Europe: CSFB on European Brewers
CSFB (Credit Suisse First Boston) adjusts estimates for European brewers, following recent euro weakness and dollar strength. With the Brazilian real accounting for 38%-40% of InBev’s EBITA, lifts target to EUR40.50 from EUR38.0, Dow Jones Newswires communicated on December 23.
"We believe there is strong scope for upwards earnings revisions on Inbev going into 2006." Keeps at outperform. "With its transaction exposure to the US dollar, Heineken (00916.AE), rated at underperform, theoretically has the most potential to benefit from a possible USD strengthening although the company reveals that it has hedged out 90% of its 2006 USD requirements at US$1.26/ 1, thus limiting overall earnings upgrades to 2-3% at most." Lifts target to EUR23.50 from EUR22.50. Finally, retains outperform rating and 1070p target on SABMiller.
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