SAB Miller
Sell at 1630p (this week 1636p) recommends Evolution Securities. A recent
sales update from this emerging markets focused brewing group missed
forecasts, claims Evolution.
First half beer volumes declined by 1pc, with a weaker second quarter trading
period impacting, according to the broker.
However, an upgrade to earnings estimates has been made, with the group
gaining market share in many of its markets.
Nonetheless, risks remain that the SAB could eventually overpay for rival
FEMSA, while the recent strong run in the shares has left the shares
overvalued, concludes Evolution.
William …
Read the original article at Telegraph
