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Table of Contents
Brewers’ earnings are being upgraded.........................................................................3
Volume performance should improve from Q409 .......................................................4
Pricing momentum will fade … but by how much? ....................................................5
Positive margin surprise in 1H09 … in part from slowing input costs pressures ........7
Cost savings are flowing to the bottom line.................................................................8
Organic EBIT growth may positively surprise in H209...............................................9
Free cash flow has accelerated to pay down debt ......................................................10
Valuation: Still more re-rating to come .....................................................................10
Anheuser Busch InBev ..........................................................13
Carlsberg.................................................................................16
Heineken .................................................................................20
SABMiller Plc ..........................................................................24
Valuation Methodology and Risks ........................................28
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