If there's ever been a stock worth drinking to, Molson Coors (TAP - Get Report) is it. This $7.5 billion beer brewer owns brands like eponymous Molson and Coors as well as Blue Moon, Keystone, and Miller Lite (the latter through a joint venture with SABMiller (SBMRY: Pink Sheets) here in the U.S.). That makes TAP one of the biggest beer stocks in the world.
Like other sin stocks, TAP boasts a hefty dividend payout (with a yield at more than 3% right now) -- but it bears mentioning that shares haven't been immune to economic headwinds. With a surging dollar coming into play during the height of the recession, TAP got hit with reduced revenues and with currency exchange losses on its international business. That currency risk is going to continue to be a black cloud in this environment, but it's one that investors can take advantage of to buy TAP on the cheap.At the same time, Molson Coors has been leveraging big trends in the beer industry to find growth opportunities here at home. The firm has poured resources into the craft beer segment, one of the fastest-growing areas of the alcoholic beverage space. While craft beer offerings like Batch 19 aren't going to supplant the firm's mass market offerings, they have the potential to provide top-line growth and deeper margins in 2012. With shares trading right around book value, TAP looks cheap right now. I also featured Molson Coors recently in " 5 Sinful Stocks to Buy for 2012 Gains."