SABMiller:3Q trading statement

NEUTRAL, Fair Value  2633p (-11%)
News published on January Tuesday 22, 2013
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SABMiller shares fell in early trading in South Africa after it reported this morning organic volume growth for Q3 of 2% which was below consensus of 3%. However, organic sales growth of 8% beats consensus of 6.5%. This is good news as it shows SABMiller’s efforts to raise prices to compensate for the increase in COGS and hence safeguarding the margin.  It probably secures the company’s high single-digit organic EBITDA growth.

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