26 July, 2006

UK & South Africa: SABMiller offers good value against peers

SABMiller appears to offer good value relative to its peers, says Investec, Dow Jones Newswires released July 24.

"Factors that we think could lift SAB's rating from its current depressed levels (emerging market bond index spread, ZAR/USD and COP/USD exchange rates) are beginning to provide some stimulus," it says. "We expect further upside as emerging market anxieties continue to subside, but recognise that this process may unfold only gradually." It maintains “buy” rating, 1,135p target. The company releases a 1Q trading update on July 28.

Shares traded +4.2% July 24 at 1,016p.

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