18 July, 2006

UK & South Africa: Goldman Sachs lowers SABMiller Earnings per share (EPS)

Goldman Sachs lowered SABMiller's 07 EPS to 116.1p from 117.1p and in 08 to 133.6p from 134.4p, Dow Jones Newswires communicated July 17. This approach reflected rand/dollar and other currency movements and "gently reined in margins" in South Africa to reflect greater investment than anticipated prior to July 14 presentation. Goldman Sachs estimated valuation is low relative to peers and expected the shares to trade from 930p to 980p in the near term. It forwardly maintains the ‘buy’ rating. It also maintains the 1,150p target.

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