SABMiller’s 1Q is good for InBev, bad for Heineken

Regional volume trends over the quarter imply differing developments at SAB's large European peers, according to SNS Securities

Holly Cook 3 August, 2009 | 2:11PM

SABMiller on Friday updated the market on its fiscal first quarter performance in a management statement that revealed the global beer market remains depressed, but differing regional performances mean the read-across is not unique for large European brewers.

SAB’s group lager volumes were level in the three months to end-June compared to the same period in the previous year but revenues benefitted from last year’s pricing. Volume trends revealed US and Latin America sales declined by about 1% organically, while Europe was “particularly weak,” according to analysts at SNS Securities, with a decline of 7%. Sales volume growth in Africa/Asia reached 11%, driven mainly by Asia.

The impact of these insights into the global beer market differs, therefore, depending on the company. “We see SAB’s trading update as being the most positive for Anheuser-Busch InBev and the most negative for Heineken, while it is neutral from Carlsberg,” SNS Securities said this morning.

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About Author

Holly Cook

Holly Cook  is Managing Editor of Morningstar.co.uk

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