19 April, 2006

Belgium: InBev Shares fairly valued

Anthony Bucalo, bear Stearns beverage analyst launched coverage of InBev with a "peer perform" rating, asserting that shares of the Belgian brewer are fairly valued at about 19 times earnings, according to Forbes.

But Bucalo is upbeat on the company's long-term potential, seeing it as a potential merger partner for another large brewer in a consolidating industry.

"We believe InBev has the potential to be the primary axis in a deal that would form the first 25% global share brewer, primarily with either Anheuser-Busch or SAB Miller," Bucalo said in research report .

Led by successful global beer brands like Becks and Stella Artois, InBev has strong footprints in Brazil, Russia, China and Canada, along with its Western European base. Bucalo's five-year outlook calls for annual growth of 7% in revenue and 11% in operating income. He rates InBev's beer portfolio and global reach as second only to SAB Miller's."A mix of developed and emerging markets that's favorably balanced," Bucalo said, while adding that a recent management shakeup has improved cost controls throughout the company.

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