UK & South Africa: SABMiller remains a strong top-line story
SABMiller remains a strong top-line story, says Dresdner Kleinwort after a company presentation. Global beer volume growth is 2-3% while SAB's volumes are at +4-6%, Dow Jones Newswires released September 05.
Europe and North America generate about 10% profit growth a year. Management expects mid-teens profit growth in Latin America and 30-50% a year profit growth in China. SABMiller trades on 15.7x expected 07 P/E, compared with Heineken's 16.4x. SABMiller will need EPS upgrades to maintain momentum but that's likely given the strong story. Dresdner Kleinwort keeps the brewer’s rating at ‘add’, target at 1,140p. SABMiller stock remained flat at 1,063p.
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