Molson Coors Brewing

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Shareholders of Molson Coors Brewing ( TAP) could use a drink right now. Since the start of 2012, shares of the $8 billion beer brewer have meandered sideways, missing out on the lion's share of the S&P's upward momentum. But that could be about to change once investors recognize the value in shares. Currently, TAP trades for book value.

Molson Coors is one of the biggest beer brewers in the world, and one of the big three in the U.S. The firm 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) here in the U.S.). Abroad, the firm owns around 40% of Canada's beer market, and nearly 20% of the beer market in the U.K. That international exposure has been a mixed blessing for TAP of late, giving the firm sales channels that are separated from the U.S., but hammering profitability due to the strength of the dollar since the recession started.

To counter those currency problems, Molson Coors has been looking for growth elsewhere. For starts, the firm has been pouring resources into the craft beer market, the fastest-growing space in the alcoholic beverage business. By introducing premium craft brands that are arms length away from the "big beer" Molson Coors name, the firm is starting to attract dollars from some of the most attractive high-volume beer consumers.

In the meantime, TAP's 3% dividend yield should help to keep investors satiated while they wait for that value to get unlocked.

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