Stephen Simpson, CFA
Long only, growth at reasonable price, value, research analyst

SABMiller Pretty Foamy, But With Great Emerging Market Leverage

As a long-time shareholder of SABMiller (OTCPK:SBMRY), I really can't complain - the shares may have lagged Carlsberg (OTCPK:CABGY), Heineken (OTCQX:HEINY), Molson Coors (NYSE:TAP), and Anheuser Busch InBev (NYSE:BUD) over the past 12 months, but over the last five and 10 years, they've blown away the field (and it's not really even close). Looking ahead, I'm admittedly concerned by the take-no-prisoners valuation, but also encouraged by the company's leverage to growing, under-penetrated emerging markets, strong asset and cash flow leverage, and potential for further accretive acquisitions.

A Decent Close To The Year

Like many European companies, SABMiller doesn't really focus on quarter-by-quarter reporting, so the results presented this morning were...

Join Seeking Alpha PRO to read this archived article and 11,574 other archived articles
IDEA GENERATORXExclusive access to 10 PRO ideas every day
INVESTING IDEAS LIBRARYXExclusive access to PRO library of more than 15,000 ideas
SECTOR EXPERT NETWORKXExclusive access to all sector experts for direct consultation
PERFORMANCE TRACKINGXTrack performance of all PRO stock ideas
PROFESSIONAL TOOLSXProfessional Idea Filters to zero-in based on industry, market cap and more
"In just the first month of using PRO, I used it to generate two ideas which were actionable for me. As a result of these two positions, I have earned more than 20 times the annual subscription costs for PRO."Michael Yagemann, Greenbridge Capital
"I am pleasantly surprised with the scope of small and mid-cap coverage PRO offers. You can't find that any where else."Patrick Rice, Mainstay Capital Management
You may cancel at any time for any reason, and receive a prompt refund for membership on months paid and not used (max. 6 months). Details