While brewer stocks -- along with shares of other consumer companies -- have gotten frothy, some big beverage can makers are trading at P/E ratios 10% to 20% below their historical averages. (Investors view them as industrials even though their products are ultimately used by consumers.)
Meanwhile, since aluminum is easy to transport, cans are quickly replacing bottles as the container of choice for beverages in the developing world, says Sasha Kovriga, a portfolio manager with Osterweis.
Added tail wind for can companies: Aluminum prices are down about 30% in the past two years.
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