23 July, 2005

UK: SABMiller "add" rating maintained and the target price raised

Analysts at Dresdner Kleinwort Wasserstein announced on July 21 they maintain their "add" rating on SABMiller. The target price has been raised from 920p to 1020p.

In a research note published this morning, the analysts mention that the company has recently announced the acquisition of Bavaria. The analysts say that Bavaria’s growth prospects and the cost synergies from the acquisition over the forthcoming few years are likely to be ahead of the earlier estimates. Dresdner Kleinwort Wasserstein forecasts Bavaria’s compound EBITA growth at 11.4% for 2005-2011.

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