Morningstar: aandeel in de kijker is SABMiller PLC (29/7/2014)

SABMiller Disposal of Tsogo Sun Stake Likely to Be Moat-Enhancing

Over the past few years, SABMiller has been one of the most compelling emerging markets stories in our consumer defensive coverage universe. It remains a strong business, with a wide moat based on its cost advantage in Africa and an impressive growth profile from its broad emerging markets presence (about 80% of EBIT, ex-associates). However, its margins lag those of local rival AmBev (majority-owned by global leader Anheuser-Busch InBev) in the key emerging markets of Latin America, and we think there are structural barriers to the margin gap being closed in the medium term.

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