Belgium: Goldman adds InBev to conviction buy list

Goldman Sachs adds InBev (INB.BT) to conviction buy list and raises target to EUR50 from EUR47, Dow Jones Newswires posted on September 27th.

Goldman says the brewer's 2Q results "showed clear evidence of the cost and revenue benefits from the combination" of AmBev with Interbrew. Expects 3Q results to be good, with improvement visible in Western Europe. InBev +0.5% to EUR43.40.

InBev is a true global brewer, with leading positions in the Americas, Europe and Asia, and is ranked No. 1 or No. 2 in over 20 key beer markets around the world - more than any other. InBev is a publicly traded company headquartered in Belgium, and its origins date back to 1366. InBev's strategy is to continue to strengthen its significant positions in the world's major beer markets through organic growth, world-class efficiency, targeted acquisitions, and by putting its consumers first.

With operations and license agreements around the globe, InBev is a true global brewer.

InBev has a portfolio of more than 200 brands, including Stella Artois®, Brahma®, Beck's® and Leffe®, its four global brands. It employs some 85,000 people and runs operations in 32 countries across the Americas, Europe and Asia Pacific. In 2004, InBev realized a revenue of more than 8.57 billion €.

InBev was formed in 2004 when Interbrew and Companhia de Bebidas das Américas (AmBev) combined to create what is now the world's largest brewer, by volume, selling 202 million hectoliters (hl) of beer and 31.5 million hl of soft drinks in 2004 (pro forma figure for InBev plus AmBev). InBev has an unparalleled global platform, and a market share, worldwide, of close to 14%, in a balanced mix of developed and growth markets.

29 September, 2006