-priced beer options, profitability and durability are key characteristics for Molson Coors. Even in the downturn in 2007 and 2008, the company produced tons of cash flow.